Rugby Bricks is another business that Kale (co-founder at K&J Growth) owns.
Like any business, Rugby Bricks has products that are winners and losers.
The issue is that some of their losers were costing us so much in warehousing that it was becoming untenable to hold on to them.
They collectively had 7.2 years’ worth of old stock on hand – not ideal.
So he created a plan.
“Let’s discount the crap out of them and market them in a new way to get rid of them”.
Here is what we did.
1. We set up a new product in our store called the “Mystery Box”
2. This mystery box included all of our slow-moving (old stock) items bundled with a guarantee of getting at least one of our best-selling tees, the Rugby Bricks Vortex ($44.99).
By doing this, we got people on the fence to spend another $30 to pick our slow movers.
3. We created FOMO (Fear Of Missing Out for our readers of a certain vintage) with four tactics:
– Created a limited supply of 300 boxes across the UK & NZ
– Created a time frame of four days to buy it over King’s Birthday Weekend
– Talked about it as our only sale event outside of BFCYM this year
– We added a discount page with all of the slow movers with 50 – 75% off on individual items too
4. We made the offer irresistible – We offered $220 worth of products for $75 with free shipping
5. Lastly, we called it a “Warehouse Sale” which implied we were on the move and going to miss out once we’d relocated
Notes: If you are having trouble selling old stock, try pitching it in a way that makes it more palatable for your buyer.
Price, exclusivity, deadlines, mystery, and FOMO are all levers that can be pulled when creating a new way to sell a product.
Struggling to move old stock and free up valuable warehouse space? At K&J Growth, we helped Rugby Bricks turn years’ worth of slow-moving products into profit with a few smart strategies. If you’re ready to do the same and need help developing the right approach, get in touch with us today! Book a call and let’s figure out how to turn your unsold stock into $$$.
Contact us here: K&J Growth
For more insights and tips, connect with us on LinkedIn: K&J Growth
Make sure to check out our Co-founder on LinkedIn too: Kale Panoho
