You have great products to sell. You’ve done the work, you’ve set up your own e-commerce store and you’re ready to go. You may have set up a Facebook Fan Page, promoted your new store on Twitter and probably have made a few sales. Congratulations!
However now, the momentum is running low and you’re starting to see your fans lose interest. The fanbase you’ve built is starting to wane, and even with the introduction of new products, you’re still not seeing your products move the way you want them to.
What do you do?
We have a recommendation that has been used by some of the biggest companies in Silicon Valley and beyond. Yes, companies like Gilt Groupe, Groupon, Fab and more have used a method of behavioral economics that all of us can tap into. What’s the strategy?
Two words: Flash sales.
That’s right. What’s the number one way to excite your audience, revitalize your following, see explosive sales growth and generate some buzz around your online store? It’s mastering the art of the flash sale. There’s something magical about telling your fans and followers that they only have 24 hours to get your newest product, service, book or what have you.
Why? Well, no one wants to miss a good deal. Having a highly publicized “end date” reminds your customers that they may miss out, which influences an impulse decision to grab your products as quickly as they can.
How do you set up something like this? We consulted the twin brothers behind The Beast Brothers to get their thoughts. They are the creative geniuses behind the Aztecan art company selling pieces that range from $130 to almost $500.They’ve used the indie store creator Storenvy and their own ingenuity, to sell their unique art pieces and generate thousands of dollars through their own flash sales.
They began by building a following around their background and their quirky interests. “We are lucky enough to have fans that enjoy our Azteca influenced artwork and we’ll keep on making artwork that reflects our heritage, but also has a fun goofy twist to it…. We have always been obsessed with toys and sculpting and creating, so getting into toys and making a living at it is really a dream come true,” says Nichole East.
With an established following and a limited product, they needed a way to keep their fanbase engaged and purchasing their products. So what did they do? They put a time limit on acquiring their cool items. “We advertise at least two weeks in advance so everyone knows the exact time the item will be up for sale. And that is where the madness begins…” That madness generated over $47,000 in product sales in their first effort. This marketing tactic creates an opportunity for their fans to keep up with the company in deep anticipation for the next sale — creating more buzz, more fans and more sales overall!
So how do you go about replicating the same kind of campaign? We’d recommend establishing your fanbase first. Make people fall in love with your brand. Use Twitter, Facebook and email marketing until you’re red in the face, and right when you start to see your sales plateau, implement your flash sale. Give yourself about two weeks beforehand to promote it to your audience.
Then, watch the magic happen.
Arielle Scott is the Marketing Director at Storenvy, the online store generator and marketplace. She was formerly the CEO/Co-Founder of GenJuice, a content recommendation system for niche blogs. She’s been featured in Inc. Magazine, Huffington Post, Forbes and more for her work in technology and marketing.
Image credit: couponaudit.com
Category: Startup Advice