Ask most etiquette experts, and they’ll say re-gifting (act of taking a gift that has been received and giving it to somebody else) is a major faux-pas. That may be true for holiday gifts, but for business, I believe re-gifting can be a very profitable strategy.
After all, one of the best ways to grow your business profits is to use what you have instead of creating from scratch. It’s not sneaky; it’s smart
Although creating something completely new can be rewarding, it takes a lot more time and energy to start with nothing. That’s why I recommend taking a look at all the old ‘inventory’ you have and start polishing it up to sparkle.
What do I mean by inventory? Old programs and products you launched once or twice and then moved on to something else.
affiliate, drop shipping, or your own products you’ve developed, or for which you keep an inventory.
Because sometimes, the product wasn’t the problem, it was the way you were making the offer that could make the difference to getting more sales. Just a small refresh, a new delivery method and a couple new marketing ideas is all it may take to take a lump of coal and turn it into a diamond.
It’s something I focus on in lessons 2 and three in my Operation Clean Out program, but here are the basics to help you start recycling and reusing for more profits:
- Know what you really have. Take time to examine the things you have in your inventory that you haven’t been using.
- Evaluate what’s usable and how. Some items may still be good as stand-alone products; others can be great add-ons to products.
- Make them work for the current market. Find the ways to polish these gems so that your market can’t resist.