How Urgency Can Drive Your Revenue Boost for BFCM

As the holiday season approaches, store owners are eager to find ways to maximize their revenue. In addition to optimizing prices, expanding product lines to suit the holiday atmosphere, and implementing marketing strategies, understanding consumer psychology to create methods that stimulate shopping demand is also an effective and cost-efficient approach. One standout method is time-limited campaigns, also known as Limited-time offers (LTO).

In this article, we’ll walk through how to plan, set up, promote, and track the success of your LTO campaigns with BON Loyalty.

Identify your goals for LTO campaigns

Crafting effective LTO campaigns requires a clear understanding of your business goals. BON Loyalty offers customizable solutions designed to help merchants drive increased store traffic and boost overall sales: 

• If you wish to attract new customers and convert them into loyal patrons, consider launching an LTO campaign that rewards customers for creating an account. This incentivizes sign-ups and provides a compelling reason for first-time buyers to return.
• If your aim is to encourage repeat purchases and increase average order values, an LTO campaign tied to completing an order can be highly effective. This strategy not only drives immediate sales but also fosters long-term customer loyalty.

After identifying the goals of your campaign, you’ll need to determine the main customer segments you want to target during this period.

Tip: Don’t just settle for one generic customer persona. Try to understand your buyers as thoroughly as possible. You can use methods such as customer feedback, surveys, reviews, and data analysis to gain insights into your customers’ preferences, behavior, and satisfaction. 

From this, you should be able to gather what your customers want, need, and expect from your business, as well as how they respond to different types of offers.

You can also segment your customers into different groups based on their demographics, psychographics, and purchase history, and tailor your LTOs accordingly. For example, you might offer a family-friendly deal for parents with kids, a health-conscious option for fitness enthusiasts, or a premium experience for high-end customers.

Setting up your LTO campaigns

BON Loyalty’s Limited-Time Offer (LTO) feature allows merchants to offer extra loyalty points to customers when they complete specific actions, such as signing up for a loyalty membership or placing an order. These limited-time campaigns help create a sense of urgency, encouraging customers to take action quickly to earn more points.

For example, during an LTO campaign, when a customer creates a loyalty account, they could receive extra points on top of the standard reward. This motivates new customers to sign up and get involved in the loyalty program immediately.

Setting the right point amounts for maximizing the impacts

To set up a successful LTO campaign, it’s essential to assign the right number of extra points. 

Here’s a helpful guideline:

• Let’s say the default reward for creating an account is 100 points. During the LTO, you can double this amount to offer 200 points.
• Make sure the total points earned during the LTO are equal to or greater than the number of points needed to redeem your lowest-tier reward. This will motivate new customers to not only sign up but also place their first order to use their points for a reward.

By offering a high enough point incentive, you create an immediate sense of value for the customer, increasing their likelihood to engage with your loyalty program and make purchases. This approach can help convert one-time visitors into repeat buyers.

Choose a suitable time period for each campaign

An LTO campaign designed to encourage account sign-ups should typically run for 3 to 7 days. This duration effectively balances the need to create a sense of urgency while providing potential customers sufficient time to discover and take advantage of the offer. You should set up this rule and activate it before the BFCM month starts. It should enable you to build and expand your customer base. 

Some reasons while 3-7 days is an optimized length for this campaign: 

• A 3-day campaign can generate immediate excitement and drive quick action from visitors who are already engaged with your brand.
• A 7-day campaign allows for broader outreach through various channels, such as email, social media, and on-site pop-ups, while still maintaining a sense of urgency.

Meanwhile, an LTO campaign for placing an order typically lasts between 3 days to 2 weeks. For short campaigns which last for days,  they encourage customers to act quickly, especially during high-demand periods like holidays or special sales events. On the other hand, longer campaigns provide customers with more time to participate, which can be useful if you need to reach a broader audience or are promoting larger purchases that require more consideration.

How to attract my customers to my campaign?

Effective promotion is essential for the success of your LTO campaigns. BON Loyalty simplifies this process by offering customizable pop-up options that can be seamlessly integrated into your website, directly showcasing your limited-time offers to browsing customers.

Furthermore, BON Loyalty integrates with popular email marketing platforms like Klaviyo and Dotdigital, providing you with versatile channels to promote your LTO deals through personalized email campaigns. 

By utilizing these platforms, you can effectively reach your customers with targeted messages, driving increased traffic and engagement.

Track the Success of Your Campaign

Once your LTO campaign is up and running, it’s important to track its performance to understand what’s working and where you can improve. BON Loyalty offers an Analytics feature that allows merchants to monitor key metrics such as:

• Revenue generated from the campaign
• Number of new loyalty members
• Total points earned and redeemed

By keeping an eye on these insights, you can assess the success of your LTO campaign and make adjustments as needed for future promotions.

Conclusion

By strategically implementing limited-time offers (LTOs) using BON Loyalty, you can effectively drive customer engagement, increase sales, and boost your overall revenue during the Black Friday and Cyber Monday season. 

By carefully planning your campaigns, setting the right incentives, and effectively promoting your offers, you can create a sense of urgency and excitement that motivates customers to take action. Remember to track your campaign’s performance using BON Loyalty’s analytics features to refine your strategies for future promotions and maximize your success throughout the holiday season.

Frequently-Asked-Question

1. What is a Limited-Time Offer (LTO) campaign?

An LTO campaign is a marketing strategy where merchants offer special rewards, such as extra loyalty points or discounts, for a limited period. The goal is to create a sense of urgency, encouraging customers to take action quickly, such as signing up for a loyalty program or making a purchase.

2. How does BON Loyalty’s LTO feature work?

BON Loyalty’s LTO feature allows you to offer extra loyalty points when customers complete specific actions, like creating an account or placing an order. These points are awarded only during the campaign period, giving customers an incentive to act fast.

3. How long should an LTO campaign last?

The duration of your LTO campaign can vary depending on your objectives, but typical campaigns last between 3 days to 2 weeks. The key is to strike a balance between giving customers enough time to participate while keeping the urgency alive.

4. How can I promote my LTO campaign?

You can promote your LTO campaign using:

• Pop-ups on your website (customizable via BON Loyalty)
• Email marketing campaigns (BON integrates with providers like Klaviyo and Dotdigital)
• Social media posts and ads
• Banners on your homepage

5. Can I run multiple LTO campaigns at once?

Yes, you can run different LTO campaigns targeting various customer actions. For example, you could have one campaign offering extra points for creating an account and another for completing a purchase. Just ensure they are clearly communicated to avoid confusion.

The ultimate loyalty app you need for BFCM success

BON’s loyalty program is packed with powerful tools to earn loyalty from day one. All the essential features are available, plus advanced options to boost your BFCM sales: points on the product page, limited-time point offers, automated emails, and more!

Whether you’re a small shop or a large enterprise, our interface makes managing loyalty easy. We’re also here 24/7 to ensure your program delivers real, measurable results!