How do you get rid of an inventory of reproductions, note cards, calendars, or anything else you no longer want to promote and sell? Have a sale!
Here are some parameters for structuring your sale.
Count Your Inventory
Conduct a detailed inventory of what you have in stock.
Set a goal! How many would you like to sell?
Decide on the Discount
The easiest way to have a sale is to offer a flat discount on everything you decide to include.
Decide that you really want to get rid of inventory – a lot of inventory. Figure out the costs that were involved in making those reproductions and see that you recoup as much of your investment as possible, but also get rid of as much as you can.
How low can you go with your prices? 30% off? 40% off?
Keep It Simple
Resist the urge to provide a lot of options in your sale. The worst sale results I’ve had were when I offered 3 options for buying my book.
It hard to explain complicated options well enough that people can discern the value in each. When people have to make a decision based on too many variables, many of them will abandon the idea. Make it easy for them to decide: Yes or No.
Trust me. Simple is best – for you to explain the details and for potential buyers to reach a decision.
Add a Twist
I know I just said to keep it simple, but you should also make it interesting.
You could, for instance, start your sale with 70% off and subtract 10% each week as motivation to buy earlier. So the second week your sale items are 60% off and the third week they’re just 50% off.
Stick to a Time Frame
Decide on your beginning and ending dates and stick with them.
People need a compelling reason to buy NOW. The sale has to end within a relatively short period of time.
Make it a 1- or 2-week sale so that you don’t have to promote it after that. Long sales get tiresome and people lose interest. After 2 weeks, you can quietly keep the discounted prices if you have remaining inventory.
If the original has sold, offer the reproductions to the owner of the original at cost. No, you won’t make any money on this, but you will gain trust and a deeper level of friendship from your collector.
After that, extend your offer to previous buyers first, perhaps even giving them a little bit extra because they purchased at a higher price.
How have sales worked for you? What lessons have you learned?