Scarcity Marketing & The Fear of Missing Out [Podcast]
Countdown clocks, limited seats, only X items left in stock… Does rarity marketing work for you? If so why?
Marketing scarcity and fear of missing out (FOMO) is a phenomenon that can be applied to all forms of marketing – especially digital.
Mindy Weinstein, PhD, author of The Power of Scarcity, joins me on SEJShow to talk more about the concept—and how it can help you get results.
Marketing is a big psychology. It doesn’t matter whether you do SEO, paid search or social. You are trying to reach a person. I feel like it’s a lot harder than before because it’s not just about getting to them but also 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 are watching for dips. It goes beyond generating quick revenue, as I need sales now, which most of us associate with scarcity. – Mindy Weinstein 29:02
You bring their focus, especially to people everywhere, and you give them direction to tell them what to do, which many audiences are already longing for. They don’t necessarily want to make that decision, and they need you to guide them in making the decision or making the sale. I think this is something that can get lost in digital marketing.
– Lauren Baker, 19:20
[00:00] – Mindy wallpaper.
[05:17] – What is scarcity marketing?
[06:00] – Four types of rarity.
[10:14] – How to take scarcity marketing from the traditional side to the digital side.
[16:01] – Examples of using scarcity marketing in websites.
[20:20] Examples of 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 – http://powerofscarcity.com
Market mental shift – https://www.marketmindshift.com/
It is multi-layered. It’s more than just thinking about buying now, missing out, or only one day left. There are a lot of them, they don’t always work and only work for specific audiences depending on the type of speech you’re using. – Mindy Weinstein, 2:39
Simply telling you that you have these products as the best selling or most popular on your website helps someone while they are searching on your website. — Mindy Weinstein, 7:50
You want the regular price because it creates a sense 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. I’ve coached companies in all industries, from Facebook to World Fuel Services.
Mindy is also the leading expert on persuasion-related concepts, with years of experience in business. Research helps companies better understand how to persuade their customers – and; She is not afraid to think deeply!
Her book The Power Of Scarcity is available November 8, 2022.
Connect with Mindy on LinkedIn: https://www.linkedin.com/in/mindydweinstein/
Follow her on Twitter: https://twitter.com/mindyweinstein
Connect with Lauren Baker, Founder of Search Engine Journal:
Follow him on Twitter: https://www.twitter.com/lorenbaker
Connect with him on LinkedIn: https://www.linkedin.com/in/lorenbaker