Have you ever seen an advertisement that contains one of the following phrases?
- For a limited time only
- Limited supply in stock
- Only a few left
- Only 10 seats available
- Will be sold out by the end of the day
- This offer only available to the first 100 people who show up.
Of course you have…and the reason why is because THEY WORK.
The Law of Scarcity simply implies that the harder it is to get something, the more we tend to want it. Like it or not, it’s part of our subconscious human nature.
Rare, limited additions command the highest prices.
So…how can you apply The Law of Scarcity to YOUR business?
Example: You might calculate that, taking into consideration the number of techs you employ, you can do “X” number of new starts in a month. So…you calculate how many that is and offer a special price to the first “X” new customers who purchase a new start. But, once you achieve that number, the price goes back to the normal rate. Make this very clear in your offer.
Another example: Put together a special seasonal offer, such as a mosquito control program. Offer to a limited number of people (the first ones to sign up) with a cutoff date and then cut it off.
And you must stick to the plan. Don’t ever deceive your customers by making false claims (I know you know that) or going back on your promise and/or commitment. If you say the price is going back up at midnight on the 30th, then by all means, raise it back up on the 30th.
There are endless ways to use The Law of Scarcity to make more sales and get more new customers. You are limited only by your own creativity.
Bottom line: Take advantage of The Law of Scarcity and you will make more sales and that is a FACT, no matter what business you are in. Plus…those customers who choose to take advantage of it will get a great deal. Everybody wins!
Now…get back to work before the time runs out!
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