Introduction to Scarcity Marketing
The base of scarcity marketing lies on the principle of scarcity. This means, scarcity creates a sense of urgency and this leads to increase in demand. It is a marketing strategy which persuades people to buy a product or take advantage of the deal before it becomes scarce or expires.
In this type of marketing, the marketers create such a strong campaign where customers believe that they are actually missing out if they didn’t purchase the product or seal the deal. This type of scarcity marketing typically targets the following types of buyers or customers:
Impulse buyers
Impulse buyers are prone to making random and spontaneous purchases. This marketing easily gets to these buyers as they fear missing out. This fear compels impulse buyers to buy the product.
Deal Seekers
Individuals or customers who are always looking for discounts, deals or any types of offer i.e. individuals who are deal seekers, get easily attracted by scarcity marketing. Discounts, offers, limited time, limited quantity triggers the desire to secure a good deal.
Trend Followers
This is quite evident in today’s social media influenced world. Customers who are always looking for validation and who want to be relevant all the time, get easily lured by scarcity marketing. Exclusive deals, limited editions, latest trends create a sense of exclusivity and validates individuals social proof. Such exclusivity leads to owning the product or service.
Brand Loyal
Individuals who have a strong association with the brand participate in scarcity marketing deals. Brands and businesses reward brand loyal customers to enjoy the exclusivity and limited edition services or product. Brand loyal enjoys exclusive excess, elite club access, limited edition products etc. offered by the company.
Collectors and Enthusiast
Collectors and enthusiasts are always looking for limited and exclusive products or items. Scarcity marketing campaigns appeal to collectors and enthusiasts. Such individuals are very passionate about their collection and hobbies. Their desire to collect unique and rare goods gives business to such limited and exclusive products. Such audiences are ready to own such limited and scarce products or items.
Businesses frequently employ scarcity marketing to encourage customers to buy quickly before a product sells out or a promotion ends. Customers are more likely to make a purchase when they see a product is running low in supply so they can buy it before it sells out. Panic buying and exclusivity in customers always make scarcity marketing successful.
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