Got a product that’s not selling or feeling a little uninspired to re-launch the same program again?
If you want to pump some life into them again or maybe line your pockets with a little added revenue, I’ve got a few ways you can give them the attention they deserve and reach new customers without all of the heavy-lifting of a full on launch.
If ‘flash promo’ is a new term for you, they’re typically short term promotions causing a bit of a sense of urgency. Flash promos are fun because they tend to improve conversions by avoiding a long decision-making period, and they typically catch any loose stragglers who regret not jumping on your last launch.
And most importantly…the ones I’m about to share with you require little prep and you can run these flash promos at literally any time.
1. Announce a price increase, not a flash decrease
Wait, what Mal? How is that a deal?
Instead of slashing your product price for a weekend, you can announce that the price will be increasing after the weekend instead.
If you’ve launched a new product or added a new service, there’s no better way to increase exposure than by selling it at a ‘reduced’ price for a limited time… In this case, think about it like early bird pricing.
Then once you’re ready to move on from that period, you raise the price. But there’s a great opportunity to do a final, lightweight push before doing so! Most people just login to their website and update the price, but there’s so much lost opportunity if you don’t announce it first!
So what does this promo look like? Announce the price of your product or service will be increasing in the coming days through all your marketing channels. (If you need even more low effort, just pick your one platform that comes easiest to you like Instagram or email).
While making this announcement, it’s an opportunity to restate the value of the particular product or service and fill in all of the gaps of information that might have made buyers hesitant in the past.
This promo not only helps you attract new buyers that don’t want to miss the opportunity of getting a great deal, but it also helps you sell more to your current customers that might have been on the fence.
But, be mindful that if you constantly run promotional selling periods without showing the added value, then you risk tarnishing your brand image and undervaluing your product.
2. Promoting an added bonus
Business owners often think the only way to run a flash promo is to cut prices, but think instead about how you can add value to your existing product, at the same price.
An added bonus can be any type of ‘extra’ gift, can be a physical goodie, a digital product or an extra service, that comes with the purchase of a particular product.
This promotion encourages customers to buy by offering a ‘free’ incentive at the same prices, adding more value to the initial purchase. It’s an effective way to prove your value to customers, and help you stand out from similar products/services.
If you’re someone who gets bored with your launches or your products, it’s a fun way to spice it up on your own end too!
Some examples of bonus gifts could be a free 1:1 coaching call, digital products such as auditing checklists, cute mugs or office supplies (not just your logo, think something more memorable and fun!), access to another course…the options are limitless!
3. Bundling your existing goodies together
Product bundling is how it sounds: you take your products, group ‘em together, and sell them for a set price that’s better than when someone purchases them all individually.
The great part, you already have all of these products available!
By bundling your products together, your customers buy more than one product during a single purchase, which increases your average order value and reduces marketing and distribution costs.
But my favourite part? I know you have good products. And so when you have a strong offer and people get to experience more of those products, it really hammers home to them “holy shit, I love this business and the value I get from them”, and they’re more likely to keep referring friends or jumping in for your future launches.
Overdelivering is underrated.
Bundling your products can be done in a different combination of ways; Bundle a bunch of new products together, mix-in-match old with the new, or my favourite is focus on putting together based on products that compliment each other based on where a customer may be in their journey and what gaps they need to fill.
BONUS: Try any of these but add a collaboration!
All of these promos can certainly be done for your individual business, but it’s hard to argue that going through it with a buddy (or another biz) wouldn’t make it 2x better!
By collaborating with someone else to execute these flash promo ideas, there’s more opportunities for cross promotion, one of the easiest and most organic forms of marketing.
Think of it like co-hosting a party with a friend: you very easily meet more people because you get access to their friend networks and they get access to yours.
Not only can you share audiences, but you’re optimizing the value of the promo by adding the value of another industry expert or product.
When announcing a price increase, you’re increasing the value of both of your work and products for the future.
When adding a bonus from your buddy to a product or service purchase, it allows exposure to another industry and can fill a gap in your customers’ needs.
When bundling products or services together, you’re truly creating undefeatable value.
Did any of these ideas give your brain a little tingle?
Remember all of these ideas are supposed to be made up of products and materials you already have. For the bundle option, you can always add a new item to spice it up if you feel like there’s a really good fit for something new to complete the perfect package.
Reuse and refresh those Canva launch templates, show off the products that deserve a bit more love and get your customers just as excited as you are!