Scarcity marketing and FOMO are a major thing that works for all those brands whoever has implemented it. People always crave for a lot of things, however, if the craving for a particular thing is more people find it is just in numbers or going to get over. Or you have only a limited period of time to buy that particular product or else you will miss the chance to buy that product. This is called scarcity marketing or FOMO. There are a lot of companies who follow this way of marketing, however, the marketer supports this way of marketing a lot. The top companies mostly the companies who are into the E-Commerce sector use this method this assures you get a lot of customer’s attention unless you do it in a particular way or strategy.
We help you know more about the scarcity marketing and how should it be implemented so that we get the desired result as we want and gain the attention of a lot of customers towards the business
What is scarcity marketing?
Scarcity marketing is a type of marketing which is based on the theory that normally relies on the proven theory of increasing the need of the hour and all the stuff which are difficult to obtain. This includes a vast variety of things like the price, distribution, promotion, products etc. It basically includes motivating the people to buy something urgently if they will not buy it then there is a huge possibility to lose it and the marketers also create a situation in which you will start believing that if you lose the chance now then you will not get it the whole life long.
The aim is to make people feel the need of urgency through the call to action which is aggressive. Making people scared is the trick behind it and make them feel that if they don’t buy now then it is like they will find anything in Universe except this.
Scarcity marketing basically feeds on the customers fear of losing the product if they don’t buy it immediately. The simple logic behind it is that being humans if we quantity of a product is decreasing and then it will not be available then suddenly the value of the same product increases. People in become crazy about it and try all the things possible to grab it.
People usually think the marketers trick them by giving them different discounts for various products however in the other hand marketers don’t trick them on discounts whereas they trick them by creating a chaotic situation or urgency of the discount. Marketers normally discount all those products which are in high demand or you can say are of good quality.
Here, the one thing may confuse you and a question must have popped up “if the product is so good and has a market value then why is being it sold at a discounted price?”
Only one thing I have to say “Be Unique in the way you want”. Suppose a product has already a good market and hype then marketer uses this trick to create more buzz and drag the attention of a lot of more people, then create a sense of urgency in it. Like if don’t buy the item maybe you will never able to buy it. The truth is to keep need of scarcity without having to lower the price of the product.
Scarcity Marketing and FOMO
This Scarcity marketing can otherwise be coined as the FOMO marketing or the “Fear of Missing Out”. The fear makes the people scared out and eventually, they fight to buy the desired item. The FOMO and Scarcity marketing basically works well together. Scarcity marketing and FOMO is used nicely as well as works in the Digital platform.
Yes! you hear it right these both the things work like wonders in the Online platform. As we all know these days people are more using the digital media or the online platform for doing any kind of shopping. These days the e-commerce websites are increasing then the normal shopping malls. People are using e-commerce sites and order whatever they want just by sitting at their home because people usually like to save their time and doesn’t want to go out spend unnecessary time, that is why people these days are investing time in online shopping using the e-commerce websites.
Scarcity Marketing and FOMO is great in the digital platform because these days you can even access to the social media sites to make your branding. People these days are so much active on the internet platform like more than half of the worldwide population are using the digital platform. Digital marketing has become a part and parcel of everybody’s life. While people see these type of AD’s which say “Running out of the sale, closes now” etc viewers usually hurry and start buying the items. It is a psychological fear that people get and when viewers see the AD and start thinking if they lose this opportunity then this is the end they will not find another one.
Tactics for Scarcity Marketing and FOMO
MISSING OPPORTUNITY HIGHLIGHT
Ping! the customers with messages and alert them with the missed out opportunities. This tactic is basically used by the online Hoteliers to showcase people that they have missed a brilliant opportunity. Yes! you hear it right they showcase that you have missed the opportunity so that you can immediately opt the other best option.
This is an example from booking.com and you can clearly see the message that you get “You missed it” booking.com also uses the FOMO marketing tactic to scare the hell out of the people. So, that next time people get alert about it and book the tickets beforehand only.
It is one of the greatest examples of FOMO marketing and scaring the people.
Scarcity and FOMO work hand in hand, creating a sense of shortage this increases the sales while creating a fear of losing the product. If something is going to run out of the stock then people fight on to get the item in any case. This is the main reason to make people awake and highlight the scarcity of the product in the digital platform.
Below you can see that Amazon is using the same Scarcity marketing to grab the attention of a lot of people and showcase the number of stock available.
You can see that in red letters it is written “Only 1 left in stock” this is what scarcity marketing is that brings out the FOMO inside the people. Even if the product is not that many worthy people will jump over to buy it at any cost.
The booking.com also uses these techniques to drive the attention of a lot of people to its online website and make people rush and grab it as soon as possible.
“In high demand! Booked 13 times in the last 24 hours” this is actual fear that the marketers try to create in the people to generate leads.
LIMITED TIME OFFER
This is the major trick in which the users usually fall for, increasing the need of the hour and value for the product automatically increases. It is used for creating an urgency to buy a particular product. The trick is to trigger the loss aversion or the in layman language we can say to generate the FOMO in audience.
If a person who watches it thinks that there is a total chance to miss out the great deal then he/she will for sure reach out their virtual wallets and buy the product. To make it easy for you we show you some of the FOMO examples below:
This the image of booking.com showcasing all the FOMO marketing tactics in it, most importantly it showcases the number of people looking for the same hotel. That is the main tactic used by digital marketers most of the time they showcase the customers how many people are searching for it which automatically make the viewer feel that: Yes! this is the best hotel and should go for this hotel only.
We also showcase you another example in Amazon how they are showcasing the same aspect in a different way.
Here, you can see a yellow line below which you can see the percentage of the people claimed the product. In Amazon, the deals of the day offer you this facility with help of which you can see the number or you can say the percent of the people who have claimed. When a user sees this he/she will feel attracted and will think that so many people have already bought it means it would have been a great product. That too it is obtained with the required discounts that increases the customers’ engagement.
Driving viewer’s to your website is just one part of the job. However, transforming those viewers to customers’ is the next step and a crucial step. This is the turning point when the reviews help you make your viewers into customers.
Well, Yeah! the customers most of the time trust the previous buyers and the reviews which they leave, it is like their trust indication. If a customer already bought that item and gave a review of the item, the process of buying was easy or not, product quality, deliver process everything. This gives the viewers a brief idea about how their journey will be from selecting and buying the product to get it delivered.
The important thing people get to know here is the product and its quality after which it depends whether to buy that product or not. A digital marketing agency and an e-commerce service should always take care of this minutely.
Above are some of the reviews of the people in the popular sites like the booking.com, Amazon.com, Flipkart etc. Companies should manage it nicely because more than 50% of the people rely on reviews and make a purchase after looking at it.
These are some of the tricks and tips or tactics which should be implemented to get the best results using the scarcity marketing and FOMO which means Fear Of Missing Out. Marketing these days made huge in the digital platform using the fear of the people and make their place in marketing. This is one of the best tactics one can include in their marketing strategy to gather a number of customers’.
To more about Scarcity Marketing and FOMO or topics related to trending marketing strategies and tactics. Please write back to us we will be happy to help you!