Ensuring that the sale of your product is satisfactory all the time is not so easy while the competition is cutthroat. Apart from prices, how the quality of your product is and how you influence your target audience to buy from you, also decides the bottom line. It is not possible to have the sales graph rising throughout the year; therefore, you need to keep changing your strategy to boost the bottom line.
Every entrepreneur struggles to maintain the level of sales to keep up with business expenses once in life. The time is when you will need a flash sale to boost your sales quickly. Now the question is what a flash sale is.
A flash sale is defined as a short-term discount and promotions that do not last for more than 24 hours. It is a quick method to increase sales. When the demand for your product is falling, you can use a flash sale to entice your audience to invest in it before the offer expires. The goal of flash sales is to increase your brand awareness and compel your audience to buy your products.
Studies have revealed that flash sales can increase revenues by 35%. Since people have a fear of missing out, they will buy your product immediately. Nobody would like to miss an opportunity of availing discounts. This may help you sell even non-sale products too. Here is how you can start a flash sale.
Find out the goal of your sale
You can achieve various goals with the help of flash sales. You should know why you are running it to make it successful.
- Do you have a product that is not in demand at all?
- Do you want to entice people to buy other products that are not a part of the sale?
- Do you want to increase your website traffic?
- Are you selling an out of season product?
- Do you intend to increase brand awareness with flash sales?
You must know the purpose of conducting flash sales because otherwise, you cannot pick the right product. For instance, if you want to get rid of inventory, you will choose product X for the flash sale, but you will select product Y if its demand if declining because of seasonal change.
Promote flash sales
Period for flash sales is concise, and hence you must start promoting it before a couple of days. It is understood that no one would buy your product of they did not know about the sale. Here are two simple steps to inform your audience about it:
- Use email newsletters to update your audience. Make sure that you have sent in at least two days before the sale.
- Start promoting it on social media. It will also give you a chance to reach out to new customers.
Offer discount smartly
Whether you offer a 10% discount on a single product or you offer a combo pack of “Buy 2 Get 1 Free”, you need to understand what will entice your audience to buy your product quickly. Of course, if you are offering a £5 discount on a product worth £100, nobody will be ready to buy it. It is not a good deal.
You will have to choose your words carefully. For instance, get 30% off or save £200. Such phrases will develop a fear of missing out in your audience. Since such words emphasize gain, they will immediately buy your product. However, do not forget to keep the sale simple. If it involves unnecessary long and tedious steps, they will give up in the middle.
Set a short time frame
As the name suggests, the flash sale lasts for a short period. The span for this sale exists typically for up to 24 hours. However, it can be five-hour or six-hour. The shorter the span, the higher the sales will be. Your audience will feel more pressured, and hence they will immediately decide to avoid being missed out.
The bottom line
A flash sale can cause a steep rise in your revenues as it generates fear of missing out in people. However, it would be best if you start promoting it at least a week ago so that people know about it. Use email newsletters or social media to boost your flash sales.
If you have a start-up and you are looking forward to improving your sales, you can use this method. Many start-up entrepreneurs run flash sales to earn quick money to settle their debts like business loans, loans for bad credit with no guarantor and quick loans. Set a goal for your flash sale and then decide a strategy accordingly. You must have a goal to set the right flash sale strategy.