Scarcity Can Increase Your Profits
by Douglas Titchmarsh
It's a well known fact that scarcity increases the value and the desirability of an item. You can see the scarcity factor piling on the profits in all sorts of offline sales. Stamps, an area where a small piece of paper can be sold for thousands of dollars because it has a small error in its design or a flaw in the printing process. Look at the art world and a painting by a well known artist is so covetable people will steal or even kill to get it into their private collection, because their is only one of them.So how can we use the scarcity factor in our own online businesses?The easiest way is to limit the availability of what you're selling. If you only offer 100 copies of a piece of software or an ebook, you just put up the rarity value. By setting a limit on the number of people who can purchase, you just made sure that people will be hungry to get the few available items and get one up on the people who don't.Whatever your price people will want the product (if it's good to start with) because it is scarce.Another not so obvious way to increase the scarcity is to limit the time you will make your item available for. If you set a time limit on how long your item will be available, those who want it will be quicker to buy, and you can make a quicker profit in a shorter time.Look around and see how all the well known online marketing gurus do it. Almost without fail everything they sell is limited in either numbers avaialable or the time it will be available for. One trick they use which is not so obviously a limit, but is really making something seem scarce, is the One Time Offer. Take note of how often the top marketers are offering something with a One Time Buy it now deal on a thank you page. Every time you are told this is your one chance to buy that product at a special price, now how much more scarce can you get than a limit of one time to make your decision to buy.In your future promotions and advertising, look for a way to make your product scarce. Limit the amount to be sold, place a time limit on the offer you make, or add a one time offer to your sales arsenal. However you do it, the scarcity factor will add to your bottom line profits every time.
About the Author
Douglas Titchmarsh writes the DEWDigest Newsletter available at The DEWDigest Blog and can also be found at the forums at Cash In Online Visit their website at: http://www.cashinonline.info/
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