ASLU 132: Scarcity, Urgency or Always Available - Inventory Models for Creative Businesses
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This episode is brought to you by Fine Lime Illustrations
How do you manage inventory and demand in your creative business? Do you use and market a scarcity model? An urgency model? Or an always available model?
This week Melissa and Heather walk you through each of these and outline the pros and cons of each as well as showing you how you can use a mix of all three in your creative business!
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This Episode Is For…
This episode is for those who...
have wondered if it's better to create urgency or scarcity around a product or service through limited availability or to have an "always available" or evergreen model
make one of a kind products (ie paintings, pottery etc)
have consistent best sellers
want to have multiple options when it comes to where they sell their products
are considering adding wholesale or in person markets to their revenue streams
are looking for better ways to manage their creative time vs their admin time
If you just want the links to the resources mentioned in this episode, scroll down to the bottom.
Listen To the Episode
Here’s a link to this week’s episode. You can also listen via the player below or on your favourite podcast app (Apple Podcasts, Spotify, Google Podcasts, Amazon Music, Stitcher, and more). Just search for And She Looked Up!
focus your message
In this episode we discuss:
the three different models we are going to talk about: scarcity, urgency and always available
the pros and cons of each model
how each of these models requires you to “train” your customer on what to expect when you’re selling to them
how each of these models can also impact your pricing models
the importance of communication and marketing for each of these models
how the different models place different emphasis on time carved out for creating
how different models focus on product launching - constant launch mode or sprint launch modes
how each of these models can impact your workflow - in good and bad ways
how each of these models can work with your values as a person and a business
how you can work with different models in different parts of your business
how you need to consider and manage cash flow and budgeting with each of these models - especially if you have items manufactured based on your work
utilizing preorders or kickstarter to raise income for an urgency model
the importance of being on top of planning and deadlines with each model
the importance of documenting/archiving all your work for reference, retrospectives etc
Mentioned In This Episode:
Find Melissa at finelimedesigns.com, finelimeillustrations.com or on Instagram @mhchipmunk.
Find Heather at heatherlynnetravis.com or on Instagram @heathertravis
Strategy Hour Podcast Episode 509 Restock Models
Urgency Model Examples: Leigh Ellexson on YouTube, Ellis Wooley on YouTube, Baylee Jae on YouTube
Always Available Model Example: Katnipp Studios on YouTube
ASMR packing vintage bookstore: lescargot papier
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