WEBVTT 00:00.180 --> 00:02.440 Now what a scarcity. 00:02.440 --> 00:10.140 Well if you ever have experienced a Black Friday or another holiday sale then you might have a clue 00:10.140 --> 00:10.830 what it is. 00:10.860 --> 00:18.140 Scarcity is basically when it's shortage of supply in comparison to the demand. 00:18.150 --> 00:20.110 Let me explain what this means. 00:20.130 --> 00:26.250 Let's say that today was the last day that you and everyone else in the world can buy chocolate. 00:26.250 --> 00:28.340 How many pieces of chocolate would you buy. 00:28.350 --> 00:29.710 One two. 00:29.880 --> 00:35.940 I guess you would buy pretty much chocolate even though you wouldn't eat it for weeks or years. 00:35.940 --> 00:37.710 That is scarcity. 00:37.710 --> 00:44.520 We are telling you that there is a limited amount of product or service out there and the demand is 00:44.520 --> 00:49.520 really high which means that a lot of people want to buy something that doesn't really exist. 00:49.530 --> 00:52.260 Maybe one or two or three of a kind. 00:52.260 --> 00:53.200 Yes exists. 00:53.220 --> 00:56.930 So everybody wants to buy that just like on Black Friday. 00:56.940 --> 00:57.970 People are going crazy. 00:57.970 --> 01:03.680 I mean people are even starting fights in the malls on Black Friday which is insane. 01:03.750 --> 01:10.500 And this is how you use the scarcity not to make people fight over your things but to make people buy 01:10.590 --> 01:12.930 when we're having a product or service to sell. 01:12.930 --> 01:21.360 We would like to sell the feeling of missing out which is also transfer and ask for more fear of missing 01:21.390 --> 01:22.200 out. 01:22.200 --> 01:26.880 Nobody wants to miss out on that deal of the day right. 01:26.880 --> 01:32.700 So if you're looking for a cell phone for example and you see oh it's 20 percent off only today that's 01:32.700 --> 01:36.450 a scarcity sales tactic that the company is using on you. 01:36.450 --> 01:42.450 So when we're marketing and creating ads around the products we do want to create a sense of urgency 01:42.690 --> 01:44.860 like it's now or never. 01:44.880 --> 01:49.950 Don't miss out on this product or this service offer it's only today. 01:49.950 --> 01:51.580 Go and buy it right now. 01:51.600 --> 01:54.420 That is how we would like to sell our products. 01:54.420 --> 01:59.150 One sales tactic that is really working for a lot of companies out there today. 01:59.220 --> 02:04.320 There are countdowns that you can use which means that if you look on the screen right now where the 02:04.410 --> 02:11.880 arrows pointing at at your product page or in your ads you're having some type of Countdown that is 02:11.880 --> 02:18.720 making the potential customer feel like they're missing out on a deal for example order winning five 02:18.750 --> 02:21.060 hours and you will get it by Friday. 02:21.060 --> 02:22.080 Fridays tomorrow. 02:22.090 --> 02:28.200 Today's Thursday so it's Friday tomorrow so if you really would like this product by tomorrow I need 02:28.200 --> 02:29.700 to buy it now. 02:29.880 --> 02:31.070 And the same goes for this. 02:31.070 --> 02:37.290 So if you look on the screen right now order before midnight Thursday 19th of December would stand at 02:37.290 --> 02:43.170 home deliver No I don't understand what it is but I can also see that I only have eight hours on this 02:43.170 --> 02:49.710 deal so I have to click the ad to bag and the shop button to get this deal and then we're having an 02:49.800 --> 02:53.280 ad for example and Facebook gathers again see for our flash sale. 02:53.280 --> 02:58.890 So I only have four hours to get 25 percent off as you can see on this ad and if I were looking for 02:58.890 --> 03:03.780 a group on deal I would definitely click in and I would buy this at a 25 percent off. 03:03.840 --> 03:10.530 So this is how you can use count on scarcity by telling your potential customers in your ads or in your 03:10.530 --> 03:17.010 content or on your Web site that it's a limited time you have to buy this now with a little countdown 03:17.010 --> 03:21.710 clock or in your ad like this four hours left on these flash sales. 03:21.740 --> 03:23.190 So that is one tactic. 03:23.250 --> 03:26.040 You can also do the limited stock scarcity. 03:26.040 --> 03:27.260 Look on the screen right now. 03:27.330 --> 03:27.770 Hurry. 03:27.780 --> 03:29.810 Only one left in stock. 03:29.820 --> 03:34.770 Now if you're selling something and you don't have a lot in stock which means you don't have a large 03:34.770 --> 03:41.040 number of that product you can use this on your website as well like booking dot com is doing on me 03:41.040 --> 03:47.580 right now I'm sitting here I'm looking for accommodation and I can see only one left like this on our 03:47.580 --> 03:48.270 site. 03:48.360 --> 03:53.110 And if I'm looking for an accommodation I see they have good ratings et cetera. 03:53.110 --> 03:58.410 And then I definitely would like to book this but because I don't want to miss out on this deal and 03:58.410 --> 04:05.000 it's the same for every people in the world because we as human beings hate missing out that is the 04:05.000 --> 04:07.230 one thing that we're really scared of. 04:07.260 --> 04:10.700 That is why this tactic is called scarcity. 04:10.710 --> 04:17.100 We're adding some scarcity for people potential customers to miss out on a good deal and then we're 04:17.100 --> 04:19.920 having limited time access. 04:19.920 --> 04:25.350 Now this is perfect if you're selling in chorus or if you're doing a webinar for example if you look 04:25.350 --> 04:25.990 on the screen. 04:26.040 --> 04:32.670 Sign up for the bio hacking your sleep verbena and you can also see where the arrows pointing at now 04:32.940 --> 04:35.160 closes in 19 minutes. 04:35.160 --> 04:43.680 So we are adding in limited time access which means that this offer is going to close within a limited 04:43.680 --> 04:46.850 time so you can use the countdown on your Web site. 04:46.860 --> 04:52.890 If you're running and Shopify story if you're selling on Amazon or if you're creating ads on Facebook 04:52.890 --> 04:55.860 for example you can use to count on tactics. 04:55.860 --> 05:00.580 And then if you're soon to be out of stock with your products you can use to limit that stock offer 05:00.940 --> 05:06.970 and then you're having the limited time access if you're having for example and webinar or something 05:06.970 --> 05:13.510 that is closing very soon maybe an online course but only use the scarcity and urgency tactics like 05:13.510 --> 05:14.020 this. 05:14.020 --> 05:21.130 If you're really having a limited offer because always stay honest with your customers that is the rule 05:21.430 --> 05:24.130 to stay in business for the long run. 05:24.310 --> 05:28.780 Okay guys so good luck with your scarcity techniques and I'll see you in the next video.