Admit it. Since hearing the new ad campaign and seeing it featured on the nightly news, the Today Show and across the Internet, you have secretly craved a McDonald's McRib sandwich lately, haven't you?
Even if you never had the pleasure before now or if you never before had any desire, the recent announcement that the McRib was coming back has made your mouth water. I have to admit that, for a moment, I found myself wanting to savor the flavor of a tasty McRib. But I fought the urge.
Thanks to the supposed efforts of some loyal McRib fans, McDonald's bowed to the so-called market demands and reintroduced the sandwich nationwide, but only for a few short weeks. Do you really believe that a handful of fans convinced McDonald's to bring back the "tasty" treat? Or do you think, as I do, that it was all a well-planned ruse to get some free public relations? Google "McRibs" under the news tab to see the coverage that McDonald's enjoyed with their campaign.
You have to ask yourself why did the news of McDonald's temporary reintroduction of the McRib makes you want to race over and buy a bag full of the salty fat sandwich. Well, there is a very powerful influence and persuasion technique at work here. McDonald's is using the law of scarcity to generate demand, and after observing customers at the trough, McRibs are flying off the shelf.
Smart marketers know that the law of scarcity can create amazing results. It's true for all sorts of businesses, including yours. Let's take a look at why it works and how some local businesses use scarcity to make their products and services fly off the shelf faster than a tasty McRib sandwich. Scarcity is one of those tools used by marketers who want you to comply with their influence tactics. We always want or covet what we cannot have, even if we aren't really looking for it, and sometimes that drives bad behavior. It's such a powerful human instinct that Moses brought down two commandments addressing the subject. Back to marketing.
In the context of marketing, true or fabricated scarcity addresses the deep human desire to get in on a deal and take advantage of something that is about to be taken away from us. We can't pass up a good deal. The opportunity to enjoy the benefits of a product or service seems more valuable when it is scarce. Think for a moment how you have fallen to this powerful leverage in a recent purchase. Scarcity also directly influences value we assign to something.
The law of scarcity generates interest and demand for products and services that are available on a limited basis. It works in retail, professional services, manufacturing, you name it. Watch the supermarket fliers. Limit of two turkeys at this price. Limit of six gallons of ice cream at this price. Limit of three pounds of coffee at this price. At JC Penney's you can buy six pair of Dockers at the special sales price, but not seven. Next time you are in the store, notice the little sign that reads "So that all of our customers may enjoy this sale, please limit your purchase to six pair." Who knew? I was only going in to buy two pair anyway. The scarce offer is an excellent way to create a stampede to your door and increase average sales, in any industry, with people lining up to throw their money at you.
The auto industry is a good example. Promotions are advertised with a deadline, and psychologically we know another deal will come down the pike, but there is one reason you see car manufacturers using deadlines on national deals. They work.
Disney is another great example. The 1937 movie, "Snow White and the Seven Dwarfs," is rolled out of its vault for a limited time promotion. Better grab a DVD while it's available because who knows when the vault will be opened again.
The very notion of potential loss is a powerful motivator. We want more of what we are about to lose. If you are observant, you will see it used by compliance experts (good marketing people) throughout your day. On the radio, in good direct response advertising and on numerous television commercials.
So how do you deploy this powerful weapon of influence in your business? Well, I will tell you. For a limited time only, for 10 readers only, and through Nov. 14, if you send me an email with a summary of your products and services, I will suggest how you can apply scarcity to your business.
On the home front, scarcity is a powerful tool but it can work against you as well. Tell your daughter that she can't date that guy who is 10 years older than she is, and you will lose that battle. She'll only want him more. What should you say to her instead? Who knows? I'm a marketing consultant not a magician.
Note: You only have until Nov. 14 to sample a McRib, then they are gone forever. Before you sink your teeth into that scarce McRib though, go to www.foodfacts.info/mcrib and reconsider. It may be more nutritious to open a can of lard and scoop a big tablespoon, add some salt and enjoy that instead.
For more information on these matters, please call our office at 305 548 5020.
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