Client Magnets Official Blog

You know the saying “one man’s trash is another man’s treasure?” You see this philosophy proven time and again, especially at flea markets, garage sales or “scratch and dent” sales.

The items are hardly “trash;” they are just no longer esteemed by the seller.
They are, however, of great value to the buyer.

In unloading unwanted, outdated or overstocked items, the seller creates space and generates some extra income. In finding something that fits their needs and their budget, the buyer feels like he got a great deal. Everybody wins.

Whether you are in a product-oriented or service-oriented business, you can create this same winning combination.

If, for example, your business is introducing a new product, your existing inventory may end up including too many choices. When there are too many products to choose from, customers can become confused and overwhelmed by the number of options. There’s a saying in marketing: “A confused mind never buys.”

You simply don’t want to confuse people when it comes to them purchasing a product from you. To avoid that happening, streamline the products you offer.

Here’s something I did that you can easily emulate. A couple of years ago, while I was restructuring my web site, there were products I no longer wanted to sell. They weren’t actually inventory because they were digital products. But I didn’t want them cluttering my website anymore. I implemented a “last chance” sale and offered the products at a 50% discount for one week only.

Amazingly, over the course of seven days, that sale generated £11,000 worth of business. Can you imagine discovering £11,000 worth of hidden money in your business? That money was there all along but I didn’t tap into it until I got creative and put it together as an offer. I gave people a reason to buy.

You can do this. You see it done all the time with clearance sales. If your business ends up with a whole lot of excess stock – stock that has been returned or stock that you’ve taken to events and didn’t sell out of – your inventory just builds up. Instead of storing it indefinitely, where it just costs you and doesn’t benefit you at all, offer it at a special discount. Chances are you’ll make some extra money and create some space in the office.

If you’re in a service-oriented business, your “stock” can be your time or your expertise. You don’t really have it laying around, taking up excess space. It’s difficult to have a clearance sale on your time. The variation is to offer a pre-sell of a program.

Though you’re not selling an actual product, you can pre-sell a program. Put together a coaching program or a teleseminar series where clients pay up front for the program you’re offering. It might be a six-week series, but you’re getting the cash flow up front.

Obviously, then, the onus is on you to deliver. But you don’t have to actually have that program created before you sell it.  Offering the program as a pre-sell will force you to stay on track while simultaneously putting money in your pocket.

So, take a look at your inventory. Out with the old, in with the new, as they say. Do some spring cleaning or fall clearance of your old products.  Have a pre-sale of your newest program or offering.  Your clients will appreciate the value of the savings and your business will benefit from the value of the earnings. Everybody wins.

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Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

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