Ever gone to buy an airline ticket and seen “only three seats left at this price”? If so, did it have any kind of effect on you? From invitation-only events, Kylie Jenner’s limited-edition lip kit, to (lest you’ve forgotten) the recent epidemic limited number of Nutella biscuits, we are constantly bombarded with messages of scarcity. Scarcity marketing is a technique that’s based on the principle that people want what is difficult to obtain; the rarer or more limited the product is or is perceived to be, the more valuable and desirable it becomes. Some have even argued that this principle extends to romantic attraction. Read on to find out more about how the component of scarcity is use in marketing, brought to you by leading marketing agency in Malta, Fibonacci Marketing.
Doctor, I’ve caught a bad case of FOMO
Scarcity marketing aligns perfectly with the concept of FOMO – the so-called “Fear of Missing Out” has been driven by the explosive growth of social networking. Global experts argue that Facebook and Instagram have contributed to the pervasive anxiety and feelings of missing out caused by the inability to attend the amount of activities, as well as get their hands on the products seen on such platforms.
Sense of Urgency
The approach estate agents often take is creating a sense of urgency among potential buyers – sending the message that if they don’t take the property they’re considering immediately, someone else will. Similarly, airlines and travel booking sites display the remaining number of rooms and seats.
The Power of Exclusivity
Especially common in retail, companies use exclusivity techniques such as limited time sales (hello, Black Friday) to encourage consumers further along the buying cycle, as well as in the tech industry, where people will queue overnight to be among the first to own the newest version of devices. That’s the power of exclusivity.
Both a sense of urgency and exclusivity are often achieved through product launch countdowns – which generate more buzz around the product; as well as pre-orders, which increase consumer interest and sales from dedicated consumers that want to have the latest product.
Want to take your brand or business to the next level? Contact our marketing agency in Malta today!
One key part of successful marketing is understanding human behaviour and being aware of the numerous psychological principles that influence campaigns worldwide. If you’re looking for a marketing agency in Malta to improve your SEO, brand awareness, do your PPC campaigns, as well as design and website development, our team at Fibonacci Marketing can do it all. Contact us here for inquiries or further information on how we can help your company grow!
Follow us on Facebook for more updates.