There are a number of reasons for creating unscheduled or sudden sales, such as flash sales. As the word "flash" suggests, they are sudden and seemingly urgent sales. They can also convey exclusivity if you construct them correctly.
In terms of urgency, a flash sale will be short and sharp and give the impression that the clock is ticking. A flash sale can be launched for any reason you wish, but there are a couple of logical times of year when a flash sale makes sense. One of the main times will be at the end of each quarter or each year when companies will often clear out their warehouses.
The second type of flash sale would be what is termed the fire sale, where the business owner offers products at rock-bottom prices. As the name suggests, the fire sale used to be run if a business had goods that were not quite perfect but wanted to try to make some money from them rather than write them off completely.
If you sell tangible goods and have shop-soiled items, returns of items with less-than-perfect packaging, or only a few units left of certain items, consider a flash sale in order to get rid of them and earn some profits at the same time.
If you are a digital marketer, bundle together some of your slower-selling items, or ones you are going to remove from your product line because they are out of date. Give them a facelift and relaunch them in the future.
A flash sale does not always have to be related to the urgency and rock-bottom prices. Sometimes it can convey exclusivity. For example, if you are launching a new product, or relaunching one you have updated and improved upon, you can run a flash sale for a beta version of your new product. Offer them the product for a short time at a rock bottom price, which can be as low as a penny.
The terms of the sale should be that they are willing to write a review or testimonial or give feedback about the product. In this way, you can make sure the product is user-friendly and that it is the best it can be before you give it a full roll-out to all your customers.
This approach also conveys exclusivity, and insiders’ sneak peeks into your latest offering. By creating flash sales from time to time, and mailing them to your email marketing lists, you are giving subscribers a reason to remain on your list and feel privileged to do so.
As you can see, flash sales can be very effective. Add them to your marketing mix and see how much brand loyalty, sales, and profits you can generate.