Have you ever been the victim of an offer too good to pass up? We can assure you that you have, and it’s not your fault, there are psychological underpinnings behind this situation. Limited time offers are one of the most used gimmicks in the marketing people’s handbook, and it’s simple: they work and they work excellently. Limited-time offers, in fact, play on two very primitive parts of our emotions, the FOMO (fear of missing out) and our sense of preservation, observable through the reactance theory.
Limited-time offers and the pressure of the moment
FOMO is a popular term among millennials. FOMO is what drives a person to do something, buy something or be a part of something. An instinctive part of our social behavior comes from fear of rejection and the need to belong, which we’ll talk about next. Being part of a group and not being rejected is essential to the human experience, it is a matter of survival, it is in our genetics. On the other hand, there is an unprecedented appreciation of experiences and even more so when they are unique. The fear of missing out on something that might not happen again drives an almost uncomfortable sense of urgency in our brains.
On the other hand, the active resistance theory tells us about a feeling of preservation, wanting to acquire something before it disappears; in a way, we feel forced to preserve something that would otherwise disappear forever. This can be seen not only in limited-time offers, but in scarce quantities of a product or in the banning of a product. The feeling that there will be something we will never have again or will not be able to access exponentially increases the desire generated in our minds to acquire it. Limited time offers, then, make us feel that we are, in a way, taking advantage of an offer and save it from fading away in time and on the other hand it is important to consider a digital marketing agency that understands the feeling of audiences at this point.
Of course, as marketing people, it’s not enough for us to just put up limited time offers and hope that people will magically get to it. While limited time offers are powerful and aggressive sales strategies, as with everything else, they are not a panacea for sales.
Here are some tips, so that you can design the best strategy to take advantage of limited time offers.