Now is the time to motivate your prospects to take action. We do this by using scarcity.
What compels people to purchase is a clear logical reason. People need a logical reason to get off their butts and do something. Yes, it is emotion that builds their interest and desire … but …it's logic that gets them over the line.
Below are the main techniques I use to get people to act.
Scarcity Tactic #1 … Time Limit
This is one of my personal favourites. I use time limits all the time and you should do the same. Say to your prospects, “you need to come into the shop by the 27th December. If not, your free bonus will be given to somebody else.” Using a deadline forces people to say, “I better not put it off or I will miss out!”
Of course, the deadline needs to be credible. Simply, if the market gets the slightest sniff that the deadline is not sincere … it will back fire … In Your Face!
If you use a deadline, stick to it. Pow Wow Events are one of the biggest self-development seminar companies in the country and they are real sticklers for deadlines. Their customers know, once the deadline has hit … that's it. Only in very rare circumstances do they get chance at the special offer AFTER the deadline. And that's how it should be.
If you want to strengthen the deadline, give a clear reason for the dead line. State why the dead line is the way it is. Give a logical reason… and…Be Honest About It!
If you're offering a huge discount on products to clear inventory, say it. Here’s what I mean:
“Three months ago I went on a buying trip through South America. I purchased loads of stock at great bargains (which I thought would sell like hotcakes).
I was wrong. There’s still much of the inventory left on the shelves … and I’ve got to make way for my summer gear. There’s nothing wrong with this stock. It’s just that I purchased far too much, and it's just sitting there now.
Anyway, my problem is YOUR opportunity.
If you're willing to help me out, and get this stock off my shelves, I'll make it worth your while. If you've been in our store recently, you’ll know the existing stock sells for $97 apiece. Well, my cost on each of these is only $32 … and … I'd be happy to let you buy as many as you wish… at my cost … just as long as you drop in before September 12.This means, instead of paying the usual $97,you only have to pay $32.This is a massive saving… which … I am making NO profit on at all!
But you'll need to come in before September 12.After that, you'll miss out.
Now, isn't that believable? This is much better than the usual discount sales of most businesses. My letter gives logical reasons FOR the sale.
Here's another example. Right now, I am testing new software to minimise the amount of spam that comes into my email box. I get about 40 spammed emails a day of the worse sorts of rubbish you can imagine. This new software has a 30-day trial, and I am approaching my expiration date. Yesterday I received this email:
We hope you are enjoying your free trial of Spam Arrest!
If you are satisfied with our service and ready to sign up for a paid account, we have a great deal for you:
SIGNUP WITHIN THE 4 DAYS ANDRECEIVE 2 FREE MONTHS! https://www.theirlink.com
That's right! Sign up for any Spam Arrest package within the next 4 days, and we will give you 2 additional months of service, ABSOLUTELY FREE!
If you need assistance in setting up your Spam Arrest trial, or have any further questions or comments, please email us at firstname.lastname@example.org
This offer expires in 4 days.
I've got 2 days to go … and I am counting the days! This software is actually quite brilliant and literally all my spam has disappeared. Because of this email, I am going to sign up before my expiry date. They didn't give a reason for the deadline however. If I were in charge of their marketing, I would test another email along the following lines:
I hope you're enjoying your FREE 30-daytrial of SPAM Arrest. With this free trial, most of our customers find their spammed emails disappear immediately. This is because SPAM Arrest uses new proprietary software that is the most powerful available right now on the entire web.
Anyway, I’m writing to you today to extend a very special offer. Your 30-dayfree trial ends on August 29.You don't know it, but it actually costs us $8 to extend this free trial to you, and other customers like you.
This is a cost that I'd like to eliminate …and … if you can help us reduce it, we’d be happy to give you an extra 2 months… ABSOLUTELY FREE!
By this stage, you've probably already decided whether you're going stay with us or not. In fact, most people decide within a day or two. If you'd be willing to join us in the next few days … you'll save us the balance of the cost of your free trial …and we'd like to pass that saving onto you with an extra 2 FREE months!
You see,2 months subscription costs us $3per month. Three dollars is how much you’ll save us if you join in the next few days. It's good business to pass the saving onto you because we know; once you join to our full membership … you'll stay with us for years and years! And why not? You’ll never have the frustration and inconvenience of spam again!
But you must act with 4 days. The offer expires after this time.
Please click on the link below to organise your membership now and gain the extra2 months, FREE!
This IS rather more powerful, isn't it?
Scarcity Tactic #2 - Exclusivity
Communicate to your prospects that they may miss your offer because of limited numbers. My coaching programs a good example. Between my consulting clients, the businesses I own and other obligations, I can only accept a very limited number of members in my coaching program. In fact, a maximum of just 2 clients a month.
This alone creates a desire for it.
In addition, I am very strict in who I accept as a coaching client. To be considered, my prospect must fill out a detailed application form and return it to me promptly. So my coaching prospects have two obstacles to overcome, both of which compel action.
In addition to this, there's the price. It costs many thousands of dollars to participate. Most businesses can't afford it. Or, let me put it another way: most business owner's aren't committed enough to do what's needed to be successful. Price also acts as a filter.
This reminds me of my school days. I vividly remember purchasing junk food such as meat pies, hot chips or finger buns from the shop. As soon as I'd get back to the company of my friends, they were like vultures, wanting a taste of my food.
But every now and then, I would purchase too much and I couldn't eat it all. And as I'd been raised not to throwaway food; I would offer my “excesses“ to my friends. And you know what? They rarely accepted. If ever. Isn't that funny?
When I didn't want to give them any, they’d salivate like puppy dogs. When I offered, they declined.
For so many years, I could not understand this. But now I do, and it has to do with the human desire of wanting something we cannot have. Striving for something out of our reach.
Scarcity Tactic #3: Limited Stock
Tell people that you only have a strictly limited number of items in stock … or that you've produced only x number of copies and if they don't act soon, they’ll miss out. But you must be honest about it. Don't lie.
Before I move on, I have a personal story to share with you about ethics and honesty.
On my website,www.betterbusinessreport.com I sold a digital version of a manual, “Inside Secrets Of Advertising.” By digital I mean, a person could pay by credit card over the internet and download the book immediately. They would get an electronic version of the book. I had two packages, silver and gold. I sold the silver package for $97 US and the gold for $197 US. It was selling quite well and I had a decent conversion rate on my website.
However, I wasn't happy with the price. I wanted to charge more. So I sent out an e-mail to all my subscribers to say that I was increasing the price on a specific date, at midnight. And if they have been in limbo about purchasing it, they should do so NOW! The price was going to triple.
At exactly midnight, Sydney time, I tripled the price. Shortly after, I started to receive emails from people congratulating me on actually following through with the price increase! I was amazed. It just goes to show how dishonesty is rife in the minds of people.
It was a powerful lesson for me.
For more information about how your business can benefit from these and other powerful marketing tactics you can call Bob Lyon direct on 043 883 0937 or get your FREE report entitled “How To Sell Your Business At Your Price … And Cause A Stampede Of Prospective Buyers Literally Begging For Your Time” by going towww.betterbusinessreport.com/ab4s1.htm