The Ultimate Flash Sale - The Race!
Everybody knows that sales are the best way to generate more profit in a very short time frame. A flash sale allows the customers to buy products at a very small price for a limited time. This will help you especially when it comes to renewing your inventory.
The difference between the generic flash sales and my technique, The Race, is the fact that I'm creating a sense of urgency. The customers will be afraid that they will miss out on the great sale. This is the “fear of missing out”(FOMO).
While I was working with Stainer Sports, ee had this campaign called the “Onesie Sale” which we would run once or twice a month. We would build a collection of memorabilia with only 1 item left in stock. We ended up every time with a massive list and because we knew the time frame was tight, we tried combining urgency with a twist.
Now, because we had a very big mailing list we sent them all a message to inform them that “the Steiners Sports Race is coming,” and there is one item left in stock of each product so there was going to be a first come first serve policy, and all the items would be 50% off.
Now here is where the strategy unfolds. The race was going to be a week away, but we made sure to add a small line of copy that changed everything. All we added was “Add the item to your cart and get ready for the race!”
Of course, knowing that there's only one item left of each kind people started going through the collection and buying what they wanted because they were not sure if they were going to find the item after the race.
We managed to create a sense of urgency. In our promotional emails during the week, we would always include the race in the secondary placement. This made is visible for everyone. The night before the race we asked everyone to get ready as we set a countdown that ended at 9 AM. Everybody knew the race was about to begin.
Combining their fear of losing the sale with the urgency, and letting everyone know one week in advance about the race, no one had time to analyze the buying decision.
By using this strategy we managed to clear a very big part of the inventory and also generated over $100,000 in sales.
As long as you do everything right and you managed to create that sense of urgency you can create such a campaign for your business. The best part is that we're here to help you along the way. Remember that you can always drop us an email and we will find the perfect option for growing your business.