How many times have you rushed to order a product online or signed up with a service because the deal you were presented with would soon expire? We see businesses using scarcity every day, from Groupon to TV packages to those pesky infomercials that occupy most channels during the early morning hours. You would think that after all of this time, buyers would understand that there will be a similar deal available to them shortly down the road. However, customers have proven time and time again that scarcity in selling works. The unexplainable fear of “missing out” is what keeps the cycle rolling.
The issue that many businesses run into is how to incorporate scarcity into their selling process. What if I don’t have a product but offer a service? How do I incorporate scarcity into my selling without running my prospective customers into the arms of my competition? These are all valid questions and concerns. There are simple ways to incorporate scarcity without making your pitch sound like an infomercial.
Many companies use their monthly sales cycle as a scarcity trigger. Every salesperson is accustomed to working around deadlines. Getting a deal signed one day versus the next could be the difference between immediate implementation or postponed implementation. These are concepts your prospective clients will understand. Presenting them with the benefits of signing on with your business sooner rather than later is a simple way to incorporate scarcity. Simply highlight all that they will miss out on if they postpone their decision. Additionally, exclusivity is a great sales tool. If your company offers exclusivity to its clients, prospects will understand why they need to act quickly, for the fear of you working with their competition over them.
The key to using scarcity is to do so responsibly. If you truly believe in your product or service and know that it will benefit their business, then scarcity is nothing more than a great motivational tool to move the process along. However, if you abuse it and ruin your reputation, you can quickly lose any traction you have made in your marketplace. So as a final note, ensure you are emphasizing the ways your product or service will help your customers deal with their problem at hand and highlight the mutual gain, so that both parties feel equally confident in the partnership.