This year’s winner, Bill Busch, shares a great idea for keeping track of and liquidating aging inventory in a way that is simple to implement and potentially fun for customers who are hunting for a deal.
A number of years ago, Brass Bell Music incorporated a ‘Best Idea’ from an RPMDA session. We began placing small logo stickers on all of our print music floor stock. (with the exception of large quantities of Band/Orchestra Method Books). Each year we change the color of the stickers used in order to easily identify how long a product has been on the floor.
Our ‘new’ idea for this year is to run a Clearance Sale during the summer, based on the age of the inventory. Because stickers are color coded by year, it is easy to identify how old a product is. An example clearance promotion would sell orange stickered materials (4 years old) at 75% off. Green stickered items (3 years old) will be offered at a 50% discount, etc.
Using the colored stickers as a way to identify sale items will make it easy on our staff. There’s no need to pull items out and re-merchandise into special displays. It will also encourage the customer to browse through ALL of the inventory rather than just the ‘clearance’ items.
Check back in the next newsletter for other Best Ideas from the 2019 convention!