It’s that time of year again! New Products Galore! (Big
From Maximizers, Intensifiers, DHA Bronzers, Natural
Bronzers, Warming, Tingling, Blushing, Cooling, Moisturizing, Tan Extending,
Hemp Featured and Aloe Based…the choices seem endless.
Between Facebook posts, Mass E-mails, Catalogs, Product
Guides, Website Updates and Calls from your Distributor, it’s always hard to
find your way through this time of year.
If you attended the ASA Summit or a Manufacture Training Webinar you may
have a leg up. If you haven’t been able to attend such an event, then it’s time
to do your due diligence and figure out what products to bring in.
So take a breath
and first figure out what to drop. Yes, I said DROP.
This is the first decision that should be made. You need to decide what products you should no longer be carrying. Dropping products is sometimes more difficult(from a personal level) then picking up new products. We all remember when “that product used be our top seller” and it’s hard to get rid of those personal attachments to our old favorites. My suggestion has always been to look at the bottom 20% of your retail lotions based upon sales $ and sales qty’s. If you have sufficient reporting, you should also run a report showing Top 30 Items for 2017 and then again for the past 90 days. This will point the finger at those products that came out of the gate strong but aren’t getting re-ordered anymore. The goal is simple in this example. Find at least 6 products that aren’t doing as well as your others.
Once you’ve identified “possible” drops, the next step is to simply stop ordering them. You have inventory already, no sense getting more. Don’t blow them out…just phase them out. If your dead set on getting them off your shelf asap then run a simple promotion like “Buy this Bottle and Tan until End of Year for free!” or “Buy this Bottle and get 5 Free Upgrades”. Always best to run promotions that add services vs just lowering the price. In any case, you have $$$’s tied up in those products and Step 1 is to start getting those products out of the store before adding more.
So…to continue with this example. You’ve decided to cut some products. What are they? Step 1 Natural Bronzer? Tingle DHA Bronzer? Scented Moisturizer? Etc. Now is the time to simply categorize the product you’re getting rid of and decide if you need to replace it with a product in the same category. More times than not the product being cut is simply too similar to something else you carry…thus no replacement needed. Although, sometimes it’s the only product in its category at a certain price point and it needs to be replaced with something new.
Either way, you are now taking the necessary steps to replacing some products. This still doesn’t solve the ultimate question…what to all pick up? If you’ve signed an exclusive agreement with a certain brand your decision becomes a bit easier but you still have a lot of choices to pick from. If you’ve decided to walk your own path and carry a bit from everyone you have A LOT of options.
If you’re in the market for a few new 2018 products then
the best option right now would be to take a look at the 2018 Intro/Starter
Kits that are available.
Check out this link: http://lotionbuyersgroup.3dcartstores.com/2018-Season-Starter-Kits_c_249.html
As you can see, for a low cost investment you are able to get a small collection of different bottles & packets. These prebuilt packages will save you alot of money vs buying the products individually and allow you to “test market” some new products within your store without the worry of overstocking yourself.
Some of these kits are available right now…others will be available in early/mid November(as new products continue to be launched).