Scarcity marketing and fear of missing out [Podcast]

Countdowns, limited seating, more than X items in stock… is scarcity marketing working for you? If yes, why?

Scarcity marketing and fear of missing out (FOMO) is a phenomenon that can apply to all forms of marketing, especially digital.

Mindy Weinstein, Ph.D., author of The Power of Scarcity, joins me on the SEJShow to talk more about the concept — and how it can help you get results.

Marketing is so much psychology; it doesn’t matter if you do SEO, paid search or social media. You are trying to reach someone. I feel like it’s a lot harder than before because it’s not just about reaching them, but cutting through the noise and 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 declines. It goes beyond just creating quick income, because I need sales right now, which most of us associate with scarcity. – Mindy Weinstein, 29:02

You grab their attention, especially for people around the world, and give them the direction to tell them what to do, which is what many audiences actually crave. They don’t necessarily want to make that decision, and they need you to guide them through making the decision or closing the sale. I think that’s something that can be lost in digital marketing.
–Loren Baker, 7:20 p.m.

[00:00] – Mindy’s background.
[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 the use of scarcity marketing in websites.
[20:20] – Examples of service companies.
[25:19] – How McDonald’s used scarcity marketing.
[32:27] – Ways search marketers can incorporate scarcity marketing into campaigns.

Resources cited:
The Power of Scarcity Book – http://powerofscarcity.com
Changing Market Mindset – https://www.marketmindshift.com/

It’s multi-layered. It’s more than thinking buy now, or run out, or you only have one day left. There’s so much to do, it doesn’t always work and it only works for specific audiences depending on the type of speech you’re using. – Mindy Weinstein, 2:39

Just saying that you have these top selling or most popular products on your website helps someone when they search your website. – Mindy Weinstein, 7:50

You want to have the regular price because it instills a sense of loss aversion that we don’t want. – Mindy Weinstein, 33:54

For more content like this, subscribe to our YouTube channel: https://www.youtube.com/user/searchenginejournal

Connect with Mindy Weinstein:

Mindy Weinstein is the founder and CEO of Market MindShift and a national speaker with extensive experience in digital marketing strategy. She has formed companies in every industry, from Facebook to World Fuel Services.

Mindy is also the leading expert on concepts related to persuasion, with years of experience in the field. The research she conducts helps companies better understand how to persuade their customers – and; she is not afraid to think deeply!

His 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 Loren 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

About Nereida Nystrom

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