Today’s consumer is increasingly demanding, and is constantly looking for an appreciation for their status as a buyer through special privileges that meet their expectations. In the backdrop of this landscape, brands have to get more creative with their sales strategy to first convert prospects into customers, and then to increase their loyalty. One of the most fashionable sales strategies employed by leading brands, such as SSENSE, Hugo Boss, UNKNWN, and Harry Rosen to name a few, is Private Sale events.
What is a Private Sale event?
A Private Sale event is a sales strategy that provides customers with a curated product selection at exclusive clientele pricing. The Private Sale event exists for a limited time only and is characterized by limited access to a restricted set of customers – hence the qualifier “private”.
Why offer Private Sale events?
Brands can leverage Private Sale events to achieve different objectives:
- Increase sell-through of specific products. Brands can use Private Sale events to quickly and effectively sell certain products, whether it’s to get shoppers to try specific products, get rid of products before the end of a season, etc.
- Develop a privileged relationship with your customers. Whether you’re looking to activate a new customer base or show your appreciation for your loyal customers, Private Sale events allow you to develop a privileged relationship with your customers as the events are not made available to everyone. You can choose to curate exclusive products, offer exclusive clientele pricing, or a combination of the two.
- Safeguard your brand image. Private Sale events, by definition, are only visible and accessible to the specific customers invited to them. Whereas mass promotions (i.e., promotions that are offered to all your customers and are public on your site) can erode your brand equity, Private Sale events safeguards your brand image.
How to successfully organize and execute Private Sale events?
Polymatiks’ Members-Only Private Sale product allows brands to create Private Sale events in minutes. More importantly, Private Sale events can be made available to all customers with an account, or tailored to different customer segments (based on customers’ spend), thus allowing you to further tailor your events. Once customers are signed in, they will see the exclusive clientele pricing for the curated product selection you’ve set, and no coupons are ever required!
Next, getting the word out is of paramount important. Use every channel at your disposal to let prospects and existing customers know of your Private Sale event. Whether it’s through a banner on your site, email / sms marketing, Facebook, Instagram, etc., make sure people know.