Once you’ve identified your audience and trends to capitalize upon, developed your creative concepts and followed through with the launch and execution of your LTO, the final steps are to review and evaluate of the results:
To effectively approach this important final step, consider the following:
- What were the results of the LTO in terms of sales? Compare year-to-date and year-over-year performance
- What did you learn about your business, your customers, your partners, the products you offer, the LTO development process and sales trends?
- What was your ROI relative to the LTO? Were you able to achieve the expectations you set prior to launch? If not, what factors may have contributed to underperformance?
- What aspects of the LTO process did you find the most challenging and how might you streamline or be more efficient with future programs or offers?
Careful and honest consideration of the aforementioned factors will have you well on your way to achieving success with future LTOs while also providing a roadmap relative to the steps necessary for launching an effective limited time offer.
This concludes our Roadmap Series: How to Launch a Successful LTO. In summary, the important takeaways and core concepts to remember are:
1. Define Your Audience
2. Understand Trends and How to Use Them
3. Develop Sound Creative Concepts
4. Execution & Launch
5. Review & Analysis
Use these principles as a template and framework for developing fruitful limited time offers. Following these five steps as we have outlined will give you a head start in developing, marketing and executing strong and prosperous promotional offers.
Thank you for tuning in to our Roadmap Series and be on the lookout for new installments in the near future.
This is part five of a 5 part series on How to launch a successful Limited Time Offer (LTO).