The term ‘firesale’ originated because those households that were damaged due to fire tried to sell off their wares which were also damaged at highly discounted prices to get some value out of something that was already lost. But now, over time, this term has been come to use for any sale of goods that is at discounted prices.
People generally take this measure of selling their possessions so cheap is because they face a threat of impending bankruptcy, and can thus make do with any small amount of money that they can obtain by selling their goods.
A firesale is necessarily distinguished if it incorporates the following features:
- Time Limited: A sale will be called a firesale only if it is bound by a time span, that is, for a short period of time, say, a week. A firesale cannot go on indefinitely.
- Low Prices: Since the purpose of this sale is to get quick money and get rid of the goods quickly, these sales offer a discount which actually becomes an incentive for people to come and have a look and pick up something they like, for a discount.
- Strong Purpose: Only if a sale is arranged with some end in mind, will it be categorized a firesale. For example, if you want to fund your children’s education, or if you want to add to your wedding budget, you could arrange for such a sale and get some extra cash.
A firesale necessarily passes through two important phases or cycles. There is no rule that this must happen, but this is generally the case:
- First Phase: This is when the sellers do not become very rigid about the prices they have in mind at which to sell their wares. This is primarily because they want to attract more and more people so that over the next few days they get a solid customer base. At this stage, therefore, the prices are rather flexible, and at times the sellers are even willing to go lower than their estimated price just to get people to buy more.
- Second Phase: Here is where the prices go up. Though they are still discounted, they are not throwaway prices. By this I mean that the prices actually get rigid because the sellers are now looking at a particular time frame of solid sales where they can make up for the losses they suffered earlier. So if you know how to time your visit to the sale, you can profit a great deal.
The concept of an online firesale is fast catching on these days. In case you still have not figured out what that is, then it is simple a firesale where the dealing happens online.
You provide your product description and the price you are looking at achieving for it, and people who view that description can respond via the online forums and get in touch with you. Here again timing plays an important part.
Here are a few things you need to keep in mind while trying to arrange for an online firesale for your wares:
- Product awareness: You need to find out how widely the details about your sale or your products are known. By means of advertisement you can reach out to a number of people. You will also have to ascertain whether the people inquiring about your product are actually interested or are they just wasting your time
- Pricing: The pricing if done cleverly can actually lead to a lot of gains. It is a clever marketing technique. A seller always tries to keep his prices low so that his products become popular and the demand for his products increases. Having gone on like this for a while, he increases a price in order to cash in on those people who would still buy the product even if the price has been increased a little. This is because the product is still being offered at a discount, slightly lower. After this the seller again lowers his price to get more new customer and the cycle repeats itself.
Therefore, one does not need to be a rocket scientist to profit from a firesale, just mere use of the common sense and the observation of the behavioral pattern of the people who are always on the lookout for such sales to happen are needed.
Making quick bucks with the Internet business cannot get simpler. With the duration of firesales lasting just about a week, many renowned marketers online have earned a six-figure income just in a few days from exciting firesales.
Below are listed some ideas to achieve sure shot success with fire sales:
Look for Profitable Joint Ventures
Being a joint effort by many marketers on the net, firesales are very easy to form. Also, being a combined effort of many marketers saves you from the time and the cost that you would have to devote to the business on your own for the creating firesales. In fact, many marketers view the creation of firesales as a one-time investment to get good returns in the future because of it.
But it cannot be denied that there are many other ways that can earn you money, other than the single-time investment as well. The reason behind the popularity of firesales among Joint Venture partners is the huge income potential on offer.
If they are aware that your offer will be too irresistible for people to leave out, they are assured of huge income by supporting you. They know that they just need to promote your products by sending some emails to a few of their clients, and then just watch profits come in the form of commissions.
Offer Quality Products
The product that is being offered for sale is the driving force of the firesales. The product which you intend to sell must have utility in the market. It is obvious that if you are selling generic E-books which are mostly available free of cost, not even the best technology will help you effect sales.
Besides, if the product is general like at any other place, people won’t be compelled to buy the product within the firesales. So introducing gifts and discounts is the trick here.
The tempting offers that are not available elsewhere will make them buy from you. As a matter of fact, if you organize various promotional activities of your product like contests, coupons, games, prizes, and various other forms of such events which will involve the consumers as well, then you can surely expect a huge increase in the overall profitability of your business.
Having an overview of your inventory may not be a fruitful idea if you deal with a single product. Firesales tempt people to buy products in an environment that any rational person would jump to buy in.
The ones that succeed are those ones which offer a great combination of products at a throwaway price. But as said, if you have only a single product to list, purchase products that have a resale right.
This may require you to invest a slightly more money to commence but is a great business option as regards future prospects. Spending about 500$-1,000$ is ideal here. Some products with rights of resale are listed on eBay as well, where they don’t cost much.
So why does firesales attract so much attention? Mainly due to the great bargain that are on the offer, and consumers always like to have as much bargain as possible. Also, if the bargains are attractive, scarcity will also be appreciated by consumers though they may state otherwise.
If they come across a good offer which will save them a hundred dollars, they will go for it irrespective of whether they need it or not. This will lead to further demand as those wanting the product might not be able to get it due to the increased purchases by those who even do not need it, so this invariably will lead to a further rise in the net sales.
These are some of the basic ideas that you can implement when you are ready to launch your own firesale. Remember, the more innovative you are with your firesales, the higher are you chances of achieving success with a blow out firesale!