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Ask anyone in the retail industry and they will tell you how risky and volatile it has always been. The scenario of having a warehouse full of stock, and no money in the till is hopefully one which can now be mitigated with the use of simple technologies.
Below are some examples of how you can test the demand before you order a single item of stock.
Take pre orders
- This will provide cash flow for stock also for campaigns.
- It will provide you with a good idea of how much inventory you will need in the future.
- If you provide a limited time offer it will get strong engagement.
Search
- Look at the popularity of AdWords for and around your product.
- Look at how the product has been trending on Google trends.
- Perform a test on Google ads with a small budget to test conversion rates and average cost per lead.
- Retarget visitors who have visited from your campaign with your offer.
Social
- Look at the sentiment of people talking about your product on channels.
- Analyse the competition. Tools like Rival IQ will give you a quick scan of your competitors social insights.
- Ensure that you have entry and exit banners. Gathering emails are key to your pre-launch.
- Set up an email onboarding campaign with a sequence of emails to convert the subscriber.
Customer Surveys
- Create a free survey asking customers what they think of the new products.
Resellers (Amazon, eBay)
Look at the popularity of your product both in ratings and in shelf presence. If it is not featured, great. That could be an opportunity to fill the gap. If it has high ratings, that shows a busy, quality marketplace for that product.
Final Thoughts
Call Shout today to discuss how we can support these strategies and minimise the risk for you and help shape an X-Chart which can guarantee real growth for your business.
If you want to understand more ways to grow fast, view articles on our website, or call 1300 361 244 or email [email protected] today.
