Marketing, for the most part, is designed to move inventory. After all, the end goal of any business is to make sales. However, the reverse can also be true. Inventory can move marketing by improving your business’s ability to attract clients. This is why many businesses use inventory financing to ensure there’s sufficient stock of popular items at all times.
Promoting Inventory That’s Been Out of Stock
If you’ve had low inventory for some time, advertise your products as being “back in stock” or “returning”. You can even set up a countdown timer on your site to generate excitement, and/or send countdown SMS messages to subscribers. Post pictures as well, as people remember images better than text. Images also boost social media shares by a whopping 650 percent.
Alternatively, you can use phrases such as “fan favorite” or “best-selling” to describe popular products that are now back in stock. If your product has sold over a certain amount, you can advertise this with phrases such as “over one million sold”. However, these phrases should only be used if they’re accurate. If an item is a bestseller, don’t hesitate to tout it as such. On the other hand, old stock that doesn’t sell well should never be pushed as a “fan favorite” just to get it out the door.
Promoting New Products
Remember the reasons why you’re offering new products in the first place and tout these. Was the product created after reading consumer surveys? If so, a tagline such as “You asked, we delivered” is effective. Did you design your product to be more sustainable, affordable, efficient, or convenient than other, similar products? If so, don’t hesitate to market it based on its unique qualities. If you aren’t sure which quality generates the most sales, conduct an A/B test. This will show you which tagline works best for each group of consumers you want to reach.
It’s tempting to make a limited order when launching new products. This is especially true if you aren’t sure the product will sell well. However, a limited product order hampers your marketing efforts. You don’t want to spend a lot of time and money promoting a new product and then run out of stock. After all, there is no guarantee that the people who wanted to buy your product will come back later. Even if you sell a unique product, the odds are that other businesses also sell a similar product or a product consumers can use for the same purpose. Many people won’t wait around for you to restock. This is especially if you don’t know when you’ll have more of the product they want. If you’ve done careful research and you know there’s demand for your products, don’t hesitate to use inventory financing. Doing so ensures you have plenty of products to sell at all times.
Flash Sales and Limited Time Offers
Urgency and scarcity are triggers that generate sales if you use taglines such as “Limited quantities available” or “limited edition products. However, you can also use these triggers even if you have plenty of stock on hand by offering special deals only on certain days or to certain people. For example, you could offer a one-day discount on a particular product, or give a freebie to the first one hundred customers to buy a certain product. If your stock drops below a certain threshold, use an automated tool to notify subscribers. Terms such as “low stock” or “almost out of stock” encourage people to buy now.
Fast Shipping and Delivery Times
Nearly two-thirds of consumers expect online stores to deliver orders in two to three days. Almost 70 percent of consumers are more likely to click on an ad if it offers fast or free shipping. Over three-quarters of consumers are more likely to buy a product if the seller can deliver it in no more than two days.
Fast shipping and expedited delivery times not only drive sales but also generate trust. People know they can count on you to sell what you say you’re selling. They’ll know they can expect fast, efficient service from your store. Don’t hesitate to use taglines such as “free shipping” and “expedited delivery available” when you promote your products. At the same time, remember that you can only provide fast, free, efficient shipping if you have enough stock on hand to do so. Inventory financing plays a key role in ensuring that you’re able to meet your marketing promises.
Building Awareness and Trust
Effective marketing messaging is important, but inventory financing isn’t just about new taglines to your campaign.
As Hawke Media CEO Erik Huberman points out in The Hawke Method, the three core principles of marketing are awareness, nurturing, and trust. Maintaining an inventory surplus enables you to build brand awareness as you don’t have to pull ads because your product is out of stock. It enables you to nurture potential clients as you’ll be able to create tailored ads to meet the needs of specific target demographics. It also generates trust as people see they can count on you to deliver their purchase without undue delay.
Inventory financing plays a crucial role in not only ensuring a well-stocked business but also enhancing marketing strategies. By enabling businesses to promote returning items, showcase new products, and create a sense of urgency, inventory financing directly contributes to more effective and compelling marketing messages.
As a result, businesses can attract and retain customers, increase sales, and ultimately foster growth. By leveraging the power of inventory financing, companies can transform their marketing efforts and drive long-term success in an increasingly competitive marketplace.
About Hawke Media:
Hawke Media was founded on the idea that every modern business needs a CMO-level expert to lead its digital marketing efforts. That’s why we create customized, performance-driven solutions around your unique business, helping you to launch, scale, and invigorate your brand. We bring you the resources of a full-service agency with the attention of an in-house team. You have the vision. We’re Your Outsourced CMO. ®