Many brands find themselves burdened with excess inventory at the end of the year. Generally, the aim is to clear out this surplus to make way for the new year.
Some focus their Black Friday/Cyber Monday (BFCM) sales exclusively on this excess inventory. However, this is generally a mistake. 🛑
BFCM is the opportunity to offer the best discounts on your top products. If certain items haven’t sold throughout the year, they’re unlikely to drive sales in the fourth quarter.
Advertising unwanted inventory wastes money, and you’ll struggle to drive significant revenue during the most profitable quarter of the year. 💰
But don’t despair, we wouldn’t present a problem without a solution!
The Pilothouse team suggests creating a sense of urgency and value for the items you want to sell while promoting your top-selling products.
Here are a few strategies to effectively sell excess inventory: 👇
🚀 Create a separate landing page
Develop a distinct landing page showcasing the excess inventory with attractive offers or discounts. Run Meta ads to this lander featuring product images and ‘last chance’ messaging. This approach can effectively draw attention to the items you aim to sell.
⏱️ Instill a sense of urgency
Use language in your ads and on your landing pages to create a sense of urgency and encourage customers to purchase.
Add phrases like “last call,” “last chance,” “oops, we made too many,” “limited stock,” “never coming back,” or “warehouse sale” for the specific inventory items.
🐖 Piggyback on high-selling items
Combine the promotion of low-selling items with high-selling ones. Try showing your full catalog in your ads so people have the chance to see all your products up front or pair a high and low selling item in the same ad creative.This strategy can enhance the visibility and appeal of the excess inventory, helping to boost sales.
If you don’t want to be stuck with loads of excess slow-moving inventory in the new year, consider integrating one (or all!) of these strategies to get things moving along.