How To Use Urgency & Scarcity – Marketer Monday 28

When it comes to marketing there are techniques that require huge investments of time and money to put into action… then there are those that only take a matter of minutes.

The techniques I share in this episode of Marketer Monday are the latter.

You’ll discover how to use urgency and scarcity in your marketing if you’re selling physical products, information products, or even software!

Links From This Video:

https://vault.performancemarketer.com/
https://www.dropshiplifestyle.com/
https://www.internetmarketerexpo.com/

All Previous Episodes Of Marketer Monday:

https://performancemarketer.com/marketer-monday/

Marketer Mondays is a weekly video show that covers a wide range of digital marketing concepts.

I share my personal experience from over 10 years of building multiple successful businesses.

Follow Performance Marketer here:

Website: https://performancemarketer.com
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Let me know if you have any questions by commenting below this video!

Transcription

Hey, what’s up guys. Anton here and welcome to another episode of Marketer Monday. As you know by now, I hope, we’re almost to episode thirty, the point of this show is for me to basically try to share one thing every week that will help you get you better results from your marketing. And just like the title of this video says, today I’m going to talk to you about urgency and scarcity and if you’ve been marketing for any amount of time, these are probably two different techniques that you already use. And if you don’t, I’m sure you’ve heard of them and for one reason or another you haven’t implemented them in your business. And the point of this video is to tell you, just go, do it now because these are two of the easiest ways, probably the two easiest ways to increase your conversions. So if you have people that know about you, that know about your product, that know about your site, the best way to get them to make it a decision to buy sooner rather than later is using urgency and scarcity together. Now, I know you can’t see this well, but on this computer right here, I have two different examples. One of them is using something called Expiring Coupon Code Bar. The other is using a countdown timer and I’m going to use some screen overlays in this video so you can kind of see a better picture of both. But I want to share, like an information product and a physical product to show you how we do each.

[1:13]

Now, with the ecommerce side of things, right, they physical product the best way to implement this in your business is to use that Expiring Coupon Code Bar and what this does is basically have the promotion that ends two times each week. We end ours every Wednesday night at midnight and every Sunday night at midnight. Now, why do we do this and what are we offering? Well, depends on the product, it depends on the niche website. But typically free shipping, maybe 5% off total volume, maybe 10% off total volume if it’s a high margin site. And again, it expires twice a week. Now, the reason we do this is because we know that over 90% of our site traffic, again, over 90%, we know this from Google analytics, are first-time visitors, meaning they’re coming to our site for the first time ever and we know that the shorter we make that window for them to make a buying decision, the better chance we have at getting them to buy.

[2:02]

Now, just picture it this way, right. Let’s say I’m selling, I don’t know, this office chair, and the person lands on my site and they want to buy an office chair. Maybe they’re in that 90% that it’s their first time, we will show them the expiring coupon code bar. We’ll let them know that either Wednesday night or Sunday night, depending when they hit our site, we have their offer. That’s when it expires. That makes them make a decision sooner rather than later. If they really want that office chair, right, if they’re going to buy one maybe from us maybe from someone else. If they really want it, though, they know they have, at the max, three or four days to buy with that discount, they’re going to buy it sooner than later.

[2:36]

Guys, the first time I did this on one of my ecommerce stores it was years ago now, probably over five years ago. It was kind of like for a limited promotion and it worked right away. I couldn’t believe how much sales went up. And we thought, myself, my business partner at the time we thought it was like a fluke. Like, wow, that’s crazy. Sales just spiked. And then the promotion ended, right, that we had it set to. So we’re like, “Okay, let’s try it again.” And sales maintained their increased conversions. “Okay, let’s try it again.” Same thing. And since then, we’ve made a lot more money because we started to use urgency on the physical product stores.

[3:07]

Now, another example on information products, this is actually a ticket sales page but using countdown timers, same type of thing, right? One of them is kind of like a rolling date. The other is just using countdown timers; same thing. When people see that ticking down, they know they have x-amount of time left they’re going to buy if they really want your product. Now, this is where some people are like, “Oh, you know, is that ethical? What, you’re making people try to buy now?” Well, yeah, of course we are. We’re in business, right? We want them to buy sooner than later. And this is just really putting them in the decision, I guess it’s making them the decision-maker; “Do I want this now or am I willing to risk the price going up? Or (if you’re using scarcity) am I willing to risk some bonuses going away?” When they see the timer right there, it forces people to make that decision, to actually think, “Do I want this?” And if they do, you will get that sale. It’s not going to allow them to do what all humans do and say, “Hm, let me think about this. Maybe I’ll come back next week.”

[4:00]

And, by the way guys, if you’re wondering on how to do any of this stuff, the expiring coupon code bar, you can use like Hello Bar. I think it costs like $100 a year or something. Or, if you’re in my drop shipping program, Drop Ship Lifestyle, this is a shop vi-app that we built. It’s the Drop Ship Lifestyle vi-app and it has the automated coupon code bar. For the countdown timers, there’s a bunch of different plug-ins out there that do this. Some of them work great, some of them don’t. We actually have our own. So if you’re a member of The Vault, of the Performance Marketer Vault, you can use Countdown Kracken and it’ll do this for you; works great, looks gorgeous. So you’ll have access to that as a student of the Performance Marketer Vault.

[4:38]

With that being said, guys, let’s talk about scarcity, right? Because these are kind of both urgency. You know, this one’s a date. This one’s a countdown; two a day, two great techniques. How do you use scarcity? And scarcity basically means like, “If you don’t do something by…” there’s x-amount of things left, I should say. So, “The first five people that buy are going to get a bonus offer.” Right? So that’s a little bit more tricky because these things are real. I should say that too. Like when this timer expires, they are going to miss out on this price. When that coupon code bar changes, this specific offer as it now, will change. So these are real. With scarcity, it’s a little bit harder because you’re saying, “First five people, buy.” You know, then they get this special bonus no one else does. Now, the best way we do this is when we do webinars.

[5:26]

So, for us, the physical products, we don’t use scarcity but we do use it mainly in the info product side of things. So let’s say I’m doing a webinar. Okay, “First five people to buy are going to get a free coaching call.” And yes, by the way, if this all sounds simple to you, right, it’s because it is. It’s extremely simple. You don’t have to overthink it. You don’t need any of these advance tools, you know, that will automatically program this all in. It’s not that complicated and it will increase your sales right away, again, assuming you already have traffic. So, with that being said, guys, I definitely want you to use the Drop Ship Lifestyle shop vi-app if you’re using a physical product store. It’ll automate that part of it for you. And if you’re doing information products, if you’re doing software, log in to vault.performancemarketer.com and you’ll be able to use Countdown Kraken and get timers just like this on your website. Again, it’s the easiest way to increase conversions. I haven’t stopped doing this type of thing since that one random week I kind of figured it out.

[6:21]

On top of that, if you’re wondering, you know, are these things you should always be running, should it be ever-going, the answer’s pretty much “yes”. You should always have something special that you’re offering. It doesn’t have to be the same thing every time. My advice to you is to make a marketing calendar; super easy to do. Go into Google Calendar, literally just have it display maybe holidays for the next twelve months out and then try to add in some more things that might be relevant to you. So, I don’t know, it depends on what you sell. If you sell sports stuff, maybe it’s the Super Bowl or maybe it’s the World Cup, whatever it is. And add it beyond holidays all the relevant events to you so you can kind of start planning. And what you can do differently there to kind of make it more real time is time your promotions around events, change the coupon name. So, “Enter coupon code, BIGGAME” for Super Bowl, right? Get creative with it, have fun with it. It’s the easiest way to really make more money off of your site, again, assuming you have the traffic.

[7:16]

Guys, I hope you found that helpful. I’m going to link below this to the Comment Kraken app so you can go ahead and use that. Get it this week; let me know the results by next week. I’m sure you’re going to get extra sales and I’m excited to hear about it. So, thank you guys and I’ll see you next week for Marketer Monday. Bye.

 

Anton Kraly
 

Anton is a the Founder & CEO of Performance Marketer - a place where decades of real world marketing experience is shared. He began building business online in 2007 and has built and sold multiple seven-figure businesses.