Scarcity creates value. When something is in short supply and people want it, its value increases. A soda may cost less than a dollar at any supermarket but that same soda costs $4 at the baseball game where there is no competition.
If you are the only attorney in town, the value of what you do increases. When a client needs you, they will pay a premium price for your help. On the other hand, if there are lots of attorneys in your market who do what you do and a client can choose any of you, the value of what you offer goes down.
This is why you must show prospective clients that you aren’t like other attorneys. You must show them that you are different in a way that is important and valuable to them.
If you specialize in personal injury cases for clients who ride motorcycles, for example, and ride one yourself, your superior knowledge and commitment to that niche market gives prospective clients a clear reason for choosing you instead of other attorneys.
You can learn more about showing people why they should choose you instead of other attorneys you in The Attorney Marketing Formula. Right now, I want to talk to you about another form of scarcity you can use in your marketing: “limited availability”.
You know that people want what they can’t have, right? When you put a time limit or a quantity limit on something you are offering, (assuming it is something people want), it tends to increase demand.
Why?
The first reason is “fear of loss”. They don’t want to miss out. Limited availability suggests that other people are getting something that could be theirs, thus, they are losing something they already “own,” i.e., whatever you are offering. Fear of loss is one of the most powerful motivations there is.
The other reason is “social proof”. As people see others buying what you are offering, it strengthens the perceived value of your offer. It’s like when you see a long line waiting to get into a restaurant. It tells you the food must be good.
You can use limited availability to get more people to sign up for your webinar or other event by letting them know there is limited seating or phone lines. If they wait too long, they might not get in.
You can use the same idea with impending fee increases. “Book your appointment now and lock in our current rates before they go up on the first of the month”.
Anything with a deadline invokes scarcity. If you ever use special offers–discounts, bonuses, freebies–a time limit on the offer (e.g., “This week only”) will almost always increase response.
I do this when I release a new product or service. I offer a discount to early bird purchasers and put a strict time limit on that discount. Wait too long and you miss it. I do the same thing when I hold a sale. The time limit forces people who might otherwise procrastinate to make a decision that allows them to get something they want.
Limited availability also applies to you and your time. If you are always available, you appear less valuable. If you answer your own phone, for example, it suggests that you are not “in demand” by others. Better to have someone else answer your phone and grant limited access to you and your valuable time.
The same goes for setting appointments. You don’t want clients to think you aren’t busy and that they can see you at almost any time. Put them off for a day or three or give them a short window of availability (i.e., “The only time available is Tuesday between 4 and 4:30 and Thursday at 2”.)
Put limits on what you offer, including your time. Especially your time. You’ll get more people waiting in line to get it.
Learn how to get prospective clients to choose you instead of other attorneys. Click here.
