Whether you acquire products through storage auctions, yard sales, private deals or elsewhere, you’ll need to turn them in a reasonable amount of time to make a profit. Holding onto items for months or even years doesn’t work. The longer you keep an item, the more time, money and resources you must exhaust to store and maintain it. Furthermore, most products and items depreciate in value over time, meaning you’ll get a lower price when you do sell them. Here are some tips to sell your products faster and more efficiently.
Target the Right Demographic
Targeting your products to the right demographic is critical to turning them in a reasonable amount of time. If you come across some used power tools at a storage auction, for instance, your target demographic would most likely consist of men. But if you come across jewelry, your target demographic would be women. Of course, this is a very generic example of demographic targeting. The bottom line is that you need to think about who is most likely to buy the product, focusing your advertising and promotional efforts on them.
Another tip to sell your products faster is to offer flexible pricing. This is particularly true when selling used items, as buyers often expect a lower-than-advertised price. If someone offers you $400 for a vintage dresser that’s priced at $500, it’s probably a good idea to accept his or her offer. Sure, you won’t get the full $500, but you’ll turn the item in less time, allowing you to focus your resources on selling other items.
Sell Local and Online
Should you sell your products at a local storefront or online? Rather than choosing just one method, why not use both? Selling products online and at a local storefront is a great way to boost sales while turning products more quickly. And you don’t need your own storefront. Partner up with a local retail or thrift store to sell your products.
Create a Sense of Urgency
When selling your products, try to create a sense of urgency. For instance, you can offer 10-20% discounts for orders placed in the next 48 hours. If a prospective customer believes that he or she can receive a discount for ordering NOW instead of later, it usually encourages them to buy. So whether you’re struggling to make your first sale, or if you simply want to take your sales to the next level, create a sense of urgency.