How to Run a Successful Flash Sale
by Meghann Butcher, on Oct 24, 2019 3:53:32 PM
The seasons are changing and new merchandise is getting ready to arrive. With planning the arrival of new product trends, you may be brainstorming new ways to build awareness and at the same time, figuring out how to get rid of excess inventory. One approach we continuously see help with the seasonal transitions are Flash Sales. Flash Sales are a great way to get rid of high inventory, get influencers on board with new trends and build loyalty with your customer following.
On board? To ensure a successful Flash Sale, keep on reading for a breakdown of best practices and the tools you can use along the way to help you reach your goals.
1. Define your Goals and Messaging
First things first - start with your “why” to create your goals - Why do you want to run a Flash Sale? Are you inventory costs too high? Do you want to reach a certain group within your brand or let your brand ambassadors know about a new product launch? Are you hosting a tournament or special event and providing the gift with purchase or tee prize? Define who you want to reach and the sales number you want to achieve.
2. Select the Product Assortment
What are all the products you want to sell during your Flash Sale? What will the discount be? Using the Product Segmentation tool, you can look at key decision factors like inventory to make the best sales strategy.
3. Build a Microsite for Your Flash Sale to Live
With RepSpark, our online platform allows you to create a microsite and offer exclusive shopping experiences for participants during your flash sale or other live marketing events. With this tool, you can not only host the sale but you can also easily gauge customer response. Another great reason to build your microsite using RepSpark software is that your orders will be placed against real-time inventory.
Cue the Frequently Asked Question - Why would I want to host the Flash Sale on the microsite vs. my main website?
If you are wanting to just grab the attention of certain demographic, like brand influencers or members of a yoga studio, this creates brand loyalty with select groups of individuals who would be more likely to buy than the mass majority. You can also protect the image of your brand and avoid being known of a discount brand by creating a separate space for your sale. In addition, you can offer “free” product that can be tracked to an internal budget.
4. Develop Your Promotion Strategy
How do you want to get the word out about your Flash Sale? A proven tactic is email marketing. Working within the RepSpark system, you can craft emails to a unique group of people so they only have access to the code. This is also the space where you can lay out the details of the sale.
Tip: According to Social Marketing Fella, Flash Sale email transaction rates are 23% higher in the evening than during lunchtime.
5. Keep the time frame short
As you plan the final details of the sale, make sure you nail down the fine print like the term length of your sale. We suggest trying a 24 hour flash sale to create a sense of urgency with your customers. Another detail you don’t want to overlook is getting your delivery and shipping organized before the launch to prevent upset customers. Make sure your team is ready to go to handle the logistics of an influx of sales.
6. Launch the sale
It’s time to press send and share the code! After you hit that button, then you can kick back and watch the money flow in.
Tip: To be safe, send out a test email to your team to make sure the links are correct and messaging is clear.
Worried about setting up a microsite? Our client, David Quattrucci, the VP of Golf Operations at Tharanco Lifestyles describes it best - “it’s minimal effort with maximum results.”
If you are ready to learn more about how you can build a Microsite with RepSpark, then schedule a demo today!