Pillowcase Peggy- How to Get Rid of Stale Inventory?

starr hall
starr hall
Dear Starr,
My business has been struggling for a couple years.  I have inventory that I need to liquidate in order to be able to create new product.  Catch 22 situation which has left me “stuck”.
Question – How do I get rid of my current inventory without the appearance to customers that I’m not “going out of business”? While I have a facebook page and twitter account, I am not utilizing social media to it’s fullest potential and don’t know how to promote a “sale” that will attract NEW customers.
At this point I just want all of it gone so I can move forward.
I look forward to your advice!

Thank you!

Peggy Schafer Vincent
President/Owner
comfycozy.com – the original “magical” GLOW IN THE DARK Pillowcases

 

Answer:

Dear Pillowcase Peggy, 
 
Having stale inventory can not only affect the bottom line, it can also keep you up at night, no matter how great the pillowcase. Here are a few things to consider to help you blow out inventory to create cash flow or just move the energy out. 
 

1) Offer multiple purchase or bulk purchase discounts, whether it’s a “two for one,” “buy one, get one free,” or steep discounts for bulk purchases, motivate customers to buy more than one product at a time. Have you ever seen the buy one for $19.95 and we will give you a second one for free approach on TV? It still works. 

2) Offer bundles, “Package” a number of products or services into one with a large overall discount. This gives the buyer a very high perceived value and moves a lot of merchandise at once. For example, we sell all of our linens together at a significant discount.
 
3) Offer extremely steep discounts, these have to be significant (50% or more) but for a limited time only — to motivate customers to buy now.
 
4) Use your products or services as an incentive to get others to become salespeople for you. “Get one free pillowcase with each new customer you refer.”
 
5) Use products or services that you know customers aren’t going to buy as a retention and mechanism for building good will.
 
6) Give your products or services to organizations that can raise your visibility, such as local public radio stations, community events, schools as a marketing approach. For you- kid’s schools, PTA programs. 


Last but not least, speak to other suppliers about purchasing excess inventory. Offer a wholesale price on inventory, yes you can even do this with competitors. Selling excess inventory allows you to earn back your investment and not have to store the items.

Wait, I have another last but not least- socially push these messages across Facebook and twitter. Look up your target audience via keywords on these channels, and reach out to them. Moms, dads, aunts, uncles and YES grandparents (they are becoming more social savvy) talking about buying gifts for kids, baby showers etc… and use Facebook promote post ads for as little as $5.00- those can be very effective. 
 
PS- Your website needs help :) I say send me questions about your website so that I can offer you some help in this area. Iyahhh!
Double PSS- You need to get current media/press coverage and features again. Move that brand forward. 
Sweet marketing, 
Starr Hall 

3 Comments

  • PEGGY says:

    THANKS Starr! Been digesting this all weekend and looking to implement some of your suggestions this week. Yep, I know my site needs lots of HELP. Will be sending questions:) Thanks again!

    • starrhall says:

      Sure thing, I look forward to hearing from you. Post here when you start to try out some of these inventory blow out tips and tricks. :)

  • PEGGY says:

    Gearing up to announce a “Super Summer Sale” to start clearing out some of our inventory! Will let you know how it goes. Thanks again!!

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