Early Bird Tactics That Work
Online businesses are always trying to increase their conversion and sale rates. After all, most of their ROI depends on best-selling products and services. Making your brand stand out may be bitterly hard, so digital marketing has several strategies to make customers and prospects buy as soon as they see the deal. Early bird pricing is nothing more than one of these strategies. Simply put- it means selling a product or service in limited quantities at a discount or with an added value. The way you deploy this strategy varies depending on your goal. In other words, the label may change-presale, flash sale, clearance deals, exclusive pass or ticket, to name a few-but the concept remains the same: whoever gets it first saves more money. Why Does Early Bird Pricing Work? It is important to understand why early bird pricing works in order to find the best solution for your company to profit. In general, every tactic has the same structure but as you will read below, each one has a specific focus. 1 - Fear of Missing Out An early bird offer has a set timeframe or quantity, so of course it will play on the fear of missing out. The fear of missing out can be defined as the worry that one is missing out by not participating in an event, offer, experience, etc. 2 - Scarcity Drives Sales Discount pricing strategies usually appeal to saving money, but when coupled with a limited supply, you evoke a sense of scarcity. The addition of a limited quantity only serves to increase the feeling that you will not only miss your chance to get such a substantial bonus or discount, but also to be one of the only people who gets this offer. 3 - Don’t Overdo It The ultimate goal for a successful limited early bird pricing tactic is establishing value. It Is fantastic for your first, second, and maybe third launch at most. Otherwise, this strategy will cannibalize your sales. Think of businesses that make promotions all the time. Why would you want to buy now when you only need to wait for the next offer? In short, do not overdo it. Early Bird Promotion Basics For a successful limited early bird pricing strategy, you need to figure out three things: How to promote the limited early bird pricing Sale period Tiered pricing Marketing Timeline Do you know when you want to launch your early bird pricing? Great! Now, you need to market, market, market! You have to plan out email marketing campaigns, use social media, and advertise appropriately ahead of time because if people are not aware of the early bird discount before the promotion is over your effort will be all for naught. Planning the marketing timeline and managing the time frame are two distinct phases that require different skills. You may want to consider delegating to or hiring professionals to assist you. Picking the right time Experienced marketers prefer to wait for the perfect moment to launch. That is, a specific date to maintain momentum supported by SEO analytics. One of the rules of encouraging customers to book or buy what you sell is understanding what your customers are going through. For example, selling snow cones at the beginning of summer and launching with a discount for the first 100 customers? Great move- they will remember you and be back all summer. Selling snow cones in the winter? Probably not the best time to launch. Execute your early bird plan a couple of months before the official launch. Such a span rewards people who are already sold on your idea. In other words, it gives them a reason to remain subscribed to your newsletter or to follow your YouTube channel or platform where you disclosed how to get the exclusive deal. Tier Pricing On Display Offering a pricing tier with limited quantities is a practical way to increase conversion because you create a contrast. Creating a visual display of the number of remaining units or how many seats are still available helps you create urgency and exclusivity. The more people see the numbers reaching the set limit, the more prone they will be to purchase in the moment. Limited Early Bird Pricing Tactics That Sell 1 - Add-ons One way to sweeten the pot is to have add-on features that are included if you take advantage of the early bird special. You can include bonus features they can customize or exclusive access to special features. Give them something that will cheer them up. An add-on coupled with the benefits that come with your amazing product or service will entice even more people to give you a chance. 2 - Bundles For the best results, prepare different limited quantity or time bundles. Pairing different value adds with your main product will make your offer seem customizable. Also, have a command ready to make sold-out items unavailable to show that other people got there faster. Do not hide unavailable items as they play on the scarcity factors, making the ones left even more valuable. 3 - Partners Instead of cutting your margins, offer more exclusive deals with the addition of another company’s product/service. Partnering with another brand that aligns with your product is a great way to cross-promote both products at the same time. You may be able to share some of the marketing costs with them or take advantage of having your products promoted on their platforms. The Value Of Limited Early Bird Pricing When it comes to selling products, perceived value is king. As long as the audience is aware of your early bird promotion, people will flock to the limited early bird pricing offer or discount. Every customer wants to get the best deal. Loyal customers who trust the seller want to feel they have been chosen. On the other hand, new customers want to feel lucky. Creating an exclusive pre-order can offer both perks. Customers who get a great deal with extra bonuses are more likely to keep your business in high esteem. So, for sellers, limited early bird pricing opens the door to positive feedback and publicity as well. If you send a happy customer a link to your business page on a review website, you are more likely to receive a positive rating. As a result, more people will visit your website from the positive reviews. The early bird tactic acts as a tool. By design, it attracts attention, but it also does much more as noted above. This will drive more sales since the offer can be unique resulting in people taking notice of your company and your reputation grows. Submit Juice & GrowmySaaS
Early bird pricing can bring in initial sales, but it must be merged with other marketing strategies to keep sales coming once the early interest dies down.