I was reading a copy of the magazine “The Week” a couple of weeks back when I noticed a reference to a web site I thought I’d share with you.
Why?
Because it is puire genius.
And demonstrates scarcity in action on a daily basis.
Before I continue, you might want to go and check it out:
http://www.catchoftheday.com.au
Don’t worry – I’m not getting an affiliate commission or anything by sending you there. I simply want you to see the psychology behind it works and how clever the idea is.
Basically, every day they have a product special that’s only available for 24 hours and ends at 12pm each day.
If you take a look at the left hand side, you’ll notice a countdown timer which gives you very specific details of how much time is left – by the second.
Now today is actually the first time I have been to this web site, but from what I notice they are making a very attractive offer available with their cuddlee blanket at only $4.95.
My guess is they buy in bulk, get incredible deals and then offer them to the public for a small profit on each item.
If you click on the “caught” link you’ll notice offers like Nintendo Consoles, long sleeve tops, jewellery, DVD’s and the like.
But they are all sold out.
You’ll also notice the “pressure cooker” of one hot item every hour for one day only.
And there’s two reasons why this site works: scarcity and great deals.
My question to you is how can you apply these same principles to your business?
Aldi, the supermarket chain, does it very well on a weekly level by having special offers of the week with unique products in order to bring people in (who also probably do their supermarket shopping while they are at it).
But let’s look at how an ordinary, everyday business could do it.
How about a bed retailer or furniture store?
Here’s what I would do: Keep an eye on what’s selling on all of those direct selling TV shows. And then do a deal with a massive wholesaler overseas where you can get cheap stock.
And then do an offer of the month whereby you send out a sales letter to your customer list on a monthly basis with a 14 day deadline.
Could this add thousands of dollars to your bottom line every week?
You bet it could.
Listen, ideas are everywhere when you open your mind to them.
And you’ll get a myriad of other ideas and strategies for getting new customers athttp://www.morecustomersmadeeasy.com
All for now,
Scott Bywater
P.S. Here’s another idea. Notice you can get an iPhone Application for the catch of the day web site. Now that’s pretty cool as it means their customers will always be notified when a new offer comes up.
Now, I’ve got no idea how much an iphone application costs to create. But if you have a big enough database and following, perhaps it would be worth getting something like this to keep yourself in your customers hands on a day to day basis.
P.P.S. One last thing you’ll notice on the catch of the day site – the “last catch” which goes to demonstrate social proof of the fact that other people are buying the product and just how popular it is. Perhaps think of how you can incorporate this into your business as well.
Idea: thanks for all our customers who referred in your chiropractic clinic. Name of all attendees
coming to our seminar next month, etc. Anyway, enough of my ranting. Time to get some work done
My name is Scott Bywater and if you own a business or would like to own a business, I’m here to help YOU get all the new customers you need. I’ve already helped thousands of business owners do the same through Cashflow Advertising, More Customers Made Easy and my other teleseminar and coaching sessions.