Fire sales are a great way to gain quick revenue for your business. They can also be beneficial for businesses facing financial difficulties and need a fast and easy source of revenue, for new businesses just getting started and need some initial income, or for businesses simply interested in using fire sales to their advantage. No matter the reason, a fire sale can and will be beneficial beyond its limited time offer.
When it comes to fire sales, there is one important thing to keep in mind, fire sales guarantee one-time revenue, not customer loyalty. It is up to you, the business owner, to turn those one-time sales into repeat business. Keep your customers coming back for more.
You may be asking yourself, “how can I do this?” Well, there are several ways. First of all, you must offer quality products and value-added items that illustrate just how knowledgeable you are about your business and your industry as a whole.
Secondly, you should offer a discount on the next purchase for customers who take advantage of your fire sale offer. This will encourage them to buy more of your products and provide you with repeat business.
Another way to keep customers coming back to you is to offer a membership discount to fire sale customers, which not only secures their loyalty but can also help ramp up your membership marketing program.
In addition, you should always prompt your fire sale customers to provide you with important contact information during check out. This ensures you are dealing with real, legitimate customers (and not spambots) while providing you with accurate and helpful information as a means of contacting them for follow-up purposes in the future. You can then send fire sale customers follow-up communications, asking them to offer feedback on the products they have purchased and invite them to enjoy a discount on their next purchase in exchange for their participation.
This can be helpful to your business in more ways than one. Not only will you learn what your customers are thinking about your current product offerings, but you will gain valuable feedback that can help you develop future products and services that better serve your customer base in the future.
You may also want to offer exclusive extensions on products similar to those they have already purchased. For example, if a particular customer bought an e-book about affiliate marketing during your last fire sale, they just may be interested in articles, reports, or online courses on the same topic. This is a perfect opportunity for you to sell additional materials to them.
The bottom line is when you entice your customers to “come back,” you not only secure business but also secure loyalty. The more your customers purchase products from you, the more they will come to trust you. And THAT is the ultimate goal because a loyal customer is a paying customer.