Why You Should Consider Time-limited Campaigns in Your Marketing Strategy |
Posted: April 10, 2020 |
There is no doubt about the power of discounts, offers, and coupons in acquiring customers and building brand loyalty, especially among millennials. Statistics indicate that 53.8% of online shoppers aged 18 to 29 make a purchasing decision based on the availability of discounts and coupons. But think of the extra you would get by combining such offers with a psychological trigger that pushes your target market to buy. The only way to achieve this is by getting into the mind of your leads, understanding how they operate and knowing what causes certain responses. Time-limited campaigns are one of the most effective methods. Add in a limited supply of the product, and you will have a successful campaign. They use two psychological concepts, scarcity and the fear of missing out. Why Scarcity and the Fear of Missing Out (FOMO) WorkHave you ever bought an item that you were sure you needed at the time of the purchase, but have never used it ever since? What triggered this response, a discounted price with a countdown timer or a looming shortage of the item? Things that are in limited supply are appealing. In an experiment conducted on 200 female undergraduates, the subjects were asked to rate the desirability of cookies that were either: a) Constantly high in supply b) Constantly scarce c) Began as high in supply and later became scarce due to either an accident or high demand d) Began as scarce and became abundant due to an accident or low demand The results showed that the cookies in limited supply were labeled as more desirable than the cookies in high supply. The scarce cookies were labeled as more desirable when the scarcity developed due to high demand. The cookies that were constantly abundant were also rated higher than those that began as scarce and later became abundant. Scarcity will make your product desirable. But it gets more effective if you can show the customer that the shortage is developing from the high demand for the product. It triggers the fear of missing out. FOMO is an inert desire to stay connected to what others are doing. It is an anxiety that people develop from the perception that other people are getting rewarding experiences in their absence. A survey indicated that 60% of millennial consumers make a purchase within 24 hours of experiencing FOMO. Exploiting these two concepts in your marketing campaign by showing that the product is decreasing in supply due to abundant sales will make your campaign a success. And adding a time limit makes it more powerful. Consider Black Friday, for instance. People wake up at early hours to start shopping. A report by the National Retail Federation indicated that there were 84.2 million Black Friday shoppers in 2019. And you can be sure that the time-limited offers and deals were the biggest motivation for these shoppers. A time-limited marketing campaign results in a win-win situation. Your customers will feel that they have bought a valuable and exclusive product, making them feel powerful. And they are likely to come back for another purchase, building brand loyalty. How to use Time-limited Campaigns EffectivelyHere are five tips to make your marketing campaign a success. 1) Be Clear that the Stock is LimitedBuild a sense of shortage. It will instill fear in the buyer that they are about to lose on an amazing opportunity to access a highly demanded product at a discounted price. Statements such as “Two left in stock” “Last available product” will work perfectly. 2) Let the Customer See that the Product is Highly DemandedPeople hate losing. Get your customers to be competitive by showing that there are a lot of people after the scarce product. Show real-time customer activity by using pop-up notifications every time you make a sale. 3) Make them Watch the ClockCultivate urgency by using a countdown pop-up. It will have them reaching for their wallets and making a purchase before time runs out. Get amarketing software company such as Cavako to create a personalized and authentic countdown for each user that gets to your site. 4) Apply in ModerationTime limited offers will increase your conversion rate. But applying too much pressure on your customers or using anxiety-producing tactics in excess will have you losing their loyalty. They shouldn’t feel like you are forcing them to make decisions, let it come from within. Your work is to apply a trigger. 5) Know Where to Apply the StrategyYour offers will be less appealing if you overdo it. Being low on products will create a sense of urgency for a short period. But if it’s continuous, it will give the impression of poor regulation of stock. The trick here is to apply moderation. For instance, use the tactic on new products only. Key TakeawayEffective marketing calls for the use of effective psychological tactics that will push your leads and customers to make a purchase. FOMO and scarcity are sure to deliver results if used correctly. You can set a discounted price, seasonal offer, a sale, or free shipping for a limited period that will push your customer to make a purchase. It does not just apply to low price offers. You can use this strategy when providing limited edition items. Use personalized timers that show the same deadline across the user’s devices and social media channels.
|
||||||||||||||
|