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Using Scarcity to Increase Demand…Real Life Example
Manage episode 308516984 series 3014043
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Did you know that the Nintendo Wii Video Game System was first released about 1.5 years ago?
Until today, the Wii is rarely found on store shelves because every unit that is placed on the shelves is quickly snatched up by consumers. Nintendo ships very few systems to retail stores. They are intentionally increasing demand by lowering supply.
They know that anything that is in short supply has a higher appeal.
Smart marketers have used this concept with much success also. I bet you’ve bought something from a limited time sale before even if you didn’t really need the product at the time.
You may have purchased something because you’re afraid that you’ll need it later on when it’s no longer for sale. I know of several membership sites which have opened up membership for just a few days. They open up a few slots for new members and then close down again.
Each time that they accept new members, they’re sold out. In the long run, they end up having more members join than if they accepted everyone all the time.
So consider this strategy when you’re launching a membership site. If you’ve got a product to sell then consider making it limited to increase demand. You would still have to drive targeted traffic to your offer because demand can only increase if there was demand to begin with.
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