Here’s a creative way to leverage your OVERSTOCK to pick up high-value clients:
- Make a “Target-Twenty” list of designers and contractors you don’t service but that you’d love to have as ongoing clients.
- Segment overstock items out of the rest of your stock. Preferably tag and display them on your website (if you’re using XOLogic apply an Attribute tag to the items and sort that attribute to the top).
- Label each of the overstock items. Don’t use the word overstock as it cheapens the value in customers minds. Use Hot Deals or similar.
- Print out 20 vouchers for $250 towards any items on the Hot Deals list.
- Distribute the $250 vouchers out to your “Target Twenty” list. Let them know that you’d just like to have them visit your showroom… you’re not going to put pressure on or nag.
No strings attached, just come visit and take advantage of $250 in free product (which can be used personally or for business).
Not all who receive $250 vouchers will visit, but those who do are signaling that they’re at least open to talking about what you can do for them. Now you can start taking steps to move them into your fold as a loyal repeat client (I’ll describe a strategy to do this effectively – called Be The Dog – in next week’s post).
NOTE: Keep in mind that the $250 will be at retail price (so your cost is around half that) and overstock items are just taking up space right now anyways. What would you have to pay in advertising dollars to get a top designer or contractor to visit your showroom?
Jason Petersen owns Hansen Lighting Inc. a lighting company with multiple showrooms in Utah.
Jason acquired Hansen Lighting out of near-bankruptcy in 2004 and turned the company around by implementing outside-the-box systems and ideas. The company is now one of the fastest growing companies in America (#3087 on the Inc. 5000 Fastest Growing Companies list) and has been recognized as one of the most profitable privately-owned retailers in North America.
Jason is also the co-founder of XOLogic and Lit Living Inc.