Scarcity Marketing is one old marketing technique that has survived time and changes. It’s a principle that’s based on creating the fear of shortage in the market in order to sell more.
It’s a great way to get your customers to buy from you sooner rather than later by making them feel if they don’t act now, tomorrow may be too late.
Marketers use this ‘sales technique’ to place a limitation on a product or service with the goal of increasing sales through pressure placed on the consumer.
The fear of missing out causes people to make the decision to buy earlier. The limitation can be a time based deadline or a limited quantity, often mixed with some kind of perceived benefit for acting quickly, like a reduced price, a bonus item, etc.