One of the companies who mastered the scarcity marketing techniques is Kylie Cosmetics, who skillfully employs them on social media to sell millions of products. Find out more about scarcity marketing and see how you can use Kylie Cosmetics' best practices for your business:
It’s not a new method of marketing by any means and has been used to insight hysteria for decades, particularly with parents and their children in the run up to Christmas. But what has changed significantly in recent years is the platforms brands are using to deploy scarcity tactics.
- Be transparent – you will of course sow the seed that there is limited stock, but ensure your audience knows just how limited it is. Having 10,000 units available is very different to having 1,000 units. Set their expectations and communicate early on so your audience is pepped up and not let down
- Monitor in real time – this goes for stock levels and your community’s reaction. Know when you’re out of stock, communicate it immediately and keep a close eye on how your audience is responding to the news
- Provide alternative options – you need to reduce the chance of your audience leaving without purchasing by providing alternatives. Kylie Cosmetics did this well, suggesting a range of other products that could be used in place of the #ValentinesCollection range.
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