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How to do this Growth Hack and what can it do for you?
Expected results of this Growth Hack
- Type of marketing tactic: High volume based on audience
- Expected result: Increase in acquisition and activation metrics
A bit of history: When Google launched Gmail in 2004, everyone was using either Hotmail or Yahoo.
Google has turned its outsider problem into an advantage.
With limited server space available, Google has made scarcity a virtue. When it launched, Gmail was only available by invitation, starting with a thousand influential people who could recommend friends. It gave the impression that by signing up for Gmail, you were part of an exclusive club.
Why use this Growth Hack?
Just like exclusivity, scarcity boosts signups and sales because people are afraid of missing something. You know, FOMO.
Definition: FOMO, Acronym for “Fear of missing out”, a word that translates anxiety and that encourages many people to stay connected at all times so as not to risk missing out on an event or an offer. A direct consequence of the increasing use of digital technologies, and in particular social networks.
How do you do this Growth Hack?
On your startup's home page or product pages, try using words like :
- Limited offer
- Supplies are running out
- The sale is ending soon
- Today only
- Buy them while they're left
Using scarcity to increase conversions is a proven marketing tactic, used successfully by businesses of all sizes.
Of course, be careful not to use this Growth Hack too much, which will lose all credibility if the offer is limited all year round...
Example of how to use this Growth Hack
Here's an example of Williams Sonoma using “quantities are limited” to drive sales.
Even if your own quantities are not limited, you can always say they are to increase sales over a period of time.
If you are not an e-commerce company, you can send messages about scarcity using messages such as:
- Available to an X number of people ONLY!
- There are only X registrations left
- Register before all seats are taken!
- Registration is closed on X [date].
The sportswear brand Oiselle uses this strategy to sign people up for her exclusive Volée club.
Each term, registrations are open for 48 hours, then they are closed again and a waiting list is established.
This method, which consists of constantly opening and then closing a limited number of seats, creates a frenzy in which potential members anxiously await their invitation and rush to pay the 100 dollars.
