The Truth About “Selling Out”
Selling out of products is the dream, right?
At least it is for my clients when they’re at the beginning of a launch.
But every single time one of them has sold out of products quickly, they get frustrated and start second guessing their decisions on order quantity.
They are disappointed and fear that they may have left money on the table.
If ONLY they’d taken the plunge and ordered more units, they’d have made SO. MUCH. MORE. MONEY.
But here’s what I need you to know:
It’s OK to sell out of your inventory.
Dare I say, it’s ideal.
The truth is, being left with inventory is a tough situation.
If your products are dated, you have a very small window of opportunity to sell them. If they’re not dated, you could end up paying more than you bargained for to store them for extra months . . . or even years.
(Yes, storing inventory costs money. Disposing of inventory will also cost you money.)
So let’s flip that script, once and for all, and rejoice in selling out.
Take pride in your accomplishment and use this experience as a learning lesson next time you order.
But — word of caution — don’t go crazy and order TONS of stock the next time around. Be conservative and take baby steps when it comes to increasing your order quantities. You’ll find your sweet spot over the course of a few quick years.
And now you’re probably thinking, “OK, but Heather, what if I don’t sell out? How do I move all of this extra inventory?”
Well, my friend, let’s get those selling strategy ideas flowing:
3 Sales Strategies for Moving Leftover Inventory
01. Bundle your products.
Customers LOVE a good deal, and a great way to serve that to them while also benefiting your bottom line, and relieving some storage space, is through product bundling. Bundle products together that complement one another or build on top of each other to create a seamless experience your customers will love.
02. Host a flash sale.
Generate a little urgency and excitement by hosting a flash sale. You don’t have to include your entire shop in the sale, either. Try hosting a flash sale specifically for the product or category you’re trying to move. Make it exclusive by opening the flash sale to email subscribers only or add a little fun by including a small bonus with every order.
03. Donate your product.
If you’re passionate about a specific cause, donating leftover product — to teachers, students, members of support groups, etc. — is a great way to move inventory for a great cause. This can also be an opportunity to expand on your brand story and mission in the process!
Selling doesn’t have to be complicated. And selling out can absolutely be a GOOD thing. Build your product business organically and grow with your customer demand for a more seamless, manageable experience.
Have you been feeling inspired and ready to kick off the design process for your own custom planner?
I created a guide featuring 5 things your day planner MUST include . . . and it’s available now at the link below.