we’ll a shortage of inventory hurt my
company’s image it’s really important to
take care of your image as an
entrepreneur because you need people to
talk about you right you don’t have the
big dollars to go out and take TV ads
and radio ads and newspaper ads every
successful entrepreneur has built their
business on the back of word-of-mouth
marketing you need to get people to talk
about you in a good way to get them
coming to you and buying from you and
all the other marketing advertising
helps support that but the people are
not spreading the message by telling
their friends about you it’s not gonna
happen for you you are going start a
different business one that you have
something different and meaningful to
talk about okay so you have to take care
of your brand image you have to take
care of how people see your company got
a great question from one of my youtube
viewers love you guys Corona wrote in to
say he’s creating this limited supply
scarf and wanted to know if the
inventory shortage will discourage
customers from buying and impact his
image having a limited supply can
actually be a great thing for your
business it creates scarcity if there’s
tons available people may not want to
buy it but if there’s a limited
selection they’re more likely to want to
pay for it and pay a premium for it as
well the key thing here is communication
you have to know how many you’re going
to create how many gonna produce and let
your customers know that it’s a limited
supply that’s available and if it sells
out it sells out or you have a certain
number coming out every month whatever
it is but you have to communicate with
your customers you can build this into
prestige brand that creates limited runs
that only creates 200 scarves at a time
and if you miss it you miss it but it’s
part of the communication as part of
your brand if people are expecting to
get something and you don’t deliver if
they order from you and you can’t
produce it for them that’s gonna create
a negative experience with the customer
they’re not going to come back they’re
gonna not tell their friends and if they
do it’s going to be something bad about
you so it’s really important to frame
the conversation by setting up the
expectations if customers know there’s a
limited supply they’re gonna act quickly
they’re gonna be interested and if they
don’t get it there
no it’s because of the limited supply
and they’re gonna be on their hustle
next time when a new product comes out
to get it quickly but if they think
there’s an infinite supply or they’re
buying from you they’re giving you money
and you can’t deliver then that creates
the opposite it’s a negative experience
and they’re not going to talk about you
this is important to really frame the
expectations for your customers and
build an experience that is worth
talking about that gets people excited
that gets people to move to take action
you need to build your business on the
back of word-of-mouth and that comes
you’re creating that amazing experience
with your business every time so yes it
can negatively impact your company if
you don’t set the proper expectations
believe those are you watching like the
video please give it a thumbs up below
and I’d love to hear you have to think
leave a comment underneath let me know
if you’ve had experiences with shortages
of your product if you have a question
for your business leave it below I’ll
make a video response thank you so much
and I’ll see you soon
company’s image it’s really important to
take care of your image as an
entrepreneur because you need people to
talk about you right you don’t have the
big dollars to go out and take TV ads
and radio ads and newspaper ads every
successful entrepreneur has built their
business on the back of word-of-mouth
marketing you need to get people to talk
about you in a good way to get them
coming to you and buying from you and
all the other marketing advertising
helps support that but the people are
not spreading the message by telling
their friends about you it’s not gonna
happen for you you are going start a
different business one that you have
something different and meaningful to
talk about okay so you have to take care
of your brand image you have to take
care of how people see your company got
a great question from one of my youtube
viewers love you guys Corona wrote in to
say he’s creating this limited supply
scarf and wanted to know if the
inventory shortage will discourage
customers from buying and impact his
image having a limited supply can
actually be a great thing for your
business it creates scarcity if there’s
tons available people may not want to
buy it but if there’s a limited
selection they’re more likely to want to
pay for it and pay a premium for it as
well the key thing here is communication
you have to know how many you’re going
to create how many gonna produce and let
your customers know that it’s a limited
supply that’s available and if it sells
out it sells out or you have a certain
number coming out every month whatever
it is but you have to communicate with
your customers you can build this into
prestige brand that creates limited runs
that only creates 200 scarves at a time
and if you miss it you miss it but it’s
part of the communication as part of
your brand if people are expecting to
get something and you don’t deliver if
they order from you and you can’t
produce it for them that’s gonna create
a negative experience with the customer
they’re not going to come back they’re
gonna not tell their friends and if they
do it’s going to be something bad about
you so it’s really important to frame
the conversation by setting up the
expectations if customers know there’s a
limited supply they’re gonna act quickly
they’re gonna be interested and if they
don’t get it there
no it’s because of the limited supply
and they’re gonna be on their hustle
next time when a new product comes out
to get it quickly but if they think
there’s an infinite supply or they’re
buying from you they’re giving you money
and you can’t deliver then that creates
the opposite it’s a negative experience
and they’re not going to talk about you
this is important to really frame the
expectations for your customers and
build an experience that is worth
talking about that gets people excited
that gets people to move to take action
you need to build your business on the
back of word-of-mouth and that comes
you’re creating that amazing experience
with your business every time so yes it
can negatively impact your company if
you don’t set the proper expectations
believe those are you watching like the
video please give it a thumbs up below
and I’d love to hear you have to think
leave a comment underneath let me know
if you’ve had experiences with shortages
of your product if you have a question
for your business leave it below I’ll
make a video response thank you so much
and I’ll see you soon
Please follow and like us: