If you’re struggling to shift your inventory, you can feel like you are bashing your head against a brick wall. You’ve invested in all this stock, but now you are struggling to actually get rid of it. It can feel like a nightmare.
Fortunately, this post is here to help. In it, we take a look at some of the ways you can get products flying off the shelves, even if right now it doesn’t seem like anyone is interested.
Sell The Benefits
You’ve heard it said a thousand times before, but people don’t buy products, they buy benefits. So instead of harping on about the features of the product itself, talk about the ways that it will improve customers’ lives.
If you are overstocked on seasonal goods, this approach can still work. Look for opportunities to talk about how the products will help people and the direct impact that they will have on their lives. Concentrate your marketing efforts on the ultimate service that people want. So, for instance, if you are struggling to shift stock of disposable BBQs, focus on how they enable people to have a good time with their friends.
Identify The Problem
You can also take a different approach and try to identify the problem that your product solves for customers. Don’t assume that you know what this is right now or how to communicate it properly.
In many cases, problems are not obvious and clear. Your product might solve problems for customers, but they may not see how.
Try to change how you communicate these ideas. Do surveys to test customers to see whether they really understand the value of your product. Many times, they won’t.
Use Real-Life Events
Real-life events are often a great way to trigger mass sales for goods. The people you invite often become brand fanatics, getting other people to purchase them via word of mouth. Next time you are brainstorming corporate event ideas, think about how you might use them to push your products. The more you can communicate the benefits, the more likely people are to buy.
Use More Content Marketing
If you are struggling to understand why your rivals are selling so much more merchandise than you, it could be due to your content marketing. You may have simply got your SEO strategy wrong.
Go back through who your content is reaching. Ask yourself whether these are the same people who are buying your products. If there is a mismatch, it could indicate that you have made an error in your strategy. You may need to adjust who you sell to, the channels you use to sell your products or the amount of money you’re spending to acquire customers.
In some cases, you may need to cold-call customers to shift unwanted inventory. Many times, you don’t have the right marketing in place to shift stock in a reasonable timeframe.
Cold calling has a bad rap – and it can hurt your brand – but it is also effective for selling products at discounts. When you call people to flog your items, make sure that you offer them real value. People will be naturally skeptical if you ring them up, and some will just put the phone down on you. But if you can make 100 calls per hour, you are bound to make a sale at some point.
Change The Price
Selling goods at cost or below cost can feel like a missed opportunity. But getting rid of stock is always better than hanging onto items you will never be able to sell at the regular price.
Don’t be afraid to lower your price. At least when you do this, you get something in exchange for your products. And consumers like it too because they begin to associate your brand with getting a bargain.
Learn To Negotiate
If you can, look for outcomes that benefit both parties in the transaction. Clearly, you want to sell goods, but what are your leads getting out of the interaction? The answer might be obvious to you, but it might not be to them.
When conducting negotiations, always go in prepared. Think about the kind of objections that your customers might raise. Also, be patient. Understand that people won’t necessarily want to part with their money until they understand the benefits of their decision. You should also ask as many questions as you like to find out what they need.
In summary, shifting unwanted inventory can be a challenge, but there is almost always a way through. The most critical thing is to get some money for the merchandise, even if that means selling it at a loss.