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4th of July Special: Put some fireworks into your marketing - I'll show you how

4th of July Special: Put some fireworks into your marketing - I'll show you how

July 03, 2010

Happy 4th of July.

In honor of this special day, I want to help you put some fireworks into your marketing and advertising.

Last week, I gave you a great example of how one person actually managed to get customers to fight (not literally of course!) to do business with him.

If you haven't checked it out please take a moment to go at the end of today's article, you'll be glad you did.

So let's continue. What I want to do this week is show you how you can get customers to compete for your business. How? By using what I call the power of scarcity or urgency. By limiting the number of products you offer and creating a sense of urgency is like giving your business a one-two combination punch you just can't beat!

I'll show you how to do it...

One of the best all-time incredible examples of scarcity and urgency is that of an auction. One company which is taking the auction mentality to the highest heights is eBay. They play on the emotional hot button, 'fear of loss.' This is supply and demand in its intricate dance.

eBay uses both scarcity and urgency by advertising the availability and the deadline to submit a bid. Bidders get caught up in the excitement and the competition.

Pressure is exerted as the seconds tick down and people across the globe get caught up in the excitement and buy something with a couple clicks of their mouse that they wouldn't have bought otherwise.

One of the tools that eBay uses is the ability of the bidder to hide his maximum bid. The bids go up because bidders don't know how high others will go. This sense of scarcity more than quadruples their sales.

What sorts of things can you limit in pitching your product?

Consider limiting time. How do you limit time? You limit the time that your offer is available. You can limit it by the number of hours, days or weeks that it's available.

WARNING: Do not lie. Many people, especially on the Internet, pretend as though their product has a limited time availability. When people check on the website the next day and see that it's still obtainable, the company loses all credibility and trust. If you're going to do what's called a 'take-away', make sure that you actually follow through with it. Let people know that the discounted price is going to be available until a certain date, and actually hike the price after that.

Think about how you lock in on mortgage rates. One of the best offers that you can make is to say, 'For a limited time (before the price goes up) you can beat the coming price increase by locking in at the lower price.' Then be sure to follow up with them with another direct mail letter or e-mail letting them know in fact the price did go up. The next time you make an offer, it will carry much more urgency and bite to it.

If people are given a deadline, they're more likely to respond.

Limit the time and availability and you'll see you your prospects act more quickly and more decisively. A confused customer is a cold customer and doesn't make a choice. They choose to wait, as opposed to anything else. And the more flexibility that you give the customer to make a choice, the less likely they are to take action.

Consider limiting the quantity available ' and use the law of supply and demand to your advantage. By limiting the quantity, you actually increase the desirability. Stock funds
and mutual funds close at a certain point of desirability.

Louis Rukeyser once tried to increase the number of subscribers to his investment newsletter. He already had over 500,000 subscriptions, which made his publication the world's largest financial guru letter. But he wanted more, and he wasn't satisfied.

Marketing expert Gary Bencivenga helped him by showing how he could attract a million subscribers by limiting subscriptions to only one million. Gary claimed that having such a cut-off would drive the subscribers through the doors in droves. Gary said, 'Lou, I'd be happy to write a direct mail package for you that strictly limits your readership exclusively to one million investors. We could romance it in this way, just one million subscribers, a tiny fraction of 1% of the world's investors - will be exclusively entitled to receive my special buy/sell recommendations.' Rukeyser rejected the idea because he didn't want to limit the growth of his newsletter to anyone, even a million. As a result, Rukeyser's subscribers never reached anywhere near that million mark.

Ask yourself these questions:

' How can I create urgency by limiting the time my products are available?
' How can I create scarcity by limiting the supply available?
' How can I create both scarcity and urgency and really create a buying frenzy?

Always taking you from where you are to where you want to go,