29Is your business being held back by unsold inventory? Whether you’re struggling to sell a formerly popular product or facing a decline in demand due to a change in the market, selling excess inventory is a great way to get your business back on track.

These three tactics will help you clear out your inventory and increase your capital without sustaining large losses. Try one – or all three – next time your business is in the middle of a sales or cash flow crisis.

Hold a special sale with reduced prices

Reducing prices isn’t pleasant, particularly when your business operates on margins that are razor thin. However, if your inventory has been sitting idle for a long time, it might be the best course of action.

If you’re reducing prices in order to sell excess inventory, make sure the new price is still reasonably profitable for your business. Selling excess inventory at a loss is a last resort, not a go-to strategy for clearing out your warehouse.

Market to your existing customer base

Instead of trying to reach new customers, consider marketing to your existing base of customers. After all, if a customer has bought your product once, they are highly likely to buy it again.

This is particularly effective in B2B environments where a customer may purchase your product more than once. Look for customers that are expanding rapidly for an excellent opportunity to sell excess inventory at a reasonable price.

Target cold leads and lucrative prospects

If you’ve struggled to sell products at a discount and already reached out to your old customers, you should turn to cold leads and lukewarm prospects to sell the rest of your inventory.

Look for companies or individuals that match your business’s ideal customer, and use cold calling or traditional inbound marketing to reach them with special deals and discount offers for your excess inventory.

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