Typically reserved for the 24 hours after Thanksgiving, Black Friday is seen as the one-day only annual sale where valuable items get huge price reductions and consumers get the opportunity to purchase those items if they move quickly. Media outlets spend countless news cycles discussing the holiday, and retailers strongly promote their upcoming sales. In other words, it’s a big deal.
Scarcity marketing is not uncommon, mostly because of its ability to immediately motivate consumers. But for it to work in a way that serves your customers, you need to focus on using it in ways that are relevant to each individual it's reaching.
As the Brand Journalist at Quikly, I feel it’s my duty to take you along with me as I learn the ins and outs of marketing psychology. In a way, we’ve learned a lot together and I’m proud to say I’ve made a major accomplishment in my career recently: I held my very first Quikly webinar on "The Psychology of Urgency Marketing: How to Motivate Consumers to Take Action."
Neither rain, sleet nor blazing heat could keep the most dedicated sneakerheads from getting their hands on the newest shoes. It’s a modern love story between one successful industry and their customers, and it’s all thanks to marketing psychology.
Humans are known for wanting what they can’t have. When something is low in supply, its scarcity leads people to believe that it must be an item worth having, and the perceived value of it increases. Brands use this thinking to promote urgency around their products, but scarcity can also be used to drive more mobile app downloads and engagement.
