From searching for a product to cashing out, there are many steps in between. If you have an eCommerce site, then you know fewer steps, the better. That’s because as soon as a user has a bad experience on your site, they won’t hesitate to bounce and check out your competitor.
If you want to maximize conversion for visits to your product or service page, you must utilize the marketing psychology tactic of urgency in every stage of the buyer’s journey.
Fear of missing out (FOMO) is a powerful motivator to boost sales. That’s because the buyer’s journey in the digital age is quite complex – not linear. It can take days, weeks, and even months before a customer decides to purchase a product or service. In order to catch someone’s attention, you have to speak to their emotions by advertising that what you offer is the best and you can get it for a better deal than other customers.
The Marketing Psychology of Urgency
When the brain recognizes an urgent situation, the body releases chemicals that “sharpen the mind, prepare the reflexes, and enable the body to act quickly.” In other words, fight or flight.
However, what makes the marketing psychology of urgency so powerful is that the mind and body act without premeditation; it’s action-without-cognition that is made in a split second as if pushing a button in the person’s brain.
Flash sales, limited time offers, and social proof are what digital marketers need to utilize if they want to see measurable gains in their PPC campaigns as well as using conversion rate optimization on their landing pages through time-related copy. The beauty of these tactics is that it’s not about generating more impressions, but optimizing conversion with what you’re already spending – this way you have a higher month-over-month ROI.
To help you generate more sales, here are seven ways you can optimize your landing pages by incorporating the marketing psychology of urgency:
1. Highlight a Price Increase
If someone realizes they will have to pay more for something they might need in the future but could get a deal if they buy immediately, your conversion rate will noticeably increase.
This is especially effective when you have a limited stock of a product. A great example is plane tickets on sale for economy class, where there is a limited amount at a bargain price. Who doesn’t want to save more on airfare?
2. Setting a Deadline
According to a 2006 study, a short time limit will create a sense of urgency which can cause someone to purchase when they otherwise would be less likely. The deadline is communicated in the form of an incentive. Some examples of online sale incentives include:
- Limited time discount coupon
- 24-hour sale
- Deadline for next-day delivery
3. Limited Stock
If you have a finite amount of product, then you want potential buyers to know -- this is textbook FOMO. In a bright colour, display how many items are left in stock and have it update in real time.
4. Flash Sales
A flash sale is the golden trifecta: scarcity, limited time offer, and fear of missing out (or “loss aversion"). This is an effective tactic through email marketing because you can segment a list of contacts with the highest clickthroughs to receive the email, or blast it to the full list to create a spike in your campaign and re-engage leads.
5. Copy that Pushes for Action
Copy and context are a digital marketer's best friend. Words are what stir emotion, establish trust, and create “want.” Don’t waste the opportunity of a sale, make sure your copy is well-written and uses time-related action words.
Here are some examples of conversion driving, time-related copy:
- Buy now
- Offer expires soon
- This is your last chance
- Don’t miss out
6. Display Number of Product Viewers
Who doesn’t like a little competition? If we see other people are interested in something, we automatically perceive the item as more valuable. This is called “social proof” and one of the best markers of trust.
Auction sites do a great job of generating bids and inflating the price of an item.
7. Add a Countdown Timer
Place a countdown timer at the top of a page for a limited time offer and you will create a lingering sense of FOMO in users who land on your page. The countdown timer has been used since the early years of internet marketing, but like email, it’s still used today because it works.
Founded in 2001, TechWyse is a Toronto-based digital marketing agency and a pioneer in SEO and PPC, specializing in driving online lead generation for small businesses. If you would like to learn more about how an agency can help you generate more leads and a better ROI, then give us a call today at 866.288.6046 or contact us here.
