Have you ever noticed that you’re more likely to buy something if you think you’re going to lose out?
You buy that new dress, because there are only two left in your size. You buy the art print today, because the artist is only selling 50 of them. You sign up for that business coaching package, because there are only five slots left until the coach stops offering individual sessions until next year.
And, the opposite is true, too. You put off the purchase of that digital guide until you’re really ready for it, because it’s not going anywhere. You don’t buy those adorable red peep toe pumps when you see them online, because you know they’ll be available for a while and you want to wait until you have a place to where them.
Today, I’m encouraging you to look for places within your business to apply the psychological principle of urgency to get your customers to stop procrastinating and buy your stuff.
If you want to boost your sales, this is one way to do it. Watch the video below for three ways you can apply this to your business today.
This isn’t about tricking your customers! This is about letting them know things that are already true. If you’re a life coach, you only have a certain amount of time that you can devote to one-on-one sessions. If you create original art, there is only one of each painting.
With that said, where can you use the psychological factor of urgency to increase sales? Share in the comments below.
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I think watching you guys bicker is one of the most adorable parts of the videos.
Also, a great point in this video!
Hahahahaha! Thanks Jennifer! 🙂
I totally agree. It makes it all so very natural, and brings you out of your business woman persona to a ‘blogger & crafts person like me’ persona showing you totally human beneath the professional perfection.
Really I don’t know if your husband does it deliberately with a kind of marketing hunch or marketing skill – but this sells. It makes you guys absolutely likeable!
What awesome advice this is! It makes so much sense and is so true. I make bags and a lot of time the fabric is limited or it’s vintage and I’ve never thought to add the fact that once it gone its gone 🙂 great tips I will definitely use 🙂
Yay Yolanda! I’m so glad this was helpful.
Great tips! As a vintage seller, this concept is sort of built-in and understood. RIGHT? Or do you think it would be beneficial to spell it out?
It depends. Yes, it’s built in, but it never hurts to remind people, especially if it’s something that you don’t normally run across. So, for instance, if you’re selling a vintage Coach purse that is extremely hard to find, it’s good to point that out. So, you might not do it with everything, but with some pieces it’s good to add a little something about the uniqueness/rareness of the item.
Gotcha. Thanks April!
No problem. 🙂
I would love it if my house looked like Michaels exploded all over it. Thanks for the tip about reminding my peeps that some things are in limited quantities. This feels less “salesy” because it’s true. No flashing banners or all caps needed.
Hahahahahaha! My husband doesn’t love it.
Yes, it’s definitely something you can do that doesn’t feel icky.
HI April
Great post – thank you! I have in my about info on my etsy pages that my handbags are mostly one of a kind or made in small quantities. I do not have this info on my intro at the top of the page, and only seldom insert the OOAK into the descriptions. In your opinion, would it be too much to post the OOAK / small quantity info in the listings, about page and intro section? Do you think the OOAK / small quantity should go into the listing titles?
Have a good day!
I definitely think you should post it in the listings, on the about page, and intro section. Think about how you shop–you don’t read everything on the site, right? You might read the intro, but you might just skip to a product that you love. Or, you might read the about page but not the details of the product. Don’t worry about having the same information in multiple places–even though it feels like overkill to you–it won’t to your customers.
Thanks April! Just wanted to make sure it was not overkill or obnoxious!
What a fantastic post! I want to add + shamefully confess that I had no idea what OOAK meant when I first started using Etsy (buying + selling). I was like “WHAT THE HECK DOES THAT MEAN?” I felt so stupid hehehehe. But it goes to show not everyone understand the jargon, specially if we cater to an international audience. Just a thought to keep in mind.
Good point Mayi! Thanks for throwing that in.
I agree too! At first I did not know what OOAK meant so I use both, OOAK and one-of-a-kind.
I am in the middle of writing a blog post about this, from the view of the buyers side. I have bought a few online courses/workshops because it is offered for a limited time. it has made me stop sitting on the fence. Is this for me or not? There is no kinda sorta – I’m either in or I’m out. It makes me leap before I feel ‘truly ready” – are we ever truly ready? If we waited until we were ready, I think we would wait for ever!
From a physical product perspective, as a buyer I think it feels more special if it is a limited edition/one of a kind. And as a seller, you might be able to raise your prices for this item – more dollars and less time listing/processing/packaging/posting. Win, win for everyone.
Yes, exactly! Thanks for adding to the conversation Coral! You should come back and add your link to the comments when you publish that post.
Hi April
Here is the link to my post
http://www.creativewomensbusiness.com/2012/06/30/when-the-student-is-ready-the-teacher-appears/
Every course I have done so for for my creative business has shown up in my life before I think I am ready. But it has given me the push I need to take the next step forward.
Hey, great post at the right time. I’ve done this- bought something because of a time sensitive issue or because it was in limited stock. I’ve never really used it in my own business. It would be a great way to entice the procrastinators 🙂 Thanks April 🙂
You’re welcome Lakshmi!
I loved this post! I need to work more on getting lookers to buy. The one problem I have is that I make jewelry with glitter, so even if it is the same colors it never looks the same. Could I say that they are both one of a kind and limited quantities?
Hmmmm…I would say something like, “Because these pieces are handmade with glitter, each one is unique.”
Great video! The out-takes are hilarious! lol
Using the urgency tactic is such a great way to increase sales. I sell wedding invitations. They’re not OOAK products but made-to-order. So when I first opened up my shop, I used a time sensitive offer to encourage sales. I had an offer in place that if someone bought a sample invitation, I offered them a 5% discount if they placed their invitation order within 30 days of the sample purchase. The offer was only in place for the first month my shop opened and I made that clear in the offer. It worked out really well because the brides got to see the quality of my product before committing to a major purchase but also instilled that sense of urgency in them to place an order quickly so they wouldn’t miss out on the discount. This was a great way for me as a newbie seller to get some initial sales and feedback on my Etsy shop as well as build great relationships with my clients.
Thanks Rebecca!
Thank you so much for sharing how you’ve applied this to your business. I think that’s a great way for a new business to increase sales and trust while showing off the quality of the products.
I love the concept of psychological urgency. I didn’t realize that was what I was using when I created my jewelry business “Here Today Beadworks” based on the idea that all my pieces are one of a kind using handmade and/or recycled components and mostly can’t be reproduced exactly even if I wanted to. The rest of the quote is “here today, gone tomorrow”, so my whole shop totally fits with your video! I make seasonal and birthstone inspired pieces and if they don’t sell in that month/season, I dismantle them for parts.
Awesome Natasha! Thanks for sharing your business model with us.
Hey April!
I’ve got a question! How do you define, on a time sensitive matter, how long you should keep it on for? Because there’s always the doubt if that will or won’t be enough to make the sell, no?
And not just about things you sell… I, for instance, am hosting a giveaway on my blog (http://patchesofbeing.blogspot.pt/2012/06/its-party-time.html) which started a week ago and is going to end this sunday. But, so far, I haven’t had many repplies, for as much announcment I might be doing on the contest. Could it be that I’ve given people far too long to think about it?
Thanks 😉
Cathy xoxoxoxo
Less time is actually better, because if you give people too much time, they’ll think, “Oh, I’ll come back to that,” instead of buying/entering right away. For sales, I’ve done anywhere from 24 hours to 7 days–and I’ve found that 24 hours to 5 days works best for me. For giveaways, I always start them on a Monday or Tuesday and end them on Thursday or Friday. It keeps people interested and they don’t procrastinate.
Giveaways can be tough. You need to have a large readership and offer something they really, really want. If you don’t have a large readership, it can be better to have another blogger host the giveaway that does have a large readership. The prize also needs to be proportional to what you’re giving away. If you make someone work really hard for something they could purchase for $10, they’re less likely to enter.
Thank you so much April! I’ll definitelly think it better next time! (now it seems a bit too late for it…).
Cathy 😉
l love your tips – a very good video.
l will be going away and thinking over what you said.
l specialize in ooak jewellery, but there are pieces that l can wholesale.
l think as l grow my business these tips will be very important. Thank you for sharing.