The Value of Limited Time Offers
Posted On Feb 24, 2014 in Article by Chris Barr
Have you ever felt compelled to purchase a product or service, immediately, because it was a great deal?

Often, these “great deals” are perceived as great because they don’t come around often. These deals are referred to as a Limited Time Offers.

The term Limited Time Offer produces urgency and forces recipients to pay attention –- to avoid missing out on an opportunity to acquire something, do something, or save money. Basic psychology is at play here, as nobody wants to be the one person who misses out on added value.

The McDonald’s Shamrock Shake is the perfect example of a product that is only offered for a limited time, and because of that limit, it generates a surge in sales.

People notify each other via text messages, social media, and other forms of communication, and the results if a rush to purchase the widely-acclaimed minty green milkshake. While I am sure that they would still sell a fair amount if offered all year long, McDonald’s is smart to acknowledge that people like tradition, and respond more vehemently to a short term special.

Is there a New Year special you could offer to your prospects? Whether you are in the food industry, work in a medical practice, or have a lawn care service, consider having a limited time offer that really excites people. More often than not, you will see a great boost in conversion rates (phone calls and sales) from something your potential customer feels the need to take advantage of now.

As consumers, we all know what Black Friday looks like every year. People stand outside in crazy conditions to get the best deals and experience the "purchasing high" that is only acquired by going through such extreme conditions as massive lines and poor weather, among others.

This past black Friday I decided to join in the Black Friday madness. As a new homeowner, my family needed a few large appliances and purchases for our home. While at a local Walmart, I grabbed a few DVD’s that were only two dollars. I got home thinking “Wow, what a great deal!“

In retrospect, I don’t know if I really needed these DVDs, or if I was interested in having them prior to the Black Friday madness, but the potential stress of missing out on a deal persuaded me to purchase them immediately.

(Yes, even a creative/marketing professional is helpless in the midst of a great deal!)

So, create a great deal that your target market wont want to miss out on! Think about having a discount, adding an extra service, or creating a value-add proposition that you could offer for a short period of time. Tell people about the special offer, in advance, via social media and email – but don’t give away the offer just yet.

Build anticipation and then use Every Door Direct Mail to deliver the offers to every local home all at once. You should see a powerful response that drives significant revenue boosts.

When should you offer these special deals? It really is up to you! Look at when you may need a boost in sales – especially at or around the beginning or end of your ‘busy time’. Another idea is to offer something during the month of your business’ anniversary. This will draw attention to your company and celebrate your presence in the community. This is a particularly good idea for older companies because it will tell the prospective customer that your company is trustworthy, credible, and accepted by the local community.

One of the main reasons the Limited Time Offer works is because people don’t want to feel as though they missed something special. 

Take advantage of this marketing best practice when launching your next Every Door Direct Mail® campaign.