Here’s the scenario. You own an online sports equipment store and you are able to sell products online. However, from now on, your website can only allow 100 visitors per day to enter the website. Your company’s revenue will depend solely on these 100 visitors per day so you better make sure the people who visit your website are people who are ready to purchase something.
How would this affect how you do business?
Scarcity is something all businesses have to deal with. This scenario is actually not far from reality depending on how you look at it. For example:
- Your PPC budget is exhausted after 100 website visits per day (or click-throughs)
- You only have enough time to reach out to 100 people on Twitter and Facebook
- The QR code campaign budget can only print 100 posters
When creating a digital strategy, it is important to allocate resources where there is highest potential for achieving the strategy’s objectives.
In the scenario above, the objective is to maximize revenue.
- If you are bidding on a PPC campaign, you’d likely want to bid on more targeted keywords which suggest users are further down the sales funnel. For example, you would rather bid for “buy hockey equipment” over just “hockey”.
- If you are investing time on Twitter and Facebook, you’d likely want to reach out to 100 sport related key influencers rather than 100 spam bot accounts.
- If you are distributing QR codes, you’d likely want to place posters around athletic facilities rather than general locations like a coffee shop or bus stop.
Scarcity > Decisions > Strategy
Photo Credit: albertogp123
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