The 'Limited Time Offer' (LTO) is an effective pricing strategy for companies to boost short-term sales. For instance, E-commerce stores lose $18 billion in sales revenue each year due to shopping cart abandonment.
This means there were no conversions in terms of sales. This is a huge number, which can not be ignored. Let’s see some results from the survey held by RetailMeNot:
- 62% of consumers agree they cannot complete a purchase before searching for an offer.
- 81% of Americans say finding a great offer or discount is on their mind throughout the entire purchase journey.
Huge, right? We can easily say that limited-time offers are Hulk versions of marketing campaigns.
Making people act is not an easy task. There are multiple types of limited-time offers out here. Limited-time offers are a great way to boost sales and create customer loyalty. Which limited-time offers you can utilize?
Limited-Time Offer Examples
You can use urgency and scarcity to get people to convert under a limited-time special offer. By promising that the offer will expire soon or that supplies are limited, you motivate your customers to act. The benefits of using urgency and scarcity are obvious.
When your offer is time-sensitive, you can use urgency to set a deadline. If no deadline is offered, customers may wait before acting on your offer.
Countdown Limited Offers
Countdown timers give prospective customers a sense of urgency, and they act fast due to fear of missing out. (FOMO)
If you’re looking for an effective way to increase conversion rate, you can try a countdown timer offer.
Countdown timers are an excellent way to encourage customers to buy before the sale ends. As the name suggests, the offer has a countdown timer. These offers can be the end of the deal or the beginning of the deal stating ‘offer starts in..’
Knowing that the time is ticking down, they rush to buy from you before your limited-time offer expires.
Limited-Period Offers for Different Product Types
These offers are only available for a limited time, after which they will be withdrawn. The image above shows a variety of offers. Each offer has a different campaign for each product type.
This way, you can show all your campaigns to your prospective customers and give a sense of urgency to each of the product types.
Limited-Period Offers for the Entire Site
If you want to promote your site in order to get more sales, you may want to check out the benefits of a sitewide discount. You can add the offer to your website slider, like the Ahava example shown, or you can add the offer anywhere on your landing page.
A landing page is a page on your website where visitors land when they click on a link from a source other than your home page, such as an advertisement or search engine.
Limited Supply Offers
This type of offer is also a very effective way of marketing for the customers. It basically means after the stocks run out, they won’t get a deal. Therefore it is their only chance! The main point is that the offer type implies scarcity, and people feel they can miss the product any second.
People are more likely to grab the opportunity of getting a good offer product when they see it is available for a limited time.
One example shown is from Amazon, showing there are only 4 items left in stock. The other example is from Victoria’s Secret, showing the item in ‘Limited Edition’ means that the stocks are limited and the product will not be available after the stocks run out.
First-Time Purchase Offers
First-time purchase offers are designed to lure new customers who have never made a purchase at your store. Retailers use first-time purchase offers to increase the number of new customers who make a purchase at their store. You can also use first-time purchase discount offers as Everlane does with a popup ad.
This ad directs prospective customers to sign up to the website and that way they will get a 10 percent discount on their first purchase. This is both getting them to make a purchase and sign up with their email address. You can try to create one of these popups by using Popupsmart’s FREE tool.
Here is an example, it only takes 5 mins!
Today's consumers are bombarded with deals and promotions. You must offer deals that stand out to be noticed, or you could lose out on sales.
Beneficial Call to Action Offers
You are using CTA all the time. Call to Action (CTA) is defined as any message inviting the user to perform a specific action. What about offering a beneficial CTA?
You can offer FREE shipping to get customers to register to your website using a popup.
Or, you can suggest that they have products in their basket and you are offering 30% off of their next purchase if they complete their order.
Limited-time offers are designed in many ways. If the offer is not limited in time, it may be a one-time offer. This type of offer is usually accompanied by an expiration date.
The one-time offer is the most effective way to create a sense of FOMO—the fear of missing out. Offers are typically used by businesses to encourage customers to buy more products or services after they have already made a purchase.
The most important part of a one-time offer is that the customer or potential buyer is told that he or she has only one chance to buy the product, and the purchase must be instant.
Tip: Use the Word “ Get ”
Using the word ‘Get in your calls to action is one of the highest performing CTAs. Of the top 15 calls to action, the word “get” was in 10 of them.
- Get your 15% off now
- Get your discount
Tip: Build Trust
Many businesses regularly offer limited-time offers coupled with limited inventory drives huge interest. The strongest way to demonstrate your trustworthiness is through action. Make sure you can back up all the promises you make.
If they decide to come back to the same product and they still see the same offer which should have been ended days ago, you will lose your credibility. The effect of it also continues with your future offers and sales. Your customers will start to expect this.
You should also consider if you decide on a sitewide sale offer, everything better be on sale. Otherwise, they will simply leave your site.
If you are not providing users with the right type of information, you can say fairwell to your website visitors.
Try to create your own limited-time offers
You can now try what you just read in this article. We mentioned 7 types of limited-time offers. You can try one of these popup types in your business today. As you work to build a profitable business, these useful tips will help you get there faster.
You don’t need to build a whole page to show your offer, you can easily create one online with a no-code tool.
You also don’t need to get a web developer to get started right away. You can easily create a promotion popup with [Popupsmart] popup builder and schedule your campaign between specific dates.
The campaign templates seen above on Popupsmart are complete campaigns that you can clone and customize for your campaigns. By cloning, you can clone it with all targeting options as well as design. After creating your campaign, you can change the targeting and design as you wish.
Make sure to use a limited-time offer for a product that people actually want, make sure the time period is long enough to entice customers, and don't give away too much with your offer.
The best way to make a limited-time offer is to get the word out to your customers that they have a short period of time in which to take advantage of the deal. That might be via email, social media, or even direct mail.
Give them an expiration date and let them know what they will miss out on if they don’t act now!
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