- by Rory Ramsden
Yesterday we talked about baking a product launch marketing strategy into your business by using a variety of different launch types depending on the product, the delivery mechanism and where it stands on the value staircase.
Your approach to using ‘scarcity’, probably the most effective mental trigger in your arsenal, must also be flexible. That is you have to choose the most appropriate one on a launch by product launch basis.
But first a quick reminder as to why using the scarcity trigger really motivates people to get off the fence and take action. The fear that we may miss out on something is built into our DNA. It is especially powerful when we believe that there is a shortage in supply. And even more so, when we see that we are part of a crowd all of whom are desperate to buy.
So here’s the formula…
Social Proof + Scarcity = Maximum Fear or Missing Out = Increased Desire to Buy
There is no need to use an aggressive call to action. Give your prospect a genuine reason for scarcity and show him that he is one of many wanting to buy and his subconscious will gnaw away at him. The fear will mount. Resistance will prove futile.
Here are 7 scarcity triggers …
#1. It’s going off the market
You can simply say that you are closing the offer on a given date and it will not come back onto the market for 12 months.
#2. I’ve got limited stock
This only works for hard goods. Specify the number of units that you have. To amp up the pressure, tell your prospects you won’t be able to replenish your stock for an extended period of time. The higher the price, the more limited the stock.
#3. The price is going up
It’s your product. Your can sell it for the price you choose. Having a special price for selected customers or those on the early bird product launch list by a given date is a recognized tactic that works like gang busters.
#4. Special launch bonus is going away
Rather than putting the price up, you can take something away. Giving the first 100 buyers special access to you in a one-to-one call works well especially if it is tied to the condition that the buyer pays in full. Remember that your remaining offer still has to pull like crazy.
#5. I have limited staff. We can’t handle more than 100 orders at once
The number you choose is up to you. If you are making a bespoke product or selling an exclusive service then this is the one to use. Your buyers have to feel privileged even lucky to have been able to give you their money
#6. The class starts on Monday next
If you are doing a product launch for an online home study course then it wouldn’t be fair on your other clients if you allowed some people to join late and disturb the established rhythm
#7. The common enemy
This is an ideal trigger to pull if you want to do a quick product launch or have a fire sale. Simply picking out a common enemy like the IRS at tax time and you have a perfect excuse to sell a bundle of digital products at a special price so you can pay your tax bill.
I’m sure that your fertile imagination can think of more scarcity triggers to use. But remember that they have to be genuine. If your prospect suspects you are being less than honest and open, your credibility will be damaged as will your authority and your conversion rate will tank
You might even attract the attention of the FTC
Whenever Apple do a product launch, they are careful to point out the supply chain problems that they have. They say they simply cannot make enough Ipads or whatever to meet demand and therefore, customers will not be able to buy more than 2.
Result: Queues round the block
Consider stacking scarcity triggers to boost the fear factor for maximum effect but don’t over do it…