The Power of Scarcity On The Human Mind
In my two decades navigating the intricate world of marketing and diving deep into consumer psychology, I’ve recognised a few principles as potent as scarcity.
At its core, this principle speaks to a fundamental human emotion: the fear of missing out (FOMO).
Whether it’s that final seat at an exclusive event or the last few hours of a tempting online deal, scarcity often compels us to act.
Understanding Scarcity From My Marketing Lens
The essence of scarcity aligns closely with the basic economic theory of supply and demand. When something becomes scarce or limited, its perceived value skyrockets.
But let me clarify; it’s not just about tangible items. Scarcity spans experiences, information, opportunities, and even connections.
Need help with your social media? Book your FREE 1:1 consultation today and get started.
Why Do You and I Respond to Scarcity?
Loss Aversion: We’re hardwired to avoid losses. The idea of missing out often resonates more deeply than the prospect of gaining something of similar value.
Perceived Value Rises: When opportunities are rare, they naturally seem more valuable. Think of limited edition products or exclusive events their charm lies in their exclusivity.
Urgency: Scarcity naturally injects a sense of urgency. That’s why those limited-time deals or flash sales often make us rush to hit the ‘buy’ button.
How I’ve Seen Scarcity Elevate Marketing and Sales
From ‘only a few seats left’ to ‘offer ends soon’, I’ve seen, and yes, implemented, the principle of scarcity countless times.
In the world of e-commerce, showcasing limited stock can often hasten the decision-making process. And for event organisers, those ‘early bird’ tickets aren’t just about offering discounts. They create an atmosphere of exclusivity.
Navigating the Ethics of Scarcity
It’s paramount to remember the ethical side of scarcity. I’ve always believed that it must be genuine for scarcity to resonate authentically.
If you feel like something is perpetually “on the brink of running out”, only to be magically restocked, you’d see right through it. And trust me, it’s not a route I’d recommend.
Use Scarcity to Boost Sales
When you have only a few products or spots available, it creates a sense of urgency. This “limited availability” feeling can push customers to buy quickly.
Let’s say you openly share that you’re selling only a set number of items or taking on a limited number of clients.
Think about it like this: If a popular coffee shop offers a special blend and says only 200 cups will be sold that day, wouldn’t you want one more than their usual coffee?
The fact that it might run out or not be available again makes it special. People don’t want to miss out, and that’s the power of scarcity.
Three Ways to Use Scarcity
1. Limited Spots: Offer something for a certain time or in certain amounts.
2. Bonus Offers: Give something extra for a short time.
3. One-time Deals: Offer something unique that won’t come back.
Scarcity For Products
Selling limited editions is a smart way to use this trick. You can have special colours, designs, or versions of your product. Like, “This week, we have 50 special blue mugs up for sale.” Remember: It’s good to sell out.
When you sell out often, it shows that your items are in demand. If you do this regularly—maybe every two months—it can work even better.
Also, when you sell out, tell everyone. This shows that people wanted your product, making others want it next time. Think of Taylor Swift concert tickets. The concert organisers and the new are always talking about how quickly the tickets sold out and how much people are willing to pay.
Scarcity For Services
Using scarcity for services can be a bit different. Here’s how you can do it:
Client Limits: Say, “We work with only 40 clients at a time.” Over time, you can change your prices or bring in new clients when there’s space.
Weekly Limits: Like, “We take 7 new clients every two weeks.” This way, you’re telling people you have a set number you can manage.
Group Limits: For example, “We work with 80 clients every six months.” This sets a routine while keeping things limited.
Let’s say I offer a free workshop on a new business trick. If I say only 30 people can join every month, you’d want to be one of them, right? And if it’s full, you’d want to be notified of the next one. By limiting access, even a free thing becomes something people really want.
Honest Scarcity
The best way to use scarcity is, to be honest. Maybe you can’t handle 500 new orders tomorrow, but you can handle 20. So, just tell people that.
If you say you’re almost full or getting there, it pushes people to act quickly. If you’re 76% full, it also shows you’re popular. The key is deciding when you’re “full” and then sharing that with others.
Using these scarcity tactics can help you get quicker decisions from customers and even higher sales. Just set your limits and watch the magic happen.
Facebook Conversion Lead Generation Ads
Compelling Headline: Use a headline that immediately reflects scarcity. For instance, “Exclusive eBook: Only 50 Downloads Available!”
Clear Visuals: Images or graphics should underline the scarcity message. Consider a graphic of an eBook with a “Limited Edition” badge or a counter showing diminishing numbers like “48 left out of 50”.
Scarcity-Driven Ad Copy: Emphasise the limited nature of your offer in the ad copy. “Exclusive guide available to the first 50 subscribers only!”
Pinpoint Targeting: Aim your ads at an audience that would value the limited nature of your offer, ensuring that those who see the ad will recognise its exclusive nature.
Use Facebook’s Countdown Feature: This is especially useful if you’re giving limited-time access to an exclusive piece of content. As the timer ticks down, it subtly reminds viewers of the scarcity.
Update Ad Regularly: As your limited offer gets claimed, frequently update the ad. “Only 30 eBooks left!” and later, “Just 20 more available!” This keeps the focus on the diminishing supply.
Testimonials and Reviews: Show potential leads that others have already claimed some of the limited offers. For instance, “Join 20 others who’ve grabbed this exclusive guide!”
Clear Call-to-Action (CTA): Your CTA should reflect both scarcity and a hint of urgency. “Secure Your Exclusive Spot!” or “Claim Your Limited Edition Guide Now!”
Landing Page Consistency: If the ad leads to a landing page, make sure the scarcity theme is echoed there. If you started with “Only 50 exclusive guides available”, your landing page should continue with “Grab one of the remaining 40 guides!”
Retargeting with Emphasised Scarcity: If someone viewed your ad but didn’t convert, retarget them with an ad emphasising the decreasing number of available offers. “20 claimed, only 30 left! Don’t miss out.”
Limit Lead Magnet Availability: Emphasise that the lead magnet (e.g., a guide, checklist, or webinar seat) is available exclusively for a limited number of people. “Exclusive access for the first 100 registrants only!”
Feedback and Reinforcement: After your scarcity campaign, gather testimonials and use them in future ads. “I was lucky to grab one of the 50 exclusive spots last time. Don’t miss out on this round!”
By always focusing on the limited nature of your offer and the exclusivity it provides, you’ll drive home the scarcity message. This approach, when coupled with a dash of urgency, can be very effective in driving conversions.
Use Scarcity For Facebook Purchase Ads
Limited Stock Headline: Immediately capture attention with a headline that hints at limited availability, such as “Only 10 Pieces Left!” or “Exclusive Release: Limited Quantities Available!”
Visual Emphasis: Use images or graphics that underline the scarcity. For example, display the product with a “Limited Stock” badge or a counter showing “Only 5 left!”
Scarcity-focused Ad Copy: Clearly state the limited nature of your product availability. “Get one of the last 10 designer dresses in stock!” or “Exclusive collection: Only available while stocks last!”
Target Previous Visitors: Use retargeting to focus on visitors who’ve viewed the product before. Remind them of the decreasing stock. “You viewed this! Only 7 pieces remaining now.”
Highlight Sold Units: Mention how many units have already been sold to underline the scarcity. “70 sold, only 30 left!”
Dynamic Ads with Real-time Inventory: Use Facebook’s dynamic ads linked with your inventory system. As your stock diminishes, the ads will automatically update to show the remaining quantity.
Clear Call-to-Action (CTA): CTAs like “Grab Yours Before It’s Gone!” or “Last Chance: Buy Now!” not only highlight scarcity but also gently push the audience towards making a purchase.
Landing Page Alignment: Make sure that when a potential customer clicks on the ad, they’re taken to a product page that re-emphasises the scarcity. It might show a decreasing stock count or a bar showing “Only 15 left in stock!”
Use Reviews and Testimonials: Incorporate reviews or testimonials where customers express delight about getting the product before it sold out. “Thrilled to get one of the last pieces!”
Bundle Offers with Limited Availability: Offer bundles (like “Buy 2, Get an Exclusive Accessory Free!”) and emphasise the limited nature of the freebie. “Free accessory offer only for the first 20 bundles!”
Seasonal or Themed Collections: Promote exclusive seasonal or themed collections as limited-time offers. “Exclusive Summer Collection: Only available this month!”
Highlighting Repeat Sell-outs: If a product has sold out before and is back in stock, use that as a selling point. “Back by popular demand, but only 20 in stock!”
Retarget with Scarcity: For those who added products to their cart but didn’t purchase, retarget them with ads emphasising the dwindling stock or the increasing number of products sold.
Exclusive Product Variants: Offer specific colours, designs, or sizes that are available in limited quantities. “Exclusive Midnight Blue variant – Only 15 available!”
By strategically leveraging scarcity in your Facebook Conversion Purchase Ads for eCommerce, you’ll be able to create a sense of exclusivity and urgency, encouraging potential customers to act quickly and make a purchase.
My Takeaway for You
Having been immersed in marketing for the better part of my career, I’ve seen the remarkable impact of the scarcity principle.
When wielded with authenticity and respect for the audience, it can be a game-changer. The real magic of scarcity, after all, is in its genuineness.
So, next time you see that “only one left” tag, remember the powerful psychology behind it, and make your move!
Follow or connect with Crom Salvatera on LinkedIn.
