Limited-time offers are an effective way to encourage prospective customers to take action now rather than later. In the world of B2B sales, any purchase is a big decision, which is why many prospects are reluctant to sign a sales contract and hand over their financial information. Unfortunately, this inaction makes it difficult for salespersons to generate sales. But there are several ways to overcome this hurdle, one of which involves using a limited-time offer.
Limited-Time Offers: the Basics
So, what exactly is a limited-time offer and how can attract grow revenue for your business? A limited-time offer is exactly what it sounds like: a special discount or promotional offer that's only good for a limited time. For instance, you can offer a 10% discount on all forklifts ordered in the next 48 hours. With the promotion lasting for just a short period of time, it creates a sense of urgency that entices that prospects to take action.
This can also be an effective tool in cleaning your pipeline too. If you feel that a prospect has been "stuck" for too long, you can use an offer to further qualfiy them. If you are still unable to force an action, you might need to re-evauluate how serious they actually are.
Honor the Time Restrictions
If you're going to use a limited-time offer, make sure you honor the offer by ending the promotion at the specified date and time. Extending the offer another day or two may sound harmless enough, but it could backfire by lowering the satisfaction of your existing customers. If an offer is good for 2 days, deactivate it after 48 hours to ensure a high level of customer satisfaction.
Use a Call to Action
You can further enhance the effectiveness of your limited-time offers by using a call to action. Studies have shown that offers with call to actions receive more conversions that offers without them. Whether you are marketing your equipment/services via direct mail, online advertising, email, etc., use a call to action to increase transactions.
Here are some examples of effective call to actions:
Don't limit yourself to a single call to action. Rather, split-test two or more to see which ones work best.
Avoid Complex, Complicated Limited-Time Offers
Simplicity is key to running a successful limited-time offer. If your offer is overly complex and complicated, it may discourage some prospects from utilizing it. On the other hand, simple offers are more attractive and easier for prospects to understand, making them more effective at encouraging prospects to take action.