159 | How & When to Discontinue Product with Katie Hunt

We spend years growing our product lines, working hard to add more SKUs and expanding into new product categories. But at what point is it too much? How much product is too much? On today's Proof to Product episode, Katie Hunt explains when you should consider discontinuing product. She also offers strategies for what to do with your discontinued inventory to recoup some costs.

ON TODAY’S EPISODE:

When is an appropriate time to discontinue products
When you shouldn't discontinue something
How to get rid of inventory when you decide to discontinue a product
An example of a flash sale or fire sale
Why donating discontinued products might be a good option for you
Why you might want to bring in someone else for a fresh perspective

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KEY TAKE AWAYS

"There's a fine balance, you want to grow your product line so you have enough variety and enough of a line to sell it to the wholesale market." -Katie Hunt

"You don't want a line that's discombobulated or isn't aesthetically cohesive." -Katie Hunt

"You don't want to keep things in a line that aren't selling." -Katie Hunt

"You don't want to discontinue something because you're bored of it." -Katie Hunt

"If you sell wholesale I'd strongly encourage you to offer any discounted items to your retailers first." -Katie Hunt

"The pros of selling this stuff direct to consumers rather than wholesale is that you get more money for each of your items." -Katie Hunt

"Discontinuing product feels very personal." -Katie Hunt

"Sometimes you need to not take yourself out of it fully but bring someone else in for a fresh perspective." -Katie Hunt

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct