Of course the goal is to increase profitability – maybe your focus is on buying the right products in the right amounts or maybe your focus is on marketing those products to the right people.
But here’s the thing: having the right products or the right marketing isn’t enough. You need BOTH to interact with another to grow your business!
We just wrapped up an awesome IG Live with Dan Jablons from Retail Smart Guys (yes, the name says it all), and the interconnectedness between product insight and marketing became even more clear.
Dan provided some great wisdom about how inventory planning and digital marketing go hand in hand. If you missed it, don’t worry—we’ve got the highlights for you right here.
Key Takeaways from Our Chat with Dan:
The Right Product Mix + Right Marketing = More sales!
Imagine having a boutique full of chic-on trend clothes, but no one knows about it because your marketing is non-existent or not reaching the right audience. Or, conversely, having great marketing that drives traffic to your website, only for visitors to find products that misses the mark of your audience. Balance is key!
In our conversation with Dan, we emphasize the importance of understanding your product mix—the right variety of items that appeal to your target audience—and pairing that with strategic marketing to reach the right people at the right time.
Who Are the Retail Smart Guys?
Dan and his team are the superheroes of retail consulting. They help independent retailers with:
Inventory Planning: Making sure you have what your customers want when they want it (without overstocking). They help you align your products with the seasons and
Sales Forecasting: Their forecasts are 96% accurate across 500 stores. Yep, you read that right. They use their expertise and forecasting system to gauge what is going on in the industry as a whole and tailor a plan to your specific boutique.
Cash Flow Planning: Helping you manage your money so you’re not caught off guard by unexpected expenses.
Merchandise Planning: Ensuring your product offerings align with current trends and customer demands.
Common Mistakes Retailers Make…And How to Avoid Them!!!
When It Comes to Inventory Planning:
Guesswork Over Data: Relying on gut feelings instead of actual sales data.
Ignoring Seasonality: Not planning inventory based on seasonal trends.
Overbuying or Underbuying: Both can hurt your cash flow and sales.
When It Comes to Marketing:
- Using Stock Photos: People want to connect with you and your brand, not generic images.
- Trying to Talk to Everyone: If you’re speaking to everyone, you’re speaking to no one. Define your target audience.
- Neglecting Customer Experience: Every touchpoint matters—from the first online interaction to product delivery.
- Ignoring Data & Analytics: If you don’t know what’s working, how can you improve?
Data: Love It or Hate It, It’s Your Growth GPS:
Dan’s inventory analysis is like our approach to social media and ad analytics. We both agree: data is your best friend. Whether it’s sales trends or engagement metrics, data helps you make informed decisions. It shows what’s working, what’s not, and where to pivot.
For example, if a particular product isn’t selling well, is it because of the product itself or because your marketing isn’t reaching the right audience? Data can help you find the answer.
Bridging the Gap Between Retail Operations and Digital Marketing:
One of the most eye-opening parts of our conversation was realizing how closely connected retail operations and digital marketing are. A seamless connection between inventory management and marketing ensures that:
- You’re promoting products you actually have in stock.
- Marketing campaigns align with inventory levels (avoiding situations where products sell out too quickly or sit untouched).
- Customer demand is met efficiently, leading to higher satisfaction and repeat business.
Pro Tips from the Pros:
Know Your Target Audience: This is crucial for both buying inventory and crafting marketing campaigns. Get to know who you are selling to and engage them with your content!
Stay Consistent: Whether it’s your branding, product quality, or marketing efforts—consistency builds trust.
Embrace Data: Let the numbers guide your decisions. It’s not just about “feeling” right; it’s about knowing what works.
Know your audience, Know your products, Know your marketing approach!
Successful retailers know their audience, have the right products, and market them with intention. If you’re missing any of these pieces, you are missing out on potential loyal customers.
Want to dive deeper? Join our upcoming Sell More Products Challenge. Let’s turn those products into profits, people!
