Some agencies are doing some very interesting things with the scarcity principle—this idea of FOMO. We hate to miss out on something. And if something is a limited release or only available for a certain amount of time, we’ve seen in our own consumer lives that that can motivate a purchase.
So some agencies are combining their desire to experiment with AI or other technologies with the idea of scarcity. They’re reaching out to clients and offering a limited number of seats in a “beta test” or an experiment that only runs for a certain period of time. Only so many clients are allowed to take advantage of this.
And what they’re doing is they’re actually able to sell some new projects to clients by packaging them as something new, a beta or an experiment. But number two, they add the scarcity model by saying that we’re only going to do this through October, or we only have room for 3 or 4 clients to do this beta test.
How might you use the scarcity model and the fear of missing out to get some of your clients or prospects to move quickly to a buying decision?
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Hey, everybody. Drew McLellan here from Agency Management Institute this week coming to you from Santa Barbara, California. You know, some agencies are doing some very interesting things with the scarcity principle – this idea of FOMO. We hate, we hate to miss out on something. And if something is a limited release or only available for a certain amount of time, we've seen in our own consumer life that that can motivate a purchase. So some agencies are combining their desire to do some experiments with AI or other technologies, and this idea of scarcity. And what they're doing is they're reaching out to clients, and they're offering a limited number of seats in a “beta test” or an experiment that it only runs for a certain period of time, and there's only so many clients that are allowed to take advantage of this. And what they're doing is they're actually able to sell in some new projects to clients by number one, packaging it as something new, a beta or an experiment. But number two, adding the scarcity model into it by saying that we're only going to do this through October, or we only have room for 3 or 4 clients to do this beta test. And all of a sudden, that interest and that scarcity in the window of time can't decide, can't take forever to decide because it's a limited number of people and it's in a limited period of time, is moving clients into a decision and into a paying decision faster. How might you take advantage of the scarcity model and the whole idea of the fear of missing out to get some of your clients, or some of your prospects to move quicker to a buying decision. It's worth some discussion.
