Are You Sick And Tired Of Your Inventory Control Being An Issue?
So entrepreneur what’s your best or current method for effective inventory control? After all, is there anything worst than wanting to purchase something (right now) and the company doesn’t currently have that particular item in stock. It sort of makes you crave it even more, on some deeper level, doesn’t it?
Now you’re convinced (more than ever), you’ve simply gotta have it. Especially if the item is kinda on the expensive side. Ever experience that emotional roller coaster? Now on the conventional side of things, there are typically at least four major inventory control issues that are constantly ongoing.
1.) Let’s face it, you’ve gotta know how much physical inventory you currently have, right? 2.) Next, you also need to know how much to order of each item in the future 3.) And it doesn’t hurt if you know what you’re going to do with the occasional overages. 4.) And of course, what to do when you encounter the inevitable shortages. Ah yes!
How To Strategically Take The Sting Out Of Your Inventory Control Issues!
The aforementioned paragraph dealt briefly with the conventional approach of effectively dealing with any ongoing inventory control issues. However, this paragraph will delve deeper into the marketing possibilities, as they relate to systematically dealing with your inventory control issues.
For ex; suppose there is a local furniture store that occasionally has various ongoing inventory control issues. And you can bet they do. And for this particular example, let’s say they’re wondering, what (if anything) they can or should consistently do with their occasional excess inventory.(Besides sell it at a deep discount or a loss!)
Well for starters, every time their staff does a delivery.(Which probably amounts to a lot throughout the entire year.) Why not start inexpensively testing, by offering their satisfied customers, right after they sign off on and acknowledge their satisfactory of the delivery.
The delivery crew hands them an extremely limited time sensitive “come back and spend at least X amount of dollars” discount coupon. And when they do, your in store staff directs them to a special section of the store/showroom where (as long as) they’ve spend at least X amount of dollars or more, than they can purchase any of these select items,(aka ) excess inventory items for an extremely limited time of course, at an extremely advantageous positive word of mouth discount!
They can purchase certain select items, in this particular case (your excess inventory), for just 10-30% above your actual cost. The reason for the sliding scale is because, just depending on what part of the year it is, this may affect how soon certain items can easily be replaced, if at all!
But in any event, your current delivery customers will never pay above (say) 35%of your actual cost. Provided they purchase before the time sensitive discount coupon expires.And they?
And in part two, you can probably anticipate at least two other ways, they can maximize their savings as well. Until then, entrepreneur do you see how this incredibly simple (non traditional) marketing strategy, can and will help you effectively manage your inventory control issues? Say yes. Great. If there no more questions, see you in part two.
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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