Is your business suffering from significant lethargy in transaction rates? Have you not been moving enough product and selling enough volume in order to sustain your business operations?
Then you’re in the right place. In this article, we’re going to teach you how to unlock the power of one neat marketing trick to explode your transactions pretty much overnight.
I’ve got two words for you: flash sales.
That’s right — a limited period, high discount, high volume flash sale can completely rejuvenate your business and kickstart one of your most successful fiscal quarters yet.
Making a successful flash sale happen, however, is no easy task. That’s why you need to keep reading to understand how to do one right.
Do the Math
The most important part of the flash sale is the sale itself. In order for the sale to really take off and gain a lot of public attention, you need to be able to price products in a way that your customers can’t help but take a closer look.
However, there is another side to it — you can’t cut into your high gloss furniture so much so that your company starts recording losses. After all, the whole point of a flash sale is to revamp your business not kill it by putting it in the red!
The way to find this ideal balance point is by doing the math. You’re going to have to figure out how much profit margin you want to keep and what the maximum discount you can offer given that margin.
Sell Excess Inventory
Focus your flash sales on what’s not selling. This will do two things. Firstly, it will get rid of the excess inventory that’s burning space in your warehouse. Next, it will also introduce this excess inventory that hasn’t been selling well into the market.
And if it gets enough exposure, it may just take off and become as successful as the rest of your product line. Click here to learn more about fulfillment during flash sales.
Market it Like Crazy
A successful flash sale starts way before the day and time of the sale comes around. You have to be promoting it like crazy beforehand. Otherwise, who’s going to know about it and be able to purchase a product before the sale runs out?
Leverage social media, your own blog, and whatever advertising channels are most appropriate for your industry to market your flash sale.
Sell to Your Customers Again … and Again … and Again
The real way to make a flash sale profitable is to reel in your customers with steep discounts, and then upsell and cross-sell them other products again and again and again in the long-term. Make sure you save their contact info and put them in a high-conversion email marketing sequence.
Flash Sales Will Rejuvenate Your Business
There you have it — now that you know how flash sales can rejuvenate your business, all that’s left is for you to leverage this advice and implement them at your store.
For more business advice, be sure to check out the rest of the website!