In our last post, we discussed why a limited time offer can be a great sales tactic to help boost sales. The psychological concepts of loss aversion and the fear of missing out (FOMO) are some of the reasons why this is such an effective technique.
While limited-time offers can be used in many different situations, the main reason is to attract infrequent or first-time customers. This extra boost in sales can really help your bottom line.
Deciding to incorporate a limited-time offer into your marketing strategy and implementing it can be two different matters. If you’ve decided to use this sales technique, we have put together some tips to help you succeed.
Limited-Time Offer Honesty Is Key
The reason why limited-time offers work so well is because they create a sense of urgency. Whether it be a timed sale or limited stock on hand, both situations cause shoppers to act impulsively in order to not miss out on a good deal.
If you want to create genuine hype around your sale, you need to be honest with your shoppers. If you say you only have 10 items in stock during your sale, and then you have 50 in stock two days after a sale your shoppers are going to be mad. They’ll realize you weren’t being honest and will lose faith in your company.
This is a bad position to be in because the next time you say you have limited quantity your customers won’t believe you. The sense of urgency would be lost in this case and you won’t see the same volume of sales.
Think Beyond Price Reductions
If you were to play a game of word association, price reduction would probably be the first thing you think of when someone mentions limited-time offer. This doesn’t have to always be the case though.
A limited-time offer can extend beyond price. The offer could be free shipping, or a free gift with purchase or maybe even a free service. There are lots of possibilities to consider when coming up with an offer idea.
Tie a Limited-Time Offer to an Event
If you want to maximize your offer’s potential, try to tie it in with an existing event.
If you want to maximize your efforts, tie your limited-time offer to an existing event. Click To Tweet
A good example of this would be Black Friday. This is an event that already has a lot of hype surrounding it. People know it’s a day for great deals, so you know that shoppers will already be out looking for great offers. You can cash in on this opportunity by offering a limited-time offer that expires at the end of the Black Friday.
A New Take on a Limited-Time Offer
While the tried and true method of limited-time offers is very effective, you can alter the offer slightly by offering timed shipping.
Amazon is a great example of this practice in action. When you are shopping on Amazon’s site, do you ever notice the text on the side that reads “Order in the next 2 hours and 18 minutes to get this order by tomorrow”? This is an example of timed shipping.
The concept is the same as the other limited-time offers. People like the convenience of shopping online, but are not too keen on having to wait a week or two to get their purchase. Displaying a hard deadline along with the promise of quick order fulfillment is a powerful tool in overcoming shoppers’ objections in making a purchase in the first place.
Use Your Call-To-Action Button Wisely
As we mentioned before, your website copy is its most effective when it’s tied to a direction.
The text used to describe your product or service should be persuasive in nature. Its job is to sell shoppers the merits of the product or service. The call-to-action button’s job is to show the shopper what steps to take next.
If the only text on your page is used to describe the product or service, the conversion from a prospect to a customer will be low. Prospects are sometimes not sure how to proceed and when faced with this predicament, they will navigate to another site rather than linger on yours. However, if a strong call-to-action button is used in conjunction with the text, it helps guide prospects through the purchase process. And when prospects can easily navigate your sales process, your conversions will increase.
The construction of a limited-time offer is only constrained by your imagination. There are many forms that it can take and different ways that it can be used. This makes this marketing tool very useful and something you should consider for your next marketing campaign.
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Jolene is a strong operations, compliance, and paralegal manager. She also loves to research and write about business as well as personal topics that help others.