Are you familiar with artificial scarcity? In broad marketing terms, it means deliberately limiting the availability of something to build demand. If you haven’t used or come in contact with this strategy in business, I'm almost 100% certain that you have experienced it whether you were aware of it or not.
Getting people to take action, to sign up as registrants for events and webinars, and take up offers presented when speaking (online or in person), can be a tough job. “Converting” leads into paying clients is often a job that many struggle with.
Those who struggle, start looking for ways to get the edge and this often leads them down a route of starting to bend the truth and publish marketing packed full of lies. We have all seen it and MOST have become wise to this old hat. This is not to be confused with DEADLINES on offers that’s a different kettle of fish for another time………………..
The marketing and presentation of webinars is probably the easiest way that marketers can add a lot of false truths to registration pages, confirmation emails, and sales presentations.
It’s hard sometimes. But the easiest way to bend the truth in marketing is in the false application of scarcity in a marketing message. The use of scarcity is often mis-used and even more so, misunderstood.
Robert Cialdini offers us the principle of Scarcity in his book Influence - the Psychology of Persuasion as a key weapon of influence that can be used and applied in our marketing. He suggests that as humans:
“We want now what we may not be able to get in the future.”
So to apply this in our marketing we should point out what is unique about our proposition and what our potential customers they stand to lose if they fail to consider our proposal.
Let's take webinars as an example. Here are five ways that many of the wannabe gurus use False Scarcity (lies) in the marketing of their webinars and in their presentations.
If you run webinars on a platform with unlimited seats, don't tell me you only have space for 100. Many of the new platforms you can use, utilize broadcasting media like YouTube Live and Facebook Live - these platforms do not have a limit on the number of attendees that can watch. If you are using a platform that has limited seats, then this is ok - but be honest!
Don't tell me there is no recording to try and get me on the live webinar if your autoresponder or system sends me an email with a replay link the next day. It is a stick strategy that many use to say "you'll miss out" - they won't if they get the recording the next day. My suggestion, always record and offer the replay to your visitors if it's relevant to do so, but don't say you're not recording if you are.
Live webinars are what people want. They want the engagement and answers to their questions. So many webinars are just pre-recorded videos. Be honest with your registrant and be live if you say you will, don't try and pretend that you are live if you are giving them access to a recording. What will happen if they watch it again? Pre-recorded webinars and presentations work really well, but don't fake being live.
Webinars are great sales tools, yet many people want content on a webinar that they can use rather than sit through an hour-long sales pitch. Don't promise no sale if you are going to sell. Be honest and say you have 40 minutes of content and then you will be making an offer at the end of the presentation if you are using webinars to sell.
Giving the impression that this will be the last time you will present this content, may encourage those that want to see it to register before you hold it back forever. There is nothing wrong with this. But if you are not taking it down, or you plan to present it again, never say this.
Scarcity tactics can be awesome for your business if used in the correct way. Let’s take McDonald’s for instance. McDonald’s are the masters of using real scarcity tactics in their marketing and product offering. Like their Monopoly promotion: this creates a buzz around the UK with a lot of people rushing to buy Maccies products. As we know, they are for a limited time only we can win things by collecting the tokens in that short period of time they are available. This results in people buying more in the hope of getting more
Jeff Walker is also a master of using the scarcity tactic. Jeff launches his Product Launch Formula training once a year. That’s it. For only 1 month a year you can sign up for Jeff’s course,.If you follow Jeff and you sign up for his free training you can’t actually buy anything from him even if you wanted to. He will add immense value for 11 months then BOOOOM he will open the shopping cart for 1 month so you can buy and then after that month, the cart closes and he does not open it again for another 11 months.
In the end, don’t lie to your audience. False scarcity can serve a seemingly valuable purpose for business owners seeking to increase their profit, but it comes with a cost. That’s why it’s so important to use this particular marketing tactic wisely should you decide to take this route. The last thing you want to do is turn off or alienate your customers by using artificial scarcity, getting found out and then having to back-peddle to save your skin - it may be difficult, if not impossible, to ever get them back.
If you want to have a chat about how you can use effective scarcity tactics in your business, then click here and book a free call.
**ONLY 3 SPACES REMAINING** (Only Joking)
When you work with Ant he'll help you to galvanise and see how you can put that a proper strategy in place, to better MARKET, quickly GROW, and SCALE up your coaching business.