The Power of Urgency to Increase Sales

You have seen it and had even made your purchase because of it.
There is a little devil whispering to your ear, telling you to “Buy Now”, “Buy Now”.The little devil is what we known as “Creating Sales Urgency”.

Creating Sales Urgency is one of the key tactics in any sales strategies.

In fact, I have outline 5 sales urgency tactics which you can use straightaway
to increase your immediate profits!

5 Types of Urgency
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a) Quantity (Number of inventory left)
b) Time (Time deadline)
c) Offer (bonus deadline)
d) Price (Limited discount)
e) OTO (One Time Offer)

a) Quantity Urgency: One of the most commonly uses strategy especially in the area of physical products. Seller indicate the limited quantity of products that they keep in stock; creating a real sense of urgency for buyers who fear of missing out on the product altogether.

Urgency Sales Tip #1:
List down the quantity of the products in the salespage, and update the quantity of the products in the salespage whenever a sale is made.

b) Time Urgency: Time is your greatest enemy when seller creates a time-based urgency. In this method, depending on what the seller has set, prices could go up accordingly after a specified period of time. The longer the buyer put it off, the higher the price it will be, thus creating a “Buy Now” attitude from the buyers.

Example:
Every 1 second, price increase by 10 cent
Every 3 minutes, price increase by $3
On 14 feb, the price will rise to $20
On 15 feb, the price will rise to $27
On 16 feb, the price will rise to $70

Urgency Sales Tip #2:
The most effective way to do the time-based urgency is through the use of a script.

There is a script by John Delavera that does this. Take a look here.
http://www.freshresources.com/products/DynamicPricingGenerator/

c) Offer Urgency: Buyer could construct an offer to their customers.
This could be in the form of product bonuses. The offer could be time-limited or sales-limited depending on the conditions set by the buyer.

Here is a sales-limited offer urgency example.
1st - 20th sales, bonus A
21st – 23rd sales, bonus B
24th - 30th sales, bonus C

Here is a time-limited offer urgency example.
Day 1, bonus A
Day 2, bonus B
Day 3, bonus C

Urgency Sales Tip #3:
Create an offer urgency to entice your subscribers to purchase through your affiliate link or your product.

d) Price Urgency: Seller could offer a time-limited discount off their original price, or deploy sales-based price urgency.

Here is a sales-based price urgency example.
1st - 20th sales, $10
21st – 23rd sales, $20
24th - 30th sales, $30

Here is a time-limited price urgency example.
Day 1, $10
Day 2, $20
Day 3, $30

Urgency Sales Tip #4:
Time-limited price urgency is very useful when you are doing product launches or when there is a special holiday.

e) One Time Offer: A one-time-offer as the name implies, is to offer a set of product or services for only once. The package itself could be a special package compiled together or a special discount could be given.

Urgency Sales Tip #5:
Make sure that it is indeed a one time offer; otherwise if you repeat it frequently, your subscribers will know that there is really no urgency to buy.
There you have it, 5 different Strategies that you can deploy immediately to increase your business bottomline!