How we change what others think, feel, believe and do

This Week Only

Disciplines > Marketing > Pricing > This Week Only

Description | Example | Discussion | See also

Description

One way of encouraging people to buy is to limit the time period during which the products are available at the given price.

This should be made clear, typically being on all sale literature and clearly displayed on price ticketing. The duration can be as little as an hour or a day, though durations in weeks are more common.

Example

A shop has a random 'Happy Monday' when a pile of goods sold at very low prices. These are at such a great bargain, they attract a regular set of shoppers who appear most Mondays (which is often a slow day) and who may well buy goods even if there is not a 'Happy Monday' event. By studying the effects, the shop discovers the most profitable rate of Happy Mondays to use.

A sales person offers a 'special discount, only today' as a regular way to get customers to decide to buy on the spot.

Discussion

It is not uncommon for companies to hold pretty permanent sales, to the point where customers realize that the 'recommended price' is not really the price. In such cases they become casual in their approach and treat the sale price as normal. They may even lose trust as they feel they are being deceived.

Limited duration sales sustain tension as customers know they are going to have to buy soon (and hence are more likely to buy today). As much as you can speed decision-making, the less likely it is that customers will find reasons not to buy.

Unexpected bargain 'flash' sales keep potential shoppers on their toes, so they think of you often and check in just in case something they want is available (or that there is something on sale that is 'too good to miss').

See also

Few Left At Price, Scarcity principle