I’ve written on this blog for years, and still to this day, I enjoy hearing from all of you. Today is no exception; I received an email question that I would like to share with you. Robbie emailed saying:
I am thinking of doing a watch sales event. How long beforehand should I start advertising. How many watches should I have on hand? Robbie
Answer: Hey there Robbie, thanks for emailing! I’m sure you enjoyed the section within the Liquidators Guide about Retail Sales Events. This is where one purchases a specific load of liquidation merchandise and sells it on a specific date, for a minimal amount of hours. When advertised properly, this “narrow window” of time creates a buying frenzy, often with people lined up on the scheduled day, ready and willing to buy without much thought.
Robbie, I would make sure to take advantage of at least two weeks of advertising prior to your watch sales event. Be sure to advertise in popular free distribution papers, as well as Craigslist. You can also print up some flyers to pass out and post around your town (with permission).
How many watches? That’s difficult to answer. I do not know your market, nor have any idea as to what price points will be. I would not get too hung up on how many to start with, in fact, I would use this as an adverting pitch:
Example Advertisement: TOTAL WATCH LIQUIDATION…Saturday the 7th – 9AM until SOLD OUT. Yes, we will SELLOUT quickly with ONLY 250 watches to LIQUIDATE. Come early if you want to leave with a watch at 70% off of original retail pricing!
When you do sell out, attendance will double at your second Sales Event. You will have the people who showed up late and missed out, along with a new crop of people who want to take advantage of pricing. Did I also mention that those who miss out on a purchase will often come back next time with a friend? This type of sale is exciting!
Our 2017 Liquidators Guide chronicles 12 years of wholesale product sourcing experience and includes my personal black book of direct source contacts! As an industry expert, I'll share the success I've enjoyed along with the mistakes I've made buying and reselling liquidation merchandise.
If you are thinking about buying pallets of liquidation merchandise from a liquidator, broker, or direct from department stores, you need to check out The Liquidators Guide