Scarcity Marketing & The Fear of Missing Out [Podcast]
Countdown clocks, limited seating, only X items left in stock … does scarcity marketing work for you? If so, why?
Scarcity marketing and the Fear of Missing Out (FOMO) is a phenomenon that can be applied to all forms of marketing – especially digital.
Mindy Weinstein, Ph.D., author of The Power of Scarcity, joins me on the SEJShow to talk more about the concept – and how it can help you drive results.
Marketing is so much psychology; it doesn’t matter if you’re doing SEO, paid search, or social. You’re trying to reach a person. I feel like it’s a lot harder than before because it’s a matter of not just reaching them but cutting through the noise and then using the right words. –Mindy Weinstein,1:51
Because of scarcity, there is excitement and there is loyalty. Think of Nike and some of these big companies that people watch for the drops. It goes beyond just creating quick revenue, as I need sales right now, which is what most of us associate with scarcity. –Mindy Weinstein, 29:02
You’re bringing their focus, especially for people all over the place, and you’re giving them the direction to tell them what to do, which many audiences actually crave. They don’t necessarily want to make that decision, and they need you to guide them to make the decision or to make the sale. I think that’s something that can be lost in digital marketing.
–Loren Baker, 19:20
[00:00] – Mindy’s background.
[05:17] – What is scarcity marketing?
[06:00] – Four types of scarcity.
[10:14] – How to take scarcity marketing from the traditional to the digital side.
[16:01] – Examples of using scarcity marketing in websites.
[20:20] – Examples for service-based businesses.
[25:19] – How McDonald’s used scarcity marketing.
[32:27] – Ways search marketers can incorporate scarcity marketing into campaigns.
The Power Of Scarcity Book – http://powerofscarcity.com
Market MindShift – https://www.marketmindshift.com/
It’s multi-layered. It’s more than just thinking buy now, or miss out, or you have only one day left. There’s so much to it, it doesn’t always work and it only works for specific audiences depending on the type of discourse you’re using. –Mindy Weinstein, 2:39
Just telling you have these products as best sellers or most popular on your website helps someone as they’re searching on your website. –Mindy Weinstein, 7:50
You want to have the regular price because it elicits a feeling of loss aversion that we don’t want. –Mindy Weinstein, 33:54
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Connect with Mindy Weinstein:
Mindy Weinstein is the founder and CEO of Market MindShift and a national speaker with an extensive background in digital marketing strategy. She has trained companies across all industries, from Buy Facebook Verification to World Fuel Services.
Mindy is also the leading expert on persuasion-related concepts, with years of experience in the business. The research she conducts helps companies better understand how to persuade their customers-and; she isn’t afraid to think deeply!
Her book, The Power Of Scarcity, is available on November 8, 2022.
Connect with Mindy on LinkedIn: https://www.linkedin.com/in/mindydweinstein/
Follow her on Buy Twitter Verification: https://twitter.com/mindyweinstein
Connect with Loren Baker, Founder of Stips.io:
Follow him on Buy Twitter Verification: https://www.twitter.com/lorenbaker
Connect with him on LinkedIn: https://www.linkedin.com/in/lorenbaker