When promoting a product or a service, always consider leveraging one of the oldest marketing tricks:
- Scarcity: Only a few products remain. You’d better buy now!
- Urgency: this fantastic promotion is going to end very soon, don’t wait any longer!
Scarcity refers to any limitation placed on a product or service to increase sales by putting pressure on consumers. The fear of missing out leads people to buy.
Scarcity and urgency should be used carefully to avoid losing customer trust. If your store goes out of business every six months, putting everything up for sale, you will not be credible anymore. But, unfortunately, we experience the abuse of scarcity and urgency every day, for example, when we look at the mattresses business. Everybody knows that after every mattress sale, where everything has to go, there will be another similar sale immediately.
