How to Maximize an Online Stock Sale in Your Network Marketing Business
There is definitely an art to doing an Online Stock Sale.
There are so many things that you want to achieve from a Stock Sale – from making money, to creating happy customers, and even booking parties. So it is important to plan it out in advance to ensure that you maximize all of these aspects. If you are doing an in-home Stock Sale, it is more about getting the people in the door, but sometimes getting them to show up and participate online can be even more difficult.
Caveat: I always recommend starting with an In-Home Stock Sale whenever possible. Facetime is invaluable in our business.
Here are some of my Tips:
Tip #1 – Only Do Them 1-2 Times/Year
You want these Events to be exclusive and special. You also want them to have a lot of energy, and you want people to anticipate them. By only offering them twice/year, people will know that they need to scoop up these deals right away because another opportunity will not come around for another 6 months.
I recommend doing them during slower times in your business - for me, that was always January/February and July/August. This will drive income for you.
Tip #2 – Create a NEW FB Group Each Time You Run One
FB can be finnicky and doesn’t always love what we are trying to achieve with our small businesses through their platform. I have personally found that when I re-used an old group, notifications were not always being sent out to my customers, which reduced the traffic and engagement within the Event. Save yourself this stress by creating a brand new group each time.
I also never do them in my actual VIP Group because I want to still be able to sell full priced items during the sale.
Hint – you can actually archive the group after the Event is done. This will make it so that people can go back and look at it, but cannot post or comment. This is great to keep for a future reference.
Tip #3 – Share the Best Possible Pictures You Can Find of What You Are Selling
Images are crucial for Online Stock Sales. If you are not well versed in taking your own, there are often many other places you can look to find incredible photos. First try checking out your company website. Another resource is Pinterest or Google Images. Knowing that a person is not seeing a piece in person, you want to be able to demonstrate exactly what the product is with the image that you are sharing. With jewelry, I like to show what the piece looks like being worn.
Tip #4 – Continually Invite People to Check Things Out
Like everything else on Social Media, you are going to need to create interest more than once. I will post updates into my VIP group, and on my personal page that will include the link to the sale. I typically do this once a day for the first 3-4 days of the sale. Without fail, I get new people in, each time. Look to local FB groups to spread the word too.
Tip #5 – Be Clear in all of Your Communication
Start off by explaining how the sale is going to work, and what everyone can expect. Use a lot of description when you are advertising each piece, you will be surprised at how much words matter.
Here are some fun ideas that you could do:
- Auction Style – decide what the lowest price you would accept would be, and have people make bids. Make sure to choose a reasonable increment to increase the bid by, and make sure to have a time frame. Ie. 48 hours. The great part about an Auction is that you could get more for popular pieces. The downfall is that not everyone may be available during your time frame.
- Reverse Auction Style – I do this all of the time! I start at a higher price (but still discounted from the retail price) and then if it does not sell, I will lower it in increments until it does sell. The upside of this method is that people get excited about certain pieces right from the start. The downside is that if you have a couple people interested, it is really just first come, first serve.
- Give a piece for free with every party booked – I love doing this! By booking a party, you are gaining customers and future income. This is often even more valuable than the price you could have gotten by simply selling the piece.
- Give early access to your VIPs – you really want to treat your VIPs well, because this will encourage others to want to be one of your VIPs. For me this is my past Hostesses. In the past, I have given them access to the sale, 24 hours before everyone else. Such an amazing perk.
Inside the Level Up Academy - I will also teach you how to use your Stock Sale pieces to drive sales inside your VIP Group. And a few different strategies to drive actual volume in your business through these sales.
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