You may want to use some of the marketing tactics that retailers use so successfully. An email or 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. People still remember all those supply chain product shortages, so use this to your advantage.
Our objective here is to remind your technicians that you are a reliable source for the products they need. You are the jobber they can rely on.
So far, you’re announcing that you have an excellent inventory of cool products for sale that are not on sale. However, 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 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.
Our objective here is to make some noise in your marketplace because you have excellent inventory and excellent prices. You’re not giving away the store – you’re advertising, you’re marketing, you’re selling.
How many times have you seen a store with the sign out front: BIG SALE! You walk in the store only to find some selected items up front on sale, but most of the products are simply for sale at regular prices. The BIG SALE sign got you in the door, and even if you did or didn’t purchase an item that was on sale, you probably bought some other full-price items. Like when you go into Costco only to get that $4.99 rotisserie chicken and you come out with the chicken, wine, a shirt, and a new 65” TV.
