How to Boost Sales with the L.I.M.I.T. Strategy

One of the most frustrating parts of being a business owner is when no one buys your product. You could have a growing email list, a great product, and interested customers, yet still wonder why no one is buying.

Often, the issue is that your customers don't need to decide today if your product is right for them. So, they delay their decision, leading to missed opportunities for them and you.

So how do you get them to decide? You must limit their option to buy. Here’s how you can do that effectively:

Use the L.I.M.I.T. Strategy:

1. L - Limit it to the first few: Restrict your offer to a certain number of buyers.
2. I - Implement a discount for a few days only: Offer a discount that is available for a limited time.
3. M - Make a bonus available for a limited time: Add a special bonus for purchases made within a specific period.
4. I - Increase the price after a set date: Announce a price increase that takes effect after a certain date.
5. T - Time-bound availability: Make your product available for purchase only during specific times, such as one week each month.

Getting creative with your offers, like providing a special payment plan available only for a limited time, can also drive urgency. Most sales for online businesses occur during promotional periods, confirming the 80/20 rule: 80% of sales happen in 20% of the timeframe.

If you're struggling to get customers to smash the buy button, think about how you can limit what they can buy or the price they can buy at, and see if that encourages them to take action.

A friend recently changed his entire model to shutting down registration to once a month and saw a massive increase in conversions and revenue. The 80/20 rule also consistently plays out during my own promotions.

So, if you don't have a built-in lever to prompt timely purchases (like a start date or event), create one using the L.I.M.I.T. strategy.