I just had an unfortunate encounter with Google and their adwords policy. I never read the policy and built a couple of small websites. While one was in compliance, the other wasn’t and as such, my account has been suspended. Let this be a lesson to all. Read the policies and follow them. Doing otherwise will ultimately lead to disaster and hurt your business!
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The title is a tad misleading. Instead I’m thinking about the business of Harry Potter. They have just released the last movie in DVD format. There will be a limited supply of it and then ALL of the movies will be put in the vault for later release. Disney does the same with their movies, selling a limited supply and then waiting a good period time before re-releasing them.
It’s brilliant. Create a demand by limiting supply. Then you can charge a slightly higher amount for the product and reap greater products. So how can this be done in the internet age? Depends on what you’re selling. Brainstorm ideas on how to create demand for your product by limiting the supply. Don’t necessarily limit the whole product, but consider temporary bundles of products and things like that.
Happy Selling!
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My wife was excited. She got a coupon from a discount coupon site for a car detailing for $60 (normal price $119). I wasn’t all that interested in it until I heard where she saw it… in her email. People still open those things from advertisers?
The companies got it down. People are signing up to receive daily, weekly, monthly deals on different products and services. I’m not one for coupons personally; I don’t clip them out and the ones I get from the cashier end up in recycling. However, after looking through some of what these sites offer, I learned 3 key points:
- Essence of Time = These promotions scream scarcity. 10 left! 2hrs to go! They create an urgency among their memberships to buy now.
- Unsolicited Solicitation = An oxymoron, I know. However people look at these emails as not an advertisement, but like they were looking for the classified ads. It is welcomed and accepted solicitations.
- Bulls Eye Targeting = Sure, the coupons are for a wide variety of services and products, but they cater to a certain class of people; those who want to stretch their dollar.
If you are selling anything and you do it online, take notes. They know how to do it and we should be following suite.
