The law of scarcity is one of the laws of persuasion. If someone believes that the product you are selling is in limited supply, then the implied value of that product will increase. This law will cause your prospects to be willing to either pay more to buy your product or take more risk to buy your product quickly to avoid missing the chance to buy it.
Scarcity can manifest itself in many ways. One of the most recognizable uses of scarcity in advertising is the phrase ??while supplies last?. This mental trigger tells a prospect that they need to act fast and seal the deal because there is a good chance that if they wait too long then there will not be any product available when he is ready to buy.
Due to the disposable lifestyle many of us have adopted the idea of scarcity seems relatively foreign to us. We are used to being able to get what we want, when we want it, and how we want it. So for a downloaded product that requires no manufacturing cost and therefore is not limited in number, the best way to apply the law of scarcity is to put a time limit on its availability. If someone has researched your product and they are still on the fence about making the decision, adding a cutoff date to the availability of the product will create a fear of loss and is usually a strong enough motivator to encourage the sale.
The fear of loss can be a very strong subconscious motivator even for someone who doesn't think their decisions are driven by their emotions. You can tie the law of scarcity in with other psychological tools and dramatically increase your conversion rates overnight.
1. The "Trust Who?" Strategy The "there are all kinds of people becoming (your type of business/profession) every day..." strategy tells customers that the market is being saturated with tons of wannabees and it's getting hard for them to know who to trust. You can instantly eliminate all your new competition by giving them a reason to trust your business. You can mention how long you've been in business, how many customers you have served, how many similar businesses have gone under but you are still standing, etc.
2. The "What's Wrong?" Strategy The "you would have to be a (negative label) not to order..." strategy tells customers that if they don't order, you are almost positive something negative has to be wrong with them. You can tell them that you don't want to insult them but that is the only way you can think of to describe people who don't purchase your product. You could use descriptions like dumb, crazy, insane, slow, a bonehead, stupid, etc.
3. The "I'll Pay You If" Strategy The "I'll pay you ($) cash if you can find..." strategy tells customers that you are daring them to find a better product than you are offering them or you'll pay them so much money in cash. Another idea would be to give them your product for no cost. It could be that you challenge them to find a stronger material, a lighter model, faster results, etc.
4. The "Non-Sale" Strategy The "(your product's name) is not for sale at any price..." strategy tells customers that they won't be able to purchase your product. This is a great way to offer a freebie product because people will read your ad, get excited if they like it and assume they will have to buy it. However you tell them toward the end of your ad it's not for sale but it's free. They will almost instantly register to get your freebie. You could make money by offering an upsell or back-end product on your thank you pages.
5. The "My Last Nickel" Strategy The "I'd bet you my last (dime, nickel, etc.) that they will (your product's benefit)..." strategy tells customers that you are very confident that your product will help them achieve their goals. People will assume your product is good when they see you are willing to bet against something you don't have to. You could always say that you'll bet your last candy bar, the shirt on your back, etc.
6. The "Depressing Life" Strategy The "if you're not going to get off your butt and improve your life, go back to (stuff people do when they feel sorry for themselves)..." strategy tells customers that if they don't order your product to gain their desired benefit, they should just go back to their old, depressing lifestyle. Things that people usually do when they are feeling sorry for themselves is sleep a lot, mope around, lie around, watch a lot of TV, don't shower, eat a lot of junk food, etc.
7. The "Guarantee Count-Up" Strategy The "it's not guaranteed for 30 days, or 60 days, or 90 days but it's guaranteed for 1 full year..." strategy tells customers that they get a very long time to try out your product. The count-up of the length of your guarantee can sometimes get people excited because many people are used to the 30-day and 60-day money-back guarantees.
8. The "Don't Care?" Strategy The "don't purchase my product if..." strategy tells customers not to buy your product if they already have their desired benefit or don't care that they don't have it. For example, don't buy if you already are at your perfect weight... if you're not jealous that other people are skinner than you... if it doesn't bother you that people might be making fun of you behind your back... etc.
9. The "Negotiate A Sale" Strategy The "contact me if you're still not sure about ordering (your product's name)..." strategy tells customers that they can e-mail, IM or call you personally and discuss their situation and how your product can help them. It will be one of your last chances to make a sale before they forget about your product and move on.
10. The "Don't Assume" Strategy The "it's not going to cost as much as you think..." strategy tells customers that they should not assume that your product is going to cost a lot or be out of their price range. When people start reading your ad and your sales letter and the product sounds great, they will naturally start to assume it's going to cost them a lot of money. If your product is expensive then you should offer an easy way for them to pay, like offering a payment plan.
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