Like a football game, the first thing you need in liquidating is a clear strategy to achieve your goal. Sure, you can find lots of blogs and articles talking about liquidation available online but with everything you have on your plate right now, wouldn’t you like a single checklist with all the steps laid out like a red carpet?
Today. we’re letting you into a secret about warehouse liquidation that will change the way you look at the process. Read this article until its end, and you can thank us later!
Everything begins with the drawing board. Your strategy should include the most important things. Below is a list of must-haves on your initial plan:
Catalog, valuation, and disposal – your Big Three during the planning stage. Organizing everything into a single list will get things started for you. Assigning a category for each item (from for sale, for repair and for disposal) comes next. Lastly, you need to carefully profile and categorize the assets you tagged as “for sale”. This step will be crucial to the success of this liquidation effort.
The next critical step after the Big Three is drawing your timeline. Each stage of your liquidation plan should be contained within a definite start and end date. Your timeline should also include buffer days to handle unexpected roadblocks that may happen along the way. You can divide the entire work effort into more manageable milestones, each with its own deliverables at the end of each period.
Once you’re done with the “whats” and “whens” of the process, the final step is to define the “to whom”, or your target market. Knowing your clients and planning the most effective way to reach them and get their attention is a make or break. The whole point of liquidation is to turn your assets into profit and knowing your buyers is the ultimate secret.
You should be asking yourself what we mean by using the phrase “No One Has Told You Yet”. Now is the time to introduce the term dynamic catalog management. Most guides out there use a static, one-way marketing plan to liquidate assets. Using a one-size-fits-all approach will limit your potential profit if your chosen market, sales platform and logistics partner fails to meet your expectations.
The Dynamic Catalog Management is a strategy defined by assigning a marketing manager for each equipment category in your catalog (a well-structured catalog is key to make this work). These managers are expected to carefully choose the target market for their assigned category and most effective channel of communication to get in touch with their potential buyers. They should also profile their chosen clients and select the most cost-effective platform to use during the sales and delivery stages.
If you see the benefit of deploying this approach but don’t have the resources to execute it or you simply want experts to handle it for you, our liquidation experts here in Yankee Supply are here to help. You can even consider us as the potential buyer for your used equipment.
To sum things up, here is an outline of everything we have discussed:
You should now feel confident that your next warehouse equipment liquidation work effort will be easy, organized and manageable. Things might get more complicated if you are planning to liquidate your warehouse products and equipment at the same time. Get in touch with our liquidation experts here in Yankee Supply and allow us to take care of the latter for you.
Yankee Supply is an industry leader in warehouse and material handling supply. We have over 40 years of experience. Learn more about us here.