Reorder or Retire?
Oh goodness, isn't it tough to let go of something that sparks your creativity but doesn't quite sell? I love a good spring cleaning—except when it comes to my product line, lol.
Why is it so hard? By nature, I’m someone who forgives quickly and believes in second chances. Naturally, I extend this same sentiment to my products, lol. I've actually said out loud, “It’s okay if you didn’t sell this season, sweet little greeting card. You’ll get another chance next season (and the next, and the next).” You see where this is going.
I've been selling washi tape for eight years now (!!!) and am just starting to retire some designs. Some of these were made on a whim, while others don’t align with my style or brand direction anymore. For instance, I went through a major digital collage phase, which resulted in fun VW bug and bus designs. Fun, but not my style—so, buh-bye!
I’m also looking at the numbers. How long have I been sitting on a SKU? The VW bugs? Years... So, I’m finally at a place where I can say “Goodbye” confidently. This decision feels right because it’s based on both numbers and gut feelings about brand alignment.
You might be asking, “How long should you give a product before cutting it?” I wouldn't suggest cutting a product unless it’s had a full year of selling potential. I usually lean towards giving it two full cycles, which can mean two years. It may feel like an eternity if it’s not selling, but some products need time to find their place.
Does that mean you keep reordering? If it sells, absolutely! Some of my products move faster than others based on the season. Holiday-specific items, for example, sell every Christmas, so there’s no need to retire them as long as they remain popular and align with my brand.
When you decide to retire a product, announce it loudly! If you have stock to clear, let your stockists and customers know. They might buy the remaining items or take advantage of a discount to help you clear out your inventory.
Finally, it’s crucial to understand why you’re retiring a product. You don’t want to create a replacement that suffers the same fate. Analyze what didn’t work, take notes, and create something new and different.
Remember, every product you retire is a step towards refining your brand and making room for something even better. Keep learning, keep growing, and keep creating products that truly reflect your vision.
Key Takeaways:
- Evaluate product alignment: Ensure products align with your brand’s direction and style.
- Give products a fair chance: Allow at least one to two years before considering retirement.
- Analyze sales data: Make decisions based on numbers and gut feelings.
- Announce retirements: Inform your stockists and customers to clear inventory.
- Learn from retirements: Understand why a product didn’t work to avoid similar issues in the future.
By approaching your product line with both heart and strategy, you'll find it easier to make decisions that benefit your business and resonate with your customers.