Using limited-time promotions is an effective strategy to create a sense of urgency and encourage customers to make immediate purchases.
This marketing strategy will increase revenue by driving sales within a specific time frame.
To understand this strategy, we will use a small boutique. How can a small boutique use this strategy to increase sales?
Let’s say the small boutique wants to attract more customers and increase sales within a 7-day period, what should the owner of the small boutique store do?
How To Use Limited-Time Promotions To Increase Sales
The owner of the boutique can use these different strategies:
The store owner can announce a “Flash Sale” where customers can enjoy a 40% discount on select items for the next 48 hours.
This promotion creates a sense of urgency and will make customers take advantage of the discounted prices before the sale ends.
Buy-One-Get-One (BOGO) Offer
The business owner can run a BOGO promotion on specific clothing items, such as “Buy One Dress, Get the Second Dress at 50% Off.”
This will act as an incentive and will make customers purchase more items, increasing the average transaction value.
Remember, the goal of a limited-time promotion strategy is to increase sales and profit. I shared a lot more in the Start Your Business in 30 Days Course. Enrol now.
Exclusive Online Discount
Most times, people are hesitant to pay online. You can train your audience to buy online because it will help you automate your business process.
To drive online sales, the store can offer an exclusive discount code for online purchases only. Customers can use the code during checkout to receive a 20% discount on their entire order.
This encourages customers to make online purchases and helps expand the store’s reach beyond the physical location.
VIP Pre-Sale Event
Make your loyal customers VIPs, and let them feel important and appreciated. This will turn them into dedicated evangelists of your brand.
How will the store use this strategy?
The store can host a VIP pre-sale event, where loyal customers and subscribers get early access to new arrivals and receive a special discount, such as 30% off on all new collection items.
This not only rewards loyal customers but also generates excitement and buzz around the store.
The store can hold a limited-time clearance sale and offer deep discounts on past-season items or overstocked inventory.
This strategy creates a sense of urgency to clear out inventory and attracts bargain-hunting customers who are looking for discounted deals.
You can adapt this strategy for your business and use it to increase your revenue. I dived deep into different ways to use the limited-time promotion strategy to increase sales in the Start Your Business in 30 Days course. To learn more about this strategy and other strategies, enrol in the Start Your Business in 30 Days Course. See you in class. You will be taught by a member of the Forbes Coaches Council.