Why Limited Time Offers Work
It’s no secret that LTOs can work wonders for a product line. They can generate additional returns and expose new consumers to the brand. Data shows that for LTOs, companies can ask for higher prices or sell smaller pack sizes for the regular price. Consumers are less sensitive to pricing with these types of offers since they tend to be driven by emotions when compared to other product purchases.
3 Ways to Jazz Up Your LTO
For foods and beverages, appearance is paramount when it comes to LTOs. Whether it’s bold colors, sparkly toppings, or clever packaging, LTOs will get the most mileage if they are designed to be Instagrammable. People eat with their eyes, and until they can taste the product, their purchase decision will be based largely on what they see.
With that in mind, here are three strategies for creating a successful LTO:
1. Seasonal Offerings
Seasonal offerings include holidays, as well as popular events like the Super Bowl and the Olympics. Seasonal LTOs should embrace flavor associations where possible, such as pumpkin spice for autumn, but should always deliver on visual expectations.