We’ve all been there. You overestimated how much marketing material you’ll need and now you’re left with excess and a huge reminder of what it cost you. So you keep it, hoping that one day you’ll be able to use it and make up some of your loss. Eventually, you allow your team to use this material that has now become outdated and obsolete and justify it by telling yourself it’s not really going to affect your sales, people won’t notice, the outdated year or they’ll still remember our old logo.
Thats where you make your biggest mistake. It is essential for your sales team to present potential or current customers with marketing collateral that is updated. Why? Because otherwise you are misleading them. Think about how confused a customer would be if they received a brochure that had your updated logo on it and a business card from one of your sales employees that still has the old logo.
It has been proven that using outdated or obsolete marketing collateral will hurt your sales. So what do you do with all that collateral you shouldn’t use? You need to go through it and pull out everything that is no longer relevant.
Determine what marketing material was used to promote which product. Are there materials that essentially highlight the same products or services? Which one generated the most engagement with your consumers? Whichever one it is, keep it, and throw away the other one.
What most businesses get caught up in is the idea that they’ve taken a huge hit by ordering too much marketing material. Excess material cen negatively affect profit. When they’re only focused on this problem, they tend to use the material anyway, to get their money’s worth.
What business need to understand is that by doing so you could actually be costing yourself more in sales.
Inventory management is key. Figure out what needs to be removed from your inventory and try to use other marketing collateral in its place. It may not be the piece that you envisioned, but if it’s current it will be better than using the correctly formatted, obsolete material.
Also consider why you ended up with excess material. Perhaps a simple solution is moving to a web to print service. Marketing management services like Velocity Corporate Solutions customizes, print, order, manage inventory and stores your marketing collateral for you. They also can often fulfill orders in smaller quantities because the cost of web based printing is less. The value of using these services is that you will always be aware of what you have and what you may need.