People are generally more motivated by the thought of losing something than they are by the notion of gaining something. Limited-time offers, expiration dates on coupons, and holiday sales all play on the knowledge that people don’t want to miss out on an opportunity.
The scarcity trigger speaks to the fact that people are more likely to make decisions when given short periods of time to make those decisions. Scarcity is created most often when a product or a price is available for a limited time, but it can be created in other ways. Keith Wagner, a successful salesperson with one of the top insurance companies in the world, often uses this language when discussing the purchase of life insurance with clients: “I don’t even know if I can get insurance for you at this point in time, based on your health.” This lets his prospects know that insurance is not automatically available, or available at a reasonable price, to everyone. It puts in their minds that, when they have the opportunity to purchase it, they should do so, because they may not have that opportunity later on.
Another form of scarcity is simply a client’s ability to work with you. There may be no actual scarcity associated with your product, but as a sought-after individual, perhaps you have a limited ability to take on new clients. If they don’t come on board now, you may not be available to help them later.
Keep in mind that scarcity works only when it is legitimate. Take advantage of actual instances of scarcity, but do not create it where it does not exist. This principle is very important to me. Using any tricks or tactics in sales will fail if you are not truthful. Never lie to a client. Honesty and trust are the most important elements in a successful sales relationship. It’s all about the client. It’s not about you making a quick sale by making somebody think that something is true that isn’t.
Go DO Great Things,