Introduction
60% of people make purchases because of FOMO.
In the digital world, various techniques that involve consumer psychology are deployed to help drive sales.
One of the best techniques is the use of urgency and scarcity.
Although it’s been used for decades, online advertising and digital marketing techniques have brought this right to the front of consumer advertising.
It is common to see time-limited products, discounts, and promotions.
This article will cover the details of urgency and scarcity, what it is, and how you can use it as part of your fitness brand.
What is Urgency and Scarcity?
The use of urgency and scarcity targets the psychology of the consumer and influences people’s decision-making process.
Taking advantage of the fear of missing out (FOMO) and the consumer’s need for instant gratification motivates people to act quickly and avoid missing out.
What is Urgency?
Urgency refers to the application of a limited-time offer that is available to take advantage of before it expires.
What is Scarcity?
Scarcity refers to the limited quantity or availability of a product or service.
How is it used in marketing and advertising?
The use of urgency and scarcity can be seen almost every day, in online adverts, websites, television, and even newspapers.
Almost all forms of media that advertise products or services have some example of this marketing technique.
Examples of Urgency and Scarcity in the Fitness Industry:
Limited Time Offers
Low Stock
Exclusive Access
Limited Edition
Countdowns
Waitlists
How can you use it within your fitness brand?
Implementing the use of urgency and scarcity in your fitness brand could help drive sales and conversations.
Take inspiration from some examples above, and research what your competitors are doing.
By tapping into the mind of the consumer, you can help boost sales through simple psychological techniques.
For products, it’s common to have discount codes, limited-time discounts, and sales timers.
For services the use of waitlists and monthly packaged deals are popular.
Whatever your brand is, use the strategies that best target your audience.
Mistakes to avoid
- Overuse — The overuse of sales and offers doesn’t tap into the fear of missing out, as the consumer won’t feel the need to take advantage of the offer if they can always get a discount. Additionally, it can diminish the perceived quality of your product.
- Unrealistic Time Limits — Very short time limits may not give your prospects a chance to consider the purchase, or even be aware that there is an offer going on. Set realistic time limits to take full advantage of this technique.
- Not measuring success — Measuring success when using urgency and scarcity is important to further direct your future marketing. By figuring out what works best you can be more efficient with the advertising.
- Artificial scarcity — Listing something as limited when it isn’t is unethical and will turn your consumers off your brand, so choose what you want to limit wisely.
Conclusion
Online advertising has allowed the use of urgency and scarcity to blossom.
It’s almost impossible to scroll through social media without seeing a sale-based advertisement with money off or limited offers.
As consumers, our desire for instant gratification has been taken full advantage of by advertisers.
Implementing FOMO into your marketing strategy is a simple and proven technique to drive sales and boost conversions.
Research your audience, market, and competitors to begin implementing the best strategy for you.
Remember to test and tweak by measuring the success of each campaign and adapting accordingly.