How are you getting rid of excess stock?
New year, better redemption area 🎉
There’s a choreographed dance to perform in order to have the right amount of prizes for your guests. Sometimes the steps between ordering just enough and ordering too much gets thrown offbeat.
You’re left with too much inventory and no idea how to move it. This keeps your capital tied up and restricts you from buying new & trendy items, or other items you know will move quicker.
Not all is lost! We’re here to give you some practical — and not-so-practical — ideas on how to get rid of all your extra product!
1 | DIY Party Bags
While we offer two great options for pre-assembled party bags to offer your party bookings, you can always make your own! Bag an assortment of small items from your excess inventory into one bag. Calculate the average cost of the items, add a profit margin percentage and voila! Offer them as an upsell opportunity for your party program.
2 | Create a marketing promotion
Ever wanted to try a crazy promotion, but never had a good enough reason? You might have all the reasons you need sitting in your stockroom, taking up space!
If you’re looking for somewhere to start, we suggest starting a “manage out” section on your wall. This can be a combination of all different types of items you want to move out of your inventory. Don’t forget merchandising best practices, though. Learn about those on our Merchandising 101 eCourse!
After you have your manage out section started, it’s time to work your magic! We suggest highlighting it somehow, so customers know that area of the wall is where the deals are happening. As far as deals, here are a few ideas:
- Tickets are worth double when redeeming from your manage out section
- Pre-load ~200 tickets on the redemption card for the guest’s next visit when they choose a prize from your manage out section
- Reduce the ticket amount for each prize in your manage out section
- Offer a free drink (or snack) when guests redeem from this section
- Send out a post on social media and offer a free prize — within a certain ticket value range — for mentioning the post when a guest is redeeming their tickets
3 | Donate, donate, donate
This won’t get you your money back, and we know that isn’t ideal, but this will help you stand out in your community. Doing good can be a marketing tactic, too!
We’ve connected with our local Ronald McDonald House Charities to stock a room full of toys for their guests. Check with your local Ronald McDonald House to see if they would be interested in taking some of your excess stock off your hands.
You could also donate to local doctor’s offices around your town. After all, getting a toy post-shot is a sure way to make the tears go away for a crying child.
Other places always looking for toys? Toys for Tots, day care centers, social services, children’s homes, churches, schools, police & fire stations.
4 | Host a bonfire
Alright, alright. This one is just for fun. Check with your local fire department before setting anything ablaze.
5 | Can you resell it?
There are local carnival companies all over the US. Here’s a directory! Call around to the ones in your state and see if any are interested in purchasing your excess inventory to use as prizes for their games. You might have to do some negotiating, but it never hurts to ask.
6| Put it in a time capsule
Because who doesn’t want to remember that time you had so many prizes you didn’t know what to do?! Kidding… but at least this would get them off your redemption wall and out of your sight!
7 | Have a raffle drawing
Put together themed baskets and sell raffle tickets on your busy days! By selling tickets, you are able to make back at least a little of your initial investment. This is also a great tactic to get people in the door. Promote your raffle drawings on social media and in your email marketing.
8 | Put it on the curb
If you don’t want it maybe your neighbors will. You sacrifice your return on investment, but hey, you just might become the new favorite neighbor on the block.
Moral of the story: Get out of the over-stock mess
The new year is a great time to start fresh. We want you to begin 2018 with good inventory and ordering processes. A few other quick tips to get you started:
Our Storyboards are a great way to limit your choices when ordering product — why make hundreds of product decisions that might work, when you can make a few that will? Storyboards are pre-themed merchandise layouts, backed by analytics.
How Storyboards work: We use sales analytics from hundreds of customer locations to provide you with fast-moving, themed product mixes that help keep your wall looking great and your customers happy.
We also have top 150, 200, and 250 product lists, which are great places to start when trying to pick what inventory to invest in. Pick your list depending on how big your redemption area is.
Ultimately, product backed by sales is better than picking based on a gut feeling. Do you have other ideas on how we can help you get rid of your excess stock? Let us know and we’ll see if we can accommodate you!
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This article is by Tabatha Bender, a Connection Crusader at Redemption Plus.
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