Got a Limited-Time Offer? Here’s Your Marketing Strategy
As any successful business owner will tell you, a good conversion rate and great customer satisfaction comes from planning ahead. And if the various sales statistics out there are any indication—there’s nothing like a little scarcity to up the ante on buying urgency.
But limited-time offers (and other scarcity techniques) are not as effective without a rock-solid strategy backing your every move. When it comes to your limited-time offer, price increase, or short supply of items, it’s never a good idea to run a scarcity campaign “just because.”
Customers will catch on to that quickly, so avoid marketing that’s based on a whim. Since Commonwealth Promotional is all about helping you engineer the picture-perfect marketing strategy, we’ll make the process easy for you!
Once you determine that it’s time to run a limited-time product push, ask yourself a set of questions. No matter what industry you’re in, or what products and services you offer, this blueprint will allow you to make your scarcity campaign a splash.
What service or product should you offer?
It’s not the best idea in the world to make your signature offering available for a limited-time. Unless you’ve got a good reason like a holiday special or an upcoming event, scarcity with respect to your “main thing” may cheapen your biggest source of sales revenue.
However, you can offer an element of your principle product. For a limited time, you could quite easily offer a cheaper upsell that goes with your initial offer. It’s the “would you like fries with that?” technique, and it works quite well. Put a cap on the duration of your upsell, and you’ll start seeing a higher conversion rate.
For how long should you offer your product or service?
OK, you’ve made up your mind that you’ll promote something for a shorter window of time. But how long should you hold out? Well…that depends on the pricing. If we’re talking about a 50% discount here, you may want to keep the price cut very, very temporary—maybe even for “one day only.”
What is the reason for your limited-time promotion?
This is the kicker: it’s so important to have a substantial reason behind why you’ve taken the scarcity route in your marketing. Maybe you’re actually running out of your product, and you know these puppies are not coming back for a while, or maybe there’s another reason. Just make sure you figure that out before you start your campaign.
The strategy with this is pretty simple: be straightforward with your customer base! If you’re open and honest about WHY your limited-time promotion is running, your customers will be a thousand times more receptive to the idea. Cha-ching!
Got a limited-time offer coming around the bend? Don’t go it alone. Get the word out in the most powerful way with full color commercial printing!
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