Get it while you can!
Wednesday, August 23, 2017
I recently filled many large pans with water, having received a message about limited water supply for the next six hours due to a fault in the supply. Smiling to myself, I remembered that the logic really does work – when it’s running out, you are much more inclined to think that you need it! And the same logic is often used very successfully in marketing, across a variety of industries.
Only one left…
You see it on eBay listings and it creates an urgency about your decision making. Whether it is the “last one” or not, we’ll never know, but you don’t want to miss out. It’s human instinct kicking in. So, think about how you might be able to harness that ingrained human behaviour within your next marketing campaign. Perhaps you have a special deal that is only available to the first 20 customers or perhaps you use the “limited time” logic and only have the incentive available for a fixed amount of time.
And how do you decide on the cut-off points? Well that comes down to trial and testing within your industry type. Before thinking of the best deal or incentive, consider the following:
- What do you actually want to achieve?
- Is awareness building or sales growth more important?
- Has a competitor done anything like this before?
- Is your product offering incentive focused, or is the lead time too long?
Get the formula right for you
There is no set formula and the most important thing is to identify the formats that work for your industry and most importantly, your business. Here’s some common scenarios to get you thinking:
- Flash sale, one day only
- A 20% discount for the next 20 customers
- 50 free samples to give away in our next orders
- Order by 31 July and we will give you an extra product free
- Sign up to our newsletter in the next two weeks to get 10% off
- Get a free audit if you contact us this week
Do you get the idea? Ensuring that there is a time limit or a limited quantity prompts that human instinct within us to focus and make a decision more quickly – before we don’t have the opportunity.
The most important thing is to try something. If it doesn’t work quite as you intended, finetune your offer and try again.
And the great thing is that this logic can work in many industries; business to consumer and business to business. Not convinced? I’d urge you to give it a try. What if I were to say that I’d offer a 10% discount to the next three companies that placed a project with Cantaloupe? It would certainly make you sit up and consider if you wanted to use us right now! Point proven.