Minimum Time, Maximum Value
🚀 Using Scarcity Marketing the Right Way!
Howdy Readers🥰
When brands choose deception over marketing :)
In this newsletter, you will find:
🚀3 Scarcity Marketing Tactics To Help You Sell More!
➡️Google Sleeves Up On Transparency For EU Ad Compliance
🤩Reddit Expands Ad Targeting & Introduces Measurement Tools
🚀3 Scarcity Marketing Tactics To Help You Sell More!
Scarcity tactics are one of the go-to strategies for every brand, but the approach has gotten a lot of dirt considering the manipulative nature and the deceptive framework. This can be fixed to restore the dignity of the approach and make scarcity-driven marketing more effective and honest. Here are 3 things you can do to tweak this approach into a more positive experience for your customers.
#1 Run Flash Sales for Loyal Customers
One thing that brands miss out on is to give their loyal customers a hint of the best deals exclusively tailored for them. This makes them feel super special and will get them back on your next flash sale without too much effort, cuz, they already love your brand!
Especially when it’s a mysterious one-or-two-day offer, the FOMO just kicks in and helps you sell more to your happy customers.
For Example:
Take Beehiiv, a newsletter platform that introduced a unique feature called "newsletter boost." This feature enables existing newsletters to suggest new or established newsletters to their audiences, earning bucks into their own boost wallets for every new subscription gained by the recommended newsletter, and vice versa.
The Sale Strategy: To encourage more newsletters on the platform to use the feature, they ran a 24-hour offer: they matched the number of newsletters loaded to their boost wallets.
The Outcome: This led to a remarkable outcome, with over a million dollars worth of boost wallet loading.
#2 Share Promo Codes to Spark Word-of-Mouth Marketing
A significant 71% of individuals are highly inclined to make purchases based on social media referrals and value recommendations from their close circles. Notably, millennials are profoundly swayed by word-of-mouth marketing, with a whopping 115% greater influence compared to traditional advertising.
And what better way to curate effective word of mouth than Influencer Ambassadors? The Perfect combination of Affiliate+Influencer marketing.
This is where tools like SARAL reduce your work by more than 50%. SARAL helps you find your ideal influencer partners in a few clicks, which means you save the time and effort of filtering hundreds of social media profiles and choosing the ones that align well with your brand values. Click here for personalized onboarding for your brand.
#3 Curate Limited Edition Drops with truly limited stock
The most obvious form of deception in scarcity tactics is showcasing low stock ALL THE TIME! It’s so overused that it doesn’t hold any significance anymore. So instead curate Limited Edition drops 2-3 times a year.
This way you’re giving your audience something to look forward to, and it’s limited in the true sense, creating genuine FOMO, that sustains the hype for the next drop too.
And that’s a wrap to the 3 ways you can use Scarcity tactics for what they’re truly supposed to do. Maximize Value, while Minimizing Time!