When doing a product launch with scarcity, a funny thing happens.
First, let me explain what I mean by scarcity.. After a certain period of time (usually 5-10 days) the product is either no longer available or the price goes up dramatically, thus creating that sense of scarcity.
In preparation for the launch, you ready your lists and your affiliates to promote hard before and during your launch. You advertise this is a limited promotion, ending on a particular day. You send reminders throughout the promotion the deadline is imminent.
Then what happens?
What happens is half of all the sales you make will take place during the final 24 hours of the promotion. Why? Because people PROCRASTINATE. In fact, procrastination is the ONE thing a MAJORITY of people excel at.
Is it reasonable to assume most of those sales made in the last 24 hours would never have taken place if not for the deadline? I think so, because in most cases those people would have continued to procrastinate until they forgot all about it. I’ll bet you’ve done it yourself:
You see a product you want, but you don’t want to part with the money now. So you tell yourself you’ll get it later, but later never arrives. However, if someone told you you would forever lose your chance to get that product at such a decent price, the odds are good you’d make the purchase before it was too late and you “lost out” on the deal.
That’s why the scarcity concept is so powerful at making sales, the fear of loss is greater than the desire to procrastinate.
Which got me to thinking…
What if you had THREE deadlines instead of just one? And what if you didn’t need a big product launch to make this work, but instead you could flip the switch on this scarcity tactic any time you like, and as often as you want?
Here’s how it works: Instead of doing big product launches, you’re going to do simple webinars. You can do these for your own list or for other list owners and split the profits with them.
As always, you give great information on the webinar followed by promoting your offer. But here’s the key element: When webinar attendees purchase your offer right then and there while the webinar is still running, they get the very best price or the highest level of package or both. After you describe the offer and give them the purchase page, you stay on the webinar for another 15-20 minutes, answering questions. They then have until you sign off to grab your great offer.
If they purchase your offer after the webinar and before the second deadline of 48 hours, they get your offer for a little more money, or they get a slightly downgraded offer for the same money. Remind them after the webinar and again 24 hours and 36 hours later the 48 hour deadline is looming.
The final deadline is 4-7 days from the time of the webinar. Again, raise the price slightly or reduce the package a bit from the last deadline, and let attendees know this is the absolute final chance to get your special offer. If history is an indicator, a large portion of your sales will come in during that final day.
Using this method, you should see sales double at a minimum from the traditional webinar method. Considering webinar marketing often enjoys very high conversions compared to other types of marketing, doubling those already high conversions can be quite lucrative.
Play around with this 3 deadline method of scarcity and you’ll find your sales probably more than double. In fact I know of one marketer already using this method whose sales have actually TRIPLED.
One caveat: If you don’t already have it, you must build a reputation of doing exactly what you’ll say you will do.
That is, PULL the first offer when you leave the webinar. Yes, you can wait a few minutes, but no longer. Pull the second offer after 48 hours. And pull the third after the final deadline. No exceptions. Do this and you’ll train your buyers to buy rather than to procrastinate. Pus they will reaise you mean what you say…