We are in the second half of March. Whether you are the boss or employee of the company, or whether you are in Accounts, Marketing or Sales; You know the pressure that this season brings. Everyone is feeling the financial year end frenzy.

Time sensitive offers or limited period offers are backbone of marketing since ages. All of you must have seen limited period offers, flash deals, one-day discount deals with the aim to make everyone splurge during the festival seasons. The allure of these marketing deals and the discounts that they provide to the customers, is irresistible. Every festive season, we wait for our favourite store’s sale, and purchase the products that were in our wish lists. The discounts/ offers are designed to entice even the most patient person among us to a spending spree.  But why are the time bound promotions so potent?

Let us see a typical life-cycle of a promotional offer.

At the inception, we can see that some of the customers buy the products. These are the Early Adopters in the market. They are the ones that are enthusiastic or curious about the product and use promotion as a way to try new products.

After then comes the slump, which typically lasts till the last stages of the promotion. And then the magical thing happens – FOMO. FOMO or Fear of Missing Out kicks in during the last stages which triggers the on-fence customers to buy the product. Typically the customers who buy during the last phase of the campaign are more than those who bought at the earlier stage of the campaign, which indicates that FOMO along with the promotion is a stronger force than curiosity or enthusiasm.

Traditional marketers are using this psychological technique since a long time. Digital Marketers have followed suit. Many Digital platforms have seamlessly integrated these time-tested marketing ideas onto their environments. Major players like Google, for example, has promotion extension in their search engine results page which can be used to display such time bound offers natively in the platform.

Even real estate is not aloof to this psychology. Currently, we are running a similar time-bound promotion offer for our real state clients. Real Estate stamp duty and GST is set to increase in Maharashtra from April 1, 2022. Property developers and marketing agencies are using this opportunity to entice the customers to buy. Indeed, March has a lot to offer.

Time sensitivity in marketing has been and will always be crucial.

Source– Source: Anmek Report, Times of India, Me and The Hindu

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