Using Daily Deals To Move Old Stock
Daily deals as a marketing technique has undergone a typical evolution since first being popularised: Starting off as the hip new idea that people got excited about, then cooling off as people began to see some of the limitations of the approach and seeing some of the pundits declare it to be a dead or dying fad, and now settling into a long-tail existence as one more standard tool in the marketing world's toolbox.
Daily deals may not have the luster of a few years ago, but it's a proven strategy that still works when applied correctly and used with a dash of creativity.
One awesome sector that benefits tremendously from a daily deal strategy is old stock and backlist items.
eBooks Lead the Way A perfect example of this strategy was recently used by Harper Fiction.
The novel Gone, Baby, Gone by Dennis LeHane was a huge hit in 1998, a bestselling novel that was turned into a film.
However, fifteen years later the eBook of Gone, Baby, Gone typically sells fewer than two dozen copies on a given day - a fairly common sell-through for older works.
Harper then announced a one-day deal: For 24 hours the eBook, usually priced at $6.
99, would be just $1.
99.
A daily deal email went out to Harper's mailing lists.
Sales during that 24-hour period? Over 13,000.
Built to Scale Now, not every product out there has a Hollywood film acting as a commercial for it, but the bones of this strategy scale up or down: If you have older, unsold stock, or if sales of a popular item have flattened out, a Daily Deal is the ticket to rejuvenating interest and excitement.
The short term of the deal excites people and creates a fresh demand as people worry they will "miss out.
" The sudden rush of sales and adoptions creates a fresh wave of product reviews and word of mouth, which translates into ongoing higher sales numbers.
Finally, for the people who were not on your list and were unaware of the deal, the bitter sense of having missed out motivates them to sign up for future deals and possibly even buy the items at full price.
So if your business has stockrooms filled with items that either never quite took off or which had their moment in the sun and now languish, taking up space, design a Daily Deal around them.
Careful research and planning can make your Daily Deals exciting, and move older stock out the door while simultaneously generating buzz and great publicity.
The Daily Deal has evolved into a standard tool - but that doesn't mean you have to use it in standard ways!
Daily deals may not have the luster of a few years ago, but it's a proven strategy that still works when applied correctly and used with a dash of creativity.
One awesome sector that benefits tremendously from a daily deal strategy is old stock and backlist items.
eBooks Lead the Way A perfect example of this strategy was recently used by Harper Fiction.
The novel Gone, Baby, Gone by Dennis LeHane was a huge hit in 1998, a bestselling novel that was turned into a film.
However, fifteen years later the eBook of Gone, Baby, Gone typically sells fewer than two dozen copies on a given day - a fairly common sell-through for older works.
Harper then announced a one-day deal: For 24 hours the eBook, usually priced at $6.
99, would be just $1.
99.
A daily deal email went out to Harper's mailing lists.
Sales during that 24-hour period? Over 13,000.
Built to Scale Now, not every product out there has a Hollywood film acting as a commercial for it, but the bones of this strategy scale up or down: If you have older, unsold stock, or if sales of a popular item have flattened out, a Daily Deal is the ticket to rejuvenating interest and excitement.
The short term of the deal excites people and creates a fresh demand as people worry they will "miss out.
" The sudden rush of sales and adoptions creates a fresh wave of product reviews and word of mouth, which translates into ongoing higher sales numbers.
Finally, for the people who were not on your list and were unaware of the deal, the bitter sense of having missed out motivates them to sign up for future deals and possibly even buy the items at full price.
So if your business has stockrooms filled with items that either never quite took off or which had their moment in the sun and now languish, taking up space, design a Daily Deal around them.
Careful research and planning can make your Daily Deals exciting, and move older stock out the door while simultaneously generating buzz and great publicity.
The Daily Deal has evolved into a standard tool - but that doesn't mean you have to use it in standard ways!
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