It is a strategy used to pressure or accelerate the decision-making process, it consists of transmitting a sense of urgency due to the limited availability of products or services. A clear example is limited time offers.
When consumers see that a product is quickly sold out, they trust that it is a quality product, which increases the desire to obtain it and increases its perceived value. The threat of losing the opportunity to purchase it forces consumers to prioritize their needs in an accelerated manner so as not to miss the opportunity.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.