Question: Does a “Limited Time Offer” Really Work to Get More Sales?
I understand that the “this week only” thing is the scarcity tactic. We learned that in the BluePrint. It worked when you did it to me because I already trusted you and as it turned out you over-delivered with the blue print.
So for me, the take home message is that if I can’t do some “Limited Time Offer” this week, that seller is gonna lose $250 of pure margin from my wallet or in a few months she will have a new one out that will be better with more material and it will probably cost the same price.
So I might as well wait. Hell, I might as well wait indefinitely since there will always be a better one on the horizon, like a new TV.
Has the scarcity technique backfired for her (as far as I’m concerned)? In other words does this tactic only really work when something is really scarce (like gold or diamonds)? Does it backfire when there is artificially created scarcity by sales people?
Maybe this feedback will be helpful for your next training. There is a lot of gray in psychology.
I’ll continue to endorse scarcity. Here’s why…
(Here’s what we’re talking about: “scarcity” tactics when added to marketing get the bride or groom to ACT NOW and increase your profits. An example is the “limited time offer,” a deadline or limited supply that means your stuff is going away.)
Yes, it’s true that you will lose some people who “aren’t ready” and may be in the future.
For whatever reason, they aren’t yet strongly emotionally motivated.
However, when you compare the number of sales of a product that’s available year round with sales of that same product when it is “scarce” and available only for a limited time, you’ll have more sales with scarcity.
In other words, it’s not enough that the product has limited availability; it has to be communicated and marketed effectively.
“Has the scarcity technique backfired for her (as far as I’m concerned)? In other words does this tactic only really work when something is really scarce (like gold or diamonds)?”
People are motivated to buy by emotion, and when something they want is about to “go away,” they are highly motivated to buy. Sales peak right at the end of an event because most people will wait until the absolute last minute.
Brides and grooms are no different; they will wait to book if you let them.
You can adapt different forms of scarcity for the wedding market. It doesn’t have to be,
“I’m not available.” It could be, “I won’t be able to hold your date,” or, “This special offer is only available for the next 7 days.”
You are creating more emotional motivation to buy NOW for the brides and grooms who really want what you have, and you’re increasing the likelihood that they will book you.
With each day that passes after they have contact with you, they become LESS likely to buy because the emotional state fades.
I’m not making this stuff up. (Wish I was that smart!) It’s why you see “limited time offers” on infomercials and the like. It works; even when we know what’s happening, it still creates the pressure to buy.
That doesn’t mean that some people, like yourself with the product you mention, won’t resist. You just have less of an emotional connection in this case. If you REALLY wanted it, you would buy.
What do YOU think about using “scarcity tactics” like limited time offers and expiring deadlines in the wedding business?
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