Limited Time Offer – (Techniques to convert the prospect to sale at its earliest)

Going as per the sale process, there is always a time lag between the decision making and the actual purchase phase. It get to see the cooling of the time often costs the companies the prospects as there are chances that the prospect might break out from reaching to the actual sales stage. Limited time offer speed up this transition phase so that the companies can convert the prospect to sale on immediate basis.

The transition of a prospect to an actual sale covers up various stages as become evident from the marketing funnel model. As such, there is always string of transition time associated with this phase. Often it gets to see that a prospective buyer who might be was interested to avail the product and service at a point of time, looses his or her interest with the cooling of time and whenever such instances arrives it costs you a prospect. There fore, you need to have mechanisms that would expedite the decision making phase and the prospects hurry up to avail the product or the service within the shortest span of time, once they decide to avail the product and/or the services. Limited time offer can do magic to minimize the gap between the decision making and action stages.

Reasons the business houses needs to adapt the schemes of limited time offer

Reference to the model of sales funnel, the sales process trough several sub stages that marks the transition of the prospects to an actual buyer. The prospects go through steps where they come to know about the product and feels that they are in need to avail the same. This is the stage of decision making and passing through the stage the prospects lands to the action phase wherein he would be investing money on the product. It is observed that even after expressing the initial interest, the prospects tends to break away from the chain. Limited time offer comes helpful to reduce this phase of transition. Limited time offer serves to excite the prospects to an extent that they feel the product is really needed for them and they need to avail it upfront. Thus, it can be said that the purpose of the limited time offer is to reduce the time lag between the phases of decision making and the actual purchase stage.

Limited Period offers- the purposes it serves

Limited time offer is to make the customers excited to the extent that they purchase the product upfront. The more is the lag between the decision making and the actual purchase stage, higher are the chances that the prospect can slip out of the sales funnel and eventually you loose a prospect. A good Limited time offer would push the customers to speed up the transition steps so that you convert the prospect to a sale faster. Once you are able to convert the prospect fast, your inventory cost would be lower and as such, your overall business over heads would be lesser and thus you would move towards the line of profits. Thus, offering limited time offer you can speed up the transition time and doing so your business moves a step forward towards maximization of the sales revenues.

How to choose the scheme in the special offers?

However, while offering the limited period offer you need to choose a scheme that would match the objective of wining the customer faster. It implies, you have to decide the scheme in style that it would be able to entice the customers. Thus, you require going through lots of considerations as what to include in the limited period offer. Tough, the purpose of the limited period offer is to entice and excite the customers, but attempts to do it cheaply can result in creation of bad impression in the minds of the customers that they not only refrain from availing the offer but eventually, they totally turn back from the product.

Tips to select the scheme in the OTO

To select the scheme in the limited time offer, your prime focus has to be on the nature of the product that you are offering, the nature and style of your business and the target market for your products. Limited time offer are generally designed as timely discounts, concessions, free offers and other enticing schemes so on and so forth. The bottom line is pretty straight forward, you require create a feeling in the mind of the customers that they require availing the product upfront and the scheme in the limited time offer would give them really worth of a benefit.

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