Grow your business

How to Increase Revenue Through Time-Limited Promotions And Referral Programs

Written by:
| Updated:
January 17, 2025
How to increase revenue
SHARE THIS BLOG

When running a business, particularly in its early stages, one of the primary goals is to increase revenue and attract a loyal customer base. This was my struggle when I launched ReDahlia back in 2015.

Two highly effective strategies for achieving these objectives are limited-time promotions and referral programs. Both methods drove immediate results for my team, helping us create customer loyalty and foster organic growth. I gladly teach the strategies we use in the Entrepreneurs Success Blueprint Program.

There are different ways to increase revenue for your business. For this article, we will focus on offering limited time-limited promotions and referral programs.

Let’s delve into how you can implement these strategies successfully.

Limited-Time Promotions

You can successfully increase your revenue using limited-time promotion strategically.

Limited-time promotions are designed to create urgency and compel customers to make purchases quickly. By offering exclusive deals for a short period, businesses can drive sales, clear inventory and attract new customers.

Advertisement

Examples of Limited-Time Promotions

For instance, imagine a small boutique clothing store that decides to announce a “48-Hour Flash Sale” with a 40% discount on select items.

This creates a sense of urgency, encouraging customers to act fast before the deal expires.

Additionally, the store might offer BOGO deals, such as “Buy One Dress, Get the Second at 50% Off,” which incentivises customers to purchase more, thereby increasing revenue per sale.

To expand its online reach, the boutique could offer exclusive discount codes valid only for online purchases during the weekend. For example, a 20% discount code for first-time online shoppers can encourage customers to explore the convenience of shopping online.

Similarly, holding a limited-time clearance sale to offload older inventory not only attracts bargain hunters but also makes room for new stock.

By offering deep discounts on past-season items, businesses can draw in customers who value good deals while creating excitement around the brand.

Steps To Implement Limited-Time Promotions

1. Define the offer. 

Identify the type of promotion (e.g., flash sale, BOGO, clearance sale) and the specific products or services to include. Decide the discount percentage or incentive that aligns with your business goals.

2. Set a time frame. 

Establish a clear start and end date for the promotion to create urgency.

3. Prepare the marketing materials. 

Develop engaging graphics, email templates and website banners to promote the offer across all channels.

4. Promote the promotion. 

Use social media, email marketing and in-store signage (for brick-and-mortar businesses) to spread the word. Leverage countdown timers to emphasise the urgency.

5. Monitor the results. 

Track sales and customer engagement during the promotion period. Gather feedback to refine future campaigns.

Marketing plays a crucial role in the success of these promotions. Be sure to use social media platforms like Instagram and Facebook to share visually appealing posts and stories about the sale.

Countdown timers in these posts and on the company website can add an extra layer of urgency. Targeted email campaigns with enticing subject lines like “48 Hours Only: Flash Sale Now Live!” can drive direct engagement with subscribers.

Additionally, for brick-and-mortar businesses, in-store signage and website banners prominently showcasing the promotions can ensure customers are aware of the offers.

The key to success lies in clear and consistent communication about the time-sensitive nature of the promotions. Customers need to feel the urgency to act quickly to make these offers a powerful tool for boosting sales in a short timeframe.

Referral Programs

A referral program is one of the ways to increase your business’s revenue.

A referral program leverages the power of word-of-mouth marketing by encouraging existing customers to bring new customers to your business. It’s an effective way to grow your customer base while rewarding loyal patrons. This is the method my team deployed for ReDahlia Workspaces.

Take, for example, an online clothing store that offers a $20 discount to the referrer for every successful referral, while the referred customer enjoys 10% off their first purchase.

By assigning each customer a unique referral code or link, the business ensures accurate tracking and attribution of rewards.

Steps To Implement Referral Programs

1.    Design the incentive structure. 

Offer clear and enticing rewards, such as discounts, gift cards or exclusive products, for both referrers and referred customers.

2.    Set up tracking mechanisms. 

Use referral tracking software or unique referral codes to ensure accuracy and transparency.

3.   Develop promotional materials. 

Create easy-to-understand instructions for participation and promotional graphics for social media and emails.

4.   Simplify sharing. 

Provide customers with tools to share referral codes or links via email, social media and messaging apps.

5.   Launch and monitor. 

Announce the program through all marketing channels and track its performance. Collect feedback to identify areas for improvement.

See Also: How to ask for referral and grow your business.

Promoting the program effectively is important. Your store can feature the referral program prominently on its home page and create social media posts explaining how it works.

Email campaigns highlighting the dual benefits—rewards for both the referrer and the new customer—can motivate participation.

Simplifying the sharing process by allowing customers to share their referral codes or links via email, social media or messaging apps can further increase engagement. For example, adding a “Share Your Code” button on the checkout page can make it easy for customers to participate.

Introducing referral contests can add excitement to the program. For instance, the store might run a monthly contest offering a special prize, such as a gift card or a free product, to the customer with the most referrals.

Recognising and appreciating customers who actively refer others through thank-you notes, exclusive discounts or free gifts can further reinforce loyalty and participation.

Partnering with influencers or affiliates who align with the brand can amplify the reach of the referral program. By providing them with unique referral codes or links, businesses can tap into new audiences and attract potential customers who trust these endorsements.

By designing a program that is easy to join, clear in its rewards and transparent in its operations, businesses can create a sustainable and effective strategy for organic growth.

Final Thoughts

By incorporating limited-time promotions and referral programs into your marketing strategy, you can create a ripple effect that will increase your revenue, strengthen customer loyalty and expands your reach. Start small, monitor the results and scale as you gain insights into what works best for your business.

This was first published on Forbes.com by Florence Chikezie as Forbes Coaches Council member.

SHARE THIS BLOG

Ready to launch your dream business? Join the paid Entrepreneur 30/30 – Start Your Business in 30 Days Programme and turn your idea into reality alongside other entrepreneurs with expert mentorship. Click to register now!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ABOUT THE AUTHOR

Florence Chikezie

Related posts

This is how we can help you

Entrepreneurs work with established businesses, aspiring entrepreneurs, and those looking to scale across various industries—product-based, service-based, and beyond. We serve clients across Africa and globally, wherever you are.

Entrepreneurs Success Blueprint Program

Ask an expert

Shared and virtual offices

Entrepreneur books and courses

Reach our Audience, Accelerate your Business Growth.

Over the past 9 years we’ve reached over a million Entrepreneurs yearly. Let us put your business in front of our audience through a tailored SEO Centric and Newsletter strategy that will get you results.

Get our Best Content in your Inbox

Join 20k+ entrepreneurs for  strategies and resources you could ever need to launch, grow and scale your business — straight to your email!

Entrepreneurs Sign Up

Entrepreneurs.ng only uses this info to send content and updates. You may unsubscribe anytime.