Have you ever made an impulse purchase? Practically everyone has.
What exactly motivates us to make impulse purchases? Sure, you might buy something on impulse because it’s something you’ve decided that you just have to have. Other times, it’s because you’ve been encouraged by a sale. An impulse purchase occurs when you see a deal so irresistible that you just have to go through with it.
One of the most effective types of sale is the flash sale. Limited-time in nature, flash sales get customers to purchase products now. If a flash sale has ever worked on you, then you already understand on some level how they work, and what it feels like. They are explicitly designed to push impulse purchases (and they actually have a number of other benefits too).
Flash sales are so effective because they draw upon the concept of FOMO, which (in case you haven’t heard) is short for “fear of missing out.” It’s the same feeling you get when all your friends are having a night out, but you declined because you have an important project to worry about, but now you’re second guessing yourself. It’s the feeling you get when your favorite band holds a concert, but tickets are too expensive so you decide to be responsible. Of course, now you’re second-guessing if you could fit it into your budget. That’s all FOMO. And it translates directly to flash sales.
Like many sales, the goal of a flash sale isn’t always centered around raising profits. Any time you slash the price of a product, you’re cutting into potential profits. You’re making less money, but you’re doing it for the greater good. Two key benefits of flash sales include the following.
Brand awareness. The only thing people enjoy more than getting a great deal… is talking about what a great deal they just got. People love to talk about and share sales on social media.
Clearance potential. Overstocked on inventory? Flash sales allow you to strategically clear out a certain product.
Flash sales, by their very nature, work best when they’re promoted with immediacy. The intention is to get the customer excited about the sale, even if the product isn’t all that exciting in the first place. Flash sales work great when you promote them digitally, whether via social media, email, or even text messages!
Promote With CoGoBuzz
Want to really knock your next flash sale out of the park? Do it with CoGoBuzz, our state-of-the-art digital marketing service! Leveraging powerful WiFi, SMS, and Email solutions, CoGoBuzz promotes your business both in-store and out. With our secure in-store WiFi HotSpot, we enroll customers to your marketing lists automatically, making it simple to engage them wherever and whenever. Engage customers through your brand new, CoGoBuzz-powered text-based loyalty program. With it, you can promote flash sales to your loyal customers instantly!
Check out the rest of our website to learn more about CoGoBuzz!
Has your business had success with flash sales? Sound off in the comments!