No business wants to leave in the dust, and therefore, every business constantly struggles to encourage its customers to make some sales.
Every year, businesses make heavy investments to satisfy customers. Some companies get involved in mobile app development to let their shoppers shop conveniently. Other retailers offer huge discounts to lure shoppers on the outlet. Combining both strategies will surely get you a super-boost in your sales. Discount offers and the right promotion activities are the best way to increase conversions.
Since 49% of consumers use mobile phones for shopping, therefore, promoting LTOs via mobile will be a practical way to obtain maximum conversions. In this blog, you will explore how you can optimize conversions using a limited time offer. But, before, moving towards the topic in detail, let’s get a brief overview of what limited time offer is all about.
What is Limited Time Offer?
A limited time offer is a retailer’s tool which he can use to increase sales for specific inventory products. Basically, a limited time offer is a kind of discount or gift that your shoppers can get when they shop from you. Retailers can activate discounts on specific products during a certain period and therefore, it is called a limited time offer.
How Limited-Time Offers Skyrocket Sales?
Frankly speaking, convincing someone to buy something is a strenuous thing to do. But, implying the right strategy, at the right time will help you achieve your sales goal. The best example of how limited time offers work is Black Friday. Consider yourself searching for a new laptop just a week before Black Friday.
You will not buy your new laptop until Black Friday comes. It means that being a shopper, you would love to save some money rather spending the more. To save money, you won’t mind waiting for a week, because you know that you will not get the discount opportunity once the Black Friday is over. Similarly, a lot of buyers wait for the summer/winter clearance sales for buying the items they can’t afford during the season.
Now, you have clearly understood what limited time offer is, but still what you didn’t get is how limited time offers work for marketers. Let’s explore it.
How Do Limited Time Offers Work?
There is a simple formula for everyone. Deep inside, we all love to win something and hate to lose. The idea behind limited-time offers is inspired by our inherent desire to win and escape losses. Marketers take the leverage of the psychological phenomenon and utilize it for promoting brand and sale upsurge.
Since we all admire receiving something, and according to the psychologists, the satisfaction of gaining something is not as powerful as the regret of losing. Due to this psychological behavior, limited time offers work successfully. Whenever a shopper finds an attractive deal, he doesn’t want to miss out the opportunity of low price and therefore makes an immediate purchase.
For most of the marketers, limited time offers work effectively because of products with discounts bought quickly even by the customers who don’t want to buy. Marketers also use some strategies to speed up the selling process. One of the most common strategy is using scarcity tool.
Showing product scarcity influence buyers to shop rapidly. Usually, marketers show product scarcity by using the following statements:
“Valid only for tonight’’
“Ends at midnight”
“While the stock lasts”
“Offer limited to items on hand”
“Order within one hour to avail free delivery with discount”
Such strategies work well together with sales promotion but be sure, to be honest with the deal expiration dates and stock availability otherwise, you may hurt your client’s trust.
Best Example of a Limited Time Offer
Limited time offer is also called the flash sale, and its core aim is to stimulate shoppers to make purchases before the deal expires. There are many online retailers who effectively leverage the sales promotion strategy for driving extra revenue. Below are some examples to get you inspired.
In the above image, you can see how the brand Bath & Body Works, utilizes the limited time offer. The brand is offering a 25% discount on the entire order which is only limited for a day that is Cyber Monday.
Black Friday and Cyber Monday are considered as the biggest discount days. Retailers can use such festive for promoting limited-time offers.
Bath & Body Works
In the above image, you can see how the brand Bath & Body Works, utilizes the limited time offer. The brand is offering a 25% discount on the entire order which is only limited for a day that is Cyber Monday.
Black Friday and Cyber Monday are considered as the biggest discount days. Retailers can use such festive for promoting limited-time offers.
Macy’s
In the 2nd example, you can see how impressively Macys implemented the intelligent marketing method for promoting sales.
Macy’s made the discount valid only for 48 hours that ultimately stimulate shoppers to shop within two days, and if they miss out, then it will be gone forever. Big brands always combine other strategies to make their sale promotions actionable. In this example, Macy’s offered the discount only for a particular category that is clothing and accessories.
There are more strategies that you can incorporate with your LTOs. Take a look below to know how you can do it.
Strategies to Combine with LTOs
Designing a limited time offer is not the only thing that can motivate your buyers to make a purchase. There are more factors that play a crucial role and convert visitors into leads. Below are a few suggestions that you can integrate into your LTOs for a more fruitful result.
● Use animations to promote the deal
● Add in clever taglines to attract customers
● Design a landing page for the offer
● Promote category based discount
● Discount a seasonal item
● Add a ticking clock to promote a sense of urgency to the visitors.
Besides, make sure to add actionable words in your taglines. You can add words like hurry, don’t wait, last chance, and more. It is proven that such words create anxiety in the users and provoke shoppers to buy items that eventually convert your visitors into buyers and derive maximum revenue for your brand.
Get your LTO Inspiration!
Limited time offer is a proven strategy and helped marketers in boosting conversion rates. Keep in mind that your LTO will only be effective when it is designed strategically.
Add the most relevant items into a discount list, decide how long the discount will last, use clever wordings and don’t forget to add effective CTAs.
Usman Ahmed works as the Digital Marketer. He is an experienced marketer and passionate about the latest technologies. He comprises a broad experience and frequently writes on topics related to mobile apps, Blockchain technology, SharePoint, eCommerce - Direct Macro, and others.
