Get ‘em While They’re Hot!

Last day for great savings! This is your last chance to buy!  Only 12 left – order now! (Sorry for all the exclamation points, folks, but these things require them.)  “Store Closing – Last 4 Days!”  These ads are perfect examples of another principle you should know about for your small business marketing, but this one comes with a warning.

First, the marketing principle: It’s called the Principle of Scarcity.  Like yesterday’s Principle of Reciprocity, the “get em while they’re hot” principle was studied by Robert Cialdini in his book Influence.  Cialdini showed that people value things which are rare or hard to get.  As an example, he found that students valued the food in a college cafeteria more when they learned that they would not be able to eat there for a month before a fire. Perfect example of “Get Em While They’re Hot!”

Some examples of the Scarcity Principle are limited time and limited number.  Sales, particularly Going out of Business sales, special offers that have a limited time on them, make people want to buy. Holiday specials are another great example: some of you may remember Cabbage Patch Dolls or the Christmas when Tickle Me Elmo was the hot item.  The day after Christmas you could still buy these toys, and at a much cheaper price, but of course then they wouldn’t be under the Christmas tree.

The Romeo and Juliet effect is another great example of the “Get Em While They’re Hot” principle.  A person or thing that is banned or placed out of reach is much more valued than something that’s accepted.  Many movements gained followers because they were outside the accepted mainstream. A great example of this effect is the “What the IRS Doesn’t Want You to Know” ad.  Doesn’t this just make you want to know the secret?

Using the Scarcity Principle in your marketing. Most small businesses recognize that sales, specials, offers with limited time availability will bring in customers. Bundle up some stuff that is not selling and have a sale.  If you have a newsletter,  you could have a monthly offer.  Build up suspense; let people know something special is coming.

The warning. You can’t use this principle too often.  The furniture store that has a special price “If you don’t buy today, it will go back to regular price tomorrow,” and then tomorrow just changes the tags for another special, will quickly be found out.  Choose your sales and specials carefully.  If you have a continuing special that never ends, people will start thinking it’s the regular price.  Then you will have to do something else to get them to buy.

Now I have to go – there’s an e-book special I want to take advantage of – today’s the last day.

Image: CosmicKitty@Flickr