Everyone has favorites. As a small business owner, your favorite merchandise is probably the ones that sell the best — a well-made tool, a durable toy, a renowned author, or superbly designed giftware.
And with favorites, you’ve capitalized on the products, providing more shelf space to the brand, holding special events to promote these popular items, and welcoming the next installment to expand the already successful line.
But what do you do when your favorite, most dependable line of products is being discontinued? How do you make the most of lucrative merchandise that no longer will be offered in the near future?
You’ve probably been given a heads up by the manufacturer that their line will cease to exist. Or maybe your sales have started to slip and you need to devote space to the next big thing. Whatever the reason, make the most of popular close-out merchandise by bidding it a fond farewell:
- Create a buzz: If this is the last hurrah of a best-selling product line, create an event to promote the merchandise. Hold a “Ladies Night Out” or “Special Saturday Sale” and pull out all the stops. Publicize the event on social media, lower prices on the line, and make the most of your much-beloved brand.
- Stay transparent with customers: If your best-seller is truly going out of business or you have chosen to discontinue the line, convey this information to your customers. Consider sending direct mailers to frequent buyers of this line, so they have a heads up to stock up.
- Unveil your next big thing: Now is the perfect time to prep your new line. In fact, there should always be a new, popular product ready to promote (which we will discuss in a future column). As you usher out the old, now is the perfect opportunity to promise valued and potential customers to be on the lookout for something new around the corner.
Even the most popular, trendy brands run their course. By going out with a splash, you are acknowledging an important part of your business.
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