Another way to improve our business success is to sell faster or "turn inventory".
Turning inventory implies that we have no items that are sitting idle and remaining unsold. Upsell techniques can be used to improve our inventory turning rates.
By buying inventory in bulk we can often get a better price. This better price can be handed onto customers that in turn by in bulk or larger than normal amounts. Upsell techniques can be used to offer customers the discounted price for larger purchases.
Some times products just don't want to move. This ties up valuable business cash flow resources. They also take up other resources like space. Sometimes it is more beneficial to sell these at a loss just to free up those resources or another option is to bundle these into upsell options to move them. Remember to keep in mind that they must be bundled in relevant ways.
Accurate record keeping and measuring movement of inventory will help us to figure out the optimum inventory levels and how to make the best offers to customers to ensure this inventory moves quickly.
Records help us to accurately measure past sales and customer purchasing behaviour and thereby hone our offerings and business practices.
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You can, also, offer them in a good price to a distributor, it makes you to get some profit and the distributor can sell them in good price too.
Sometimes, if the goods don't expire, juts store the goods generates profit. Everything depends on which country are we taking about, its market for the good in question and the economic environment in which the business is developing .
Its such a fine between cutting losses and dropping prices to keep stock moving. Retail is a science of note! Nice comments!
Optimal inventory levels can be calculated by taking the average sales in a month times cost of sales and divided by the number of days in the month.
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The thing is to sell the stuff that's not selling, at any price and then buy what is selling. Keep going until you show a profit.
Of course the problem will always be capital and cash flow.
Thank you for this post. Upselling is an essential component to business strategy. You bring up a great point about inventory that simply doesn't move. What I do with this, is find a local business which employees a high rate of your ideal client profile. package this product in a creative way which invites them to your business. This of course works best for lesser value products. If you are going to take a hit, doing so for a new customer isn't a bad trade off.
I think the real kicker when it comes to cross/upselling is the ownership and management are often on board, but the staff are not. Educating staff on the HOW and WHY to upsell is critical to a successful upsell strategy.
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