A cookie is a cookie, no matter how many more you have left, right?
Well, apparently not.
Here's where scarcity comes into play 👉
Participants in a consumer preference study were given a chocolate-chip cookie from a jar and asked to taste and rate its quality.
🍪 For half of the raters, the jar contained ten cookies; for the other half, it contained just two.
🍪 When the cookie was one of the only two available, it was rated more favorably than when it was one of ten.
🍪 The cookie in short supply was rated as more desirable to eat in the future, more attractive as a consumer item, and more costly than the identical cookie in abundant supply.
So all those "limited edition" and "last one left" products don't just sell better, they also leave the customer more satisfied. Sounds like a win-win.
❓ How do you feel about applying scarcity in marketing?
Spending budgets to gain followers on Facebook, Instagram or LinkedIn is A WASTE OF MONEY!
These are the common replies from marketing managers we hear, when we ask "why?"
🗣️ My boss wants it.
In these cases, we equip our clients with arguments and support them in convincing their teams.
🗣️ We need to beat competitors.
Define "to beat". I'm sure you want leads, better top of mind, NPS or whatever metrics that correlate with business results.
🗣️ More followers - more organic reach, right?
Almost. See, if a follower costs you 0.5€ and 1000 impressions (CPM) also costs the same, you can reach the same person a 1000 times. Impossible even with the best organic reach.
>>> There are always exceptions. <<<
No. of followers is a plausible KPI:
📌 When you're a wholesaler.
Your clients may think "their competitors seem to have a more popular brand, so we'll have an easier time selling their products"
📌 When you are planning to sell the account as an asset to the business itself.
Your buyer might find vanity metrics important.
In most cases, new followers should be a side effect of your other KPIs, rather than the main one. Please forward this to whoever on your team thinks otherwise and let's save marketing 😄
This is what Marketers and Salespeople were waiting for:
You can now see the EXACT PEOPLE WHO FOLLOWED your company page on LinkedIn! 🎉
This is a new way to identify warmer leads and it's A M A Z I N G.
Page followers are more accustomed to what your company does and have shown intent to hear more about your products or services.
📌 Get in touch with 1st level connections who have followed your page
📌 Connect with 2nd level connections
📌 Get more insights about what kind of people are interested in your company
HOW TO ACCESS: If you're the admin of the page, click ANALYTICS, then FOLLOWERS, scroll down and you'll see the list.