When managed well, flash sales can be a very profitable addition to business strategy. Using proven best practices, you can maximize their uplift and reduce the risks associated with them. Time to get that revenue boost.

SUPPORT REVENUE STREAM WITH FLASH SALES

Brands occasionally engage in flash sales for added revenue. These are perfect opportunities to sell surplus stock, out-of-season products, or goods approaching their expiration. They can even build long-term customer loyalty.

On the downside, poorly made flash sales can cost you profits, disengage customers, and hurt your reputation. Nevertheless, some strategies deal with these issues. Let’s see what makes flash sales great and how to replicate that success with your brand.

REASONABLE STRATEGY

Decide what you want to achieve with the flash sale and to whom you would sell. Flash sales are usually meant to sell extra stock, bump sales in a slow season, or keep loyal customers.

Clear goals help you segment and choose the right products to sell. You can modify segments further, but the main audiences are loyal customers and potential new customers. 

Loyal customer strategies: 

• Only give access to those who subscribe to your loyalty program, actively buy, or stay active with your brand. For example, CareCloud collects transactional data to give you insight into buyer behavior.
• Choose products that have high views but low sales. Alternatively, sell surplus stock to make room for newer products. 
• When selling a product on a flash sale, filter out customers who have already bought it!

With new customers: 

• Target disengaged customers or those who have subscribed but have not made a purchase yet.
• To create urgency, run an inventory countdown on the flash sale page, run Google ads, or promote the products on social media.
• Sell your signature products to build loyalty.

TIMING AND PRICING MAKE THE DIFFERENCE

When it comes to timing, the shorter, the better. Your flash sale window should be 3-24 hours to create urgency. Using CareCloud, you can also learn when customers respond to emails most, which day of the week, and what hour of the day.

Create flash sales before/after the holiday seasons. Avoid events like Valentine’s Day and Father’s Day. Lastly, do one flash sale every 3-4 months, not more. If you do too many, people will start to exploit your deals without becoming loyal. Don’t damage your reputation.

The pricing rule of thumb is to reduce the product’s Black Friday price by 5-10%. Moreover, be mindful of other similar deals or discounts you offer. If an email subscription gets new customers 25% off, the 20% flash sale price won’t work. Lastly, calculate the margin carefully for the “buy two, get one free” deal or product bundles. 

ADDITIONAL CAMPAIGN TIPS

Here are some various flash sale tips for retail and e-commerce.

1. Run a pre-sale campaign (especially when targeting loyal customers) to capture customer interest. 
2. Optimize order fulfillment, prepare for increased website traffic, and double-check your stocks to avoid any logistics and product availability issues.
3. Design short and compelling email campaigns. Always be clear about what product you’re selling at what price. A real-time countdown is an absolute must.
4. Try multiple channels besides email to send campaigns: SMS, push notifications, pop-ups, social media, and even influencer marketing.
5. Link your flash sales to customer programs — reward loyal buyers with added program points or free delivery.
6. After the flash sale, nurture customers with post-purchase emails, collect feedback, and analyze results.

IMPROVE FLASH SALES WITH CARECLOUD

With such a to-do list, you would surely appreciate some help. CDP & CRM CareCloud lets you design and send omnichannel campaigns, automate post-purchase workflows, or manage a loyalty scheme of your choosing. 

Moreover, its customer data solutions let you craft personalized communication and relevant offers with huge growth potential. CareCloud can handle your flash sales.