What is scarcity marketing?
Definition of scarcity marketing:
Scarcity marketing is marketing that capitalises on a customer’s fear of missing out on something.
It’s based on the psychological principle that people want what is difficult to acquire.
Stores always have sales that are ‘ending soon’. Or they offer discounts that expire on a certain date.
Some only create a limited range of products. Have you ever seen a sign saying ‘hurry while stocks last’?
When you’re booking a train ticket from Bournemouth to London, you can see how many tickets are left:
This is scarcity marketing. Noticed how the copy is in red – it really stands out. Plus, red stands for danger.
This is a warning: if I don’t book soon, I may miss out…
Definition courtesy of Splash Copywriters