EXPERT Scarcity & Urgency Tactics to Boost Sales WITHOUT Discounts!
Podcast: Chew on This - Digestable DTC ContentPublished On: Thu May 30 2024
Description: In this episode of Chew on CRO, Ron, Ash, and Ned delve into the challenges of pursuing topline growth and question the belief system behind it. They highlight the advantages of e-commerce data richness and discuss the impact of discounting on conversion rates. Alternative strategies to discounting for increasing sales velocity are explored, emphasizing the use of scarcity tactics on landing pages. The importance of behavioral psychology conversion tactics and messaging about delayed shipping are also discussed. This episode underscores the significance of scarcity and urgency in marketing, showcasing the effectiveness of scarcity messaging on revenue. It concludes by discussing the psychology behind creating urgency in consumers and the use of holdout audiences for experimentation. 🛒 Reduce Discouting: Explore alternative conversion strategies like scarcity and urgency to increase revenue and preserve profits. 📈 Utilize Scarcity: Highlight high demand and limited availability to create a sense of urgency and encourage immediate purchases. 📣 Leverage Urgency: Use on-page messaging such as “Order within the next hour” or “Only a few left” to create a sense of time-sensitive urgency. 📺 Incorporate Social Proof: Display real-time sales data or testimonials to demonstrate product popularity and build credibility. ⚖️ Balance Growth and Profitability: Consider the long-term impact of discounting on repeat purchases and overall profitability. 0:00 - Intro 0:32 - Benefits of e-commerce data richness. 1:10 - Impact of discounting on conversion rates. 2:01 - Alternatives to discounting for increasing sales velocity. 3:32 - Scarcity tactics on landing pages for increased effectiveness. 4:05 - Behavioral psychology conversion tactics. 5:04 - Impact of messaging about delayed shipping. 6:03 - Importance of scarcity and urgency in marketing. 8:09 - Effectiveness of scarcity messaging on revenue. 10:00 - Psychology behind creating urgency in consumers. 16:50 - Personalization and segmentation for new audiences. 17:32 - Testing landing page tactics for audience targeting. 18:01 - Exclusion-based behavior for audience targeting. 18:26 - Withholding audiences from ongoing experiments for better results. 20:00 - Importance of customer life cycle in marketing strategies. 21:00 - Impact of repeat purchase behavior on revenue. 22:02 - Balancing conversion rate and lifetime value for sustainable growth. 24:05 - Avoiding over-reliance on discounts for short-term gains. 28:04 - Urgency and scarcity tactics in marketing. 29:02 - Implementing scarcity tactics. 32:03 - Final chew. Innovative Digital Marketing Solutions to Unlock Growth: https://powerdigitalmarketing.com/ Follow us, subscribe to our newsletter, and to see our exclusive merch check out https://chewonthis.io/ Ron Shah - https://twitter.com/obviceo Ash Melwani - https://twitter.com/ashvinmelwani Chew On This - https://twitter.com/chewonthisdtc
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