Sales Tip: Try out some marketing tactics

You may want to use some of the marketing tactics the retailers use so successfully. For example, an email/text to all your customers highlighting that you just returned from your company trade show, and you have excellent levels of your popular products plus many of those hard-to-get items, can go a long way. 

So far, you’re announcing that you have an excellent inventory of cool products for sale that are not on sale. However, sometimes the time comes in business when you need to reduce some inventory and you need to do it quickly. So, think retail.

By advertising that you have some products that are on sale or have excellent pricing, you get your audience’s attention. Secondly, you’re not saying everything is on sale just that some things are.

Start this project with your product spreadsheet. This spreadsheet should show you the quantity on hand, movement, costs, list price, and margins.

Those high-margin, slow-moving products could be your first targets. Discounting some of these slow-moving items, which you have probably already paid for, will free up some cash to help with those pesky trade show invoices.

The next target of your discounting program could be those convenience items like beef jerky or drink mixes. These items should be exceptionally high-margin items to begin with so advertising them at lower prices will also get some attention and create some revenue.