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May

11

2017

Why I no longer have “bad” days

Published by in category Uncategorized | Leave a Comment

I love learning. I find it exhilarating. Most of my learning over the past few years has been self-improvement oriented, and that has been the most exciting, most empowering learning of all. I have noticed a pattern, however. I find myself enjoying everything I’ve learned, applying new principles in my life, and feeling really good … Continue reading Why I no longer have “bad” days

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May

11

2017

How to Know if You’re Close to The Victory

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In my first book I compared the birth to a dream to giving birth to a child. The Law of Gestation helps us understand why it’s good to be patient, and why it’s okay if the success doesn’t always arrive when we want it to. After all, we want the baby and our dreams to arrive fully formed. (Continued below…) Read my book free here … Continue reading How to Know if You’re Close to The Victory

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May

11

2017

Is Interactive Video the Next Big Thing? 3 Creative Examples from Brands

Published by in category Content Marketing, Daily, Video | Comments are closed

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It’s hardly a revelation to say that online video content is phenomenally popular. Millions of words have been written on the subject, and millions more will no doubt follow.

But one of the great things about marketers is that we’re always looking for what’s next. We know that it’s not enough to rest on our laurels, or rely on things that have worked in the past.

And when it comes to what’s next for video — I believe something is happening that we should all be feeling extremely excited about. Because, quite simply, it could enable us all to take video marketing to the next level all over again.

Is Interactive Video the Next Big Thing?

Limited Limitations

Some fairly obvious characteristics have made video the web’s most engaging media type when compared to text, images and combinations thereof. It’s the perfect blend of audio and visual elements, drilled down into bite-sized chunks that appeal to the modern viewers’ desire for immediate understanding.

But that’s not to say it’s quite the perfect storytelling device. It’s close, but falls down in one simple area: when it comes to interacting with video content, users have only really been able to play, pause, rewind and fast-forward.

Interactive video changes that. In a nutshell, this emerging technology combines video content with user input — allowing viewers to take a wide range of actions while watching video content.

They can click areas of the screen to define their own journey, answer questions, complete forms, buy products, download content and more — often without leaving the player window.

Interactive Video In Action

That’s a pretty broad definition and maybe not the easiest concept to visualize — so let’s take a look at some real-world examples.

We created the below example to explain the general idea behind interactive video and demonstrate a few possible use cases:

4 Interactive Video Examples from Brands

Now that we have a general understanding of what interactive video is and what it’s capable of, let’s take a look at some examples used by real brands.

1) Warner Bros | Focus

Ever seen the 2015 movie Focus starring Will Smith and Margot Robbie?  The guys at Warner Bros rolled out  a clever interactive video campaign to build awareness pre-release.

In the movie, Will Smith plays a con-artist — and the video lets the viewer make their own choices to see whether they have what it takes to pull off the perfect con.

Give it a shot and ask yourself: which would you be more likely to share with a friend? This gamified experience, or a traditional movie trailer?

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2) UK Resuscitation Council | Lifesaver

The next example was produced by the UK Resuscitation Council as an impactful way to educate viewers about safe, effective CPR. These are skills that we all hope we never need, but they could make the difference between life and death. It’s reported that CPR can double the chances of survival in cases of out-of-hospital cardiac arrest.

Take a look at the video and just consider how much more impactful this campaign might be than a pamphlet or even a simple, linear instructional video. As the old proverb goes: “Tell me and I’ll forget, show me and I might remember, involve me and I’ll understand.”

Involving the viewer in the process of actually performing CPR in this way is much more visceral — and it certainly imprinted the basics of CPR on my own mind, in a way that I can’t imagine would be possible with other media types.

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3) Deloitte | Will You Fit Into Deloitte?

Another, more business-focused example would be this gamified recruitment experience for Deloitte. Broadly speaking, the campaign aims to educate potential recruits about the Deloitte culture while allowing the viewer to evaluate their own suitability to work within that culture.

Recruitment videos can be a little dry and boring, so this is a nice way to infuse things with a little fun without going too far off-message.

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Looking Ahead for Interactive Video

Like all new technology, interactive video might have started as a sort of “fringe” technology that seemed slightly intimidating, inaccessible and, most importantly, unaffordable. Now, that’s slowly changing. Costs are falling, businesses are getting inspired and the technology is increasingly available and accessible, even for SME’s and startups.

With all that said, adoption is far from widespread. Wyzowls state of video marketing survey 2017 suggests that, even among committed video marketers, adoption of interactive video is around the 24% mark. What’s interesting, though, is that 92% of those who’ve tried it, reported that they’ve found interactive video to be an effective tool for their business.

There are lots of exciting things happening in the world of video marketing — short-form, 360 and even VR — but interactive video might just be the most exciting of all. We can’t wait to see more brands serving up unique, interactive experiences to their customers as we all find out more about its potential for success.

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May

11

2017

The Scarcity Principle: How 8 Brands Created High Demand

Published by in category Daily, marketing data | Comments are closed

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If you took the same Introduction to Economics class that I struggled through in college, you might remember this key lesson:

The law of supply and demand states that a low supply and high demand for a product will typically increase its price.

Download the free introductory guide to marketing psychology here. 

Why am I telling you about basic economic rules? Because changes in the supply and demand of products can result in the scarcity principle coming into play.

This psychological principle of persuasion coined by Dr. Robert Cialdini means the rarer or more difficult to obtain a product, offer, or piece of content is, the more valuable it becomes. Because we think the product will soon be unavailable to us, we’re more likely to buy it than if there were no impression of scarcity.

Brands can use the scarcity principle to persuade people to fill out a lead form, purchase a product, or take another desired action. Here’s an example: On many air travel booking sites, such as KAYAK, flight listings are displayed with a note that only a few seats are left at a certain price. Check it out below:

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We know that airfare pricing is incredibly volatile — that’s why some of us wait until certain times or days of the week to make purchases — so the knowledge that only one seat is available at that price makes me think I should buy it now, instead of waiting and running the risk of paying more later.

Now that we’re all up to speed on scarcity, we wanted to highlight 10 other brands that successfully have successfully used the principle to market and sell different products.

8 Brands That Used the Scarcity Principle to Promote and Sell Products

1) Snap Inc.

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Source: Spectacles

Ephemeral social media app Snapchat’s parent company, Snap Inc., unveiled Snapchat Spectacles in September 2016: sunglasses that could record 10-second videos from the perspective of the wearer. But instead of selling the new gadget online or at a storefront, Spectacles were initially only sold via Snapbots — smiling, Snapchat-themed vending machines that were randomly dropped in cities around the United States.

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Source: Phandroid

There were never announcements in advance of the arrival of Snapbots — most awareness was generated on social media channels, and huge lines of people would queue hoping to purchase Spectacles before the Snapbot ran out of stock for the day.

Now, Spectacles are sold online or at a few more permanent pop-up locations, so there’s no need to line up outside a vending machine if you don’t want to. But for the initial launch, the Snapbots were a unique approach to the scarcity complex. Spectacles were available for a limited time only — just the day the Snapbot was in your city, and you had to beat everyone else trying to buy Spectacles before the machine sold out.

Plus, the product’s scarcity meant nobody — ourselves included here at HubSpot — could stop talking about the Spectacles. Blog posts and social media comments about the unique selling approach helped fuel even more interest in the products. And although we don’t have hard numbers about how the Spectacles are performing, MediaKix projects Snap will achieve $5 billion in Spectacles sales by 2020.

2) Google

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Source: OptimiseWeb

If you still remember the brief time when we were all obsessed with joining Google+, you might recall that its summer 2011 launch was by invite-only: Users had to be invited by Google or by friends who shared an invitation with them. Under this system of exclusivity, 10 million users joined Google’s social network in just two weeks. By September 2011, Google+ was open to all Google account holders, and 400 million people signed up within its first year. Over 100 million of these were daily active users, and Google started competing with other popular social networks for users’ attention.

Google+ isn’t as popular nowadays — and in recent years, Google started rolling back Google+ from the rest of its more popular products, such as YouTube and Gmail. But the low supply of Google+ invites back at the time of the launch resulted in high demand and a massive number of signups.

3) Nintendo

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Source: TechCrunch

If you weren’t a big gamer back when Nintendo released the Wii gaming console in 2006, you might not remember that the Wii was one of the hottest commodities on the market. When it was officially released in November 2006, people lined up to get their hands on the Wii as soon as possible, but the mania didn’t end there. For nearly three years, the Wii was flying off the shelves and gaming stores couldn’t keep shelves stocked — despite Nintendo increasing its supply to 1.8 million and then 2.4 million units of production per month.

Supply eventually caught up with demand — 48 million Wiis sold later. By starting out with a low monthly production number, Nintendo ensured that customers would be clamoring to buy more right off the bat. The scarcity complex here made people desperate to buy a Wii whenever they could — especially after a Nintendo executive advised shoppers to “stalk the UPS driver” and to figure out when Wiis were being delivered to stores to get their hands on one.

4) Starbucks

Coffee lovers recently decried Starbucks for adding the “unicorn frappuccino” to its menu — made of ice cream, fruit flavors, and sour candy — but people couldn’t get enough of the brightly colored, highly Instagrammable drink. After stating on its website that the specialty drink would only be available for a few days, Starbucks was flooded with unicorn frappuccino orders — which quickly sold out within the first day. There are no sales numbers available for the specialty drink yet, but there are nearly 160,000 #unicornfrappuccino posts on Instagram.

Starbucks gets a lot of orders — and social media engagement — during another of its notorious limited-time offers: the Starbucks Red Cups. During the holiday season in December, Starbucks starts serving coffee in red cups for a limited time only to drive people into cafes and to get them sharing #RedCups photos on social media. In this case, scarcity + food and drink is the magic equation.

5) Girlfriend Collective

Girlfriend Collective’s offer was simple: For a limited time, if you paid for the cost of shipping, the brand would send you a pair of $100 leggings for free. All you had to do was share a link to its website on Facebook.

Girlfriend Collective had just launched its website, and it was asking its female consumers to spread the word about the leggings so it could dedicate 100% of its advertising budget to leggings production. And if you think about it, that was a smart approach. After all, which are you more willing to trust: a Facebook ad offering free leggings, or half of your friends in your News Feed advocating for the offer?

Using this model, Girlfriend Collective “sold” 10,000 pairs of leggings just on the first day of the campaign — in addition to the myriad of fans and buzz it scored as a by-product. The one-two punch of “limited supply” and “free” made this offer irresistible — even to me.

6) Groupon

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Source: Groupon

Groupon partners with different businesses to offer discounted services in exchange for new customers — and a split of the revenue. The site often uses a limited time remaining warning (pictured above) to encourage visitors to buy quickly at the risk of missing out on a good deal.

For some deals, Groupon uses a few marketing psychology persuasion tactics to encourage you to buy. Check out the deal below:

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This deal uses the scarcity principle and social proof to encourage you to buy it — it’s only available for a limited time, and almost 600 other people have already purchased it and rated it highly. These strategies work well — Groupon made more than $3 billion last year.

7) Spotify

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Source: Geek

When music streaming service Spotify was first launched, the United Kingdom were the only countries that didn’t require an invitation from a friend or from Spotify to sign up. But due to high demand, Spotify U.K. actually had to start requiring invitations to manage all of the news users. The caveat to the invitation-only launches of Spotify around the world? Anyone could sign up for a premium, paid Spotify account. Using the scarcity principle, Spotify managed high levels of consumer demand by offering them a way in — for a price. Now, half of Spotify’s 100 million users are paid subscribers.

8) TOMS

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Source: TOMS

The beloved TOMS shoes offer a great value proposition beyond comfort and style: For every pair of shoes purchased, TOMS donates a pair to a child in need. TOMS takes that a step further by partnering with other advocacy organizations to share sales revenue to benefit other worthy causes.

Because the brand knows its customers are already philanthropic, it’s a safe bet they’ll want to purchase shoes benefiting other causes (such as pandas in the example above), but they still might need a push. So TOMS created this neat mini-site about why TOMS and WildAid are partnering, along with some fun facts about pandas and unique panda-themed shoe designs.

Then, once the visitor has read the entire compelling site and started browsing the vegan, panda-friendly footwear options, TOMS subtly lets them know that the shoes are only available for a short period of time. In other words, helping cute pandas is only an option for a limited time, too.

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TOMS approach of using the scarcity complex to encourage shopping and philanthropy works here — in fact, I might be buying a pair of these myself.

Sometimes, Less Is More

Invoking the scarcity principle to promote and sell a product can be an effective persuasion strategy, but you have to do it correctly. If you phrase the product scarcity as if there used to be a large supply, but due to increased demand, only a few products were left, consumers will be more receptive. But if you phrase the product scarcity as if only a few units of product were ever available, the principle of scarcity won’t be as effective at generating sales.

For more persuasive ideas for effective marketing messages, download our introduction to marketing psychology here.

Are there other brands you buy from that use the scarcity principle? Share with us in the comments below.

download free intro to marketing psychology

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