It’s coming up to our 6th Birthday! SIX years in business!! And we are getting a bit nostalgic and reflecting on how we started out… At the markets!!
Starting a market stand is a fantastic method to launch your business. In fact, this is how a number of now-famous brands and businesses got their start in the world.
For instance, Marks & Spencer began as market booths in local markets and bazaars in the UK before expanding to become a global luxury clothes business with more than 300 stores in more than 40 countries. Although it didn't happen overnight, for them, that was the beginning of everything.
Tesco is another large corporation that got its start from market stalls. That's right, TESCO actually started out as a few market stalls.
So why not aim for the stars!!
Would-be business owners may be discouraged from setting up gazebos or market stalls for a variety of reasons, but all of these problems, difficulties, and worries may be overcome. Here are our top ten tips that we have learnt over the years so that you can have a successful market day!
Markets may see a lot of traffic, but there is also a lot of rivalry. It pays to invest in distinctive branding when you first set up a market booth. It follows that there will be some small up-front expenses for storefront, signage, display, packaging, and pamphlets. Use colours and pictures that best represent your company to draw customers in keeping your target audience and brand in mind. Before you do, visit a few of your rivals' booths to observe what they do well and where you might improve
The psychology of giving away free samples, also known as "reciprocity" in marketing speak, is to make the consumer feel special and persuade them to make a purchase from you. So, whether you're hawking beauty goods, smoothies, or brownies, consider how you may entice clients with a little something to whet their appetite. You might be surprised to learn that in certain circumstances, giving away free samples has increased sales by up to 2000%.
You should strategically price your goods when you set up a market stand. Retaining your competitiveness while keeping in mind that you must be profitable (and scalable) to succeed over the long term. One pricing technique is to provide your consumers a range of prices for the same product category so that there is something for everyone. If you sell a box of candles for $25, for instance, you might also sell individual candles for $5 and gift boxes for $50.
Nowadays, it's crucial to satisfy customers, especially when it comes to business operations like purchases. It's crucial to have a tap-and-go credit card reader in addition to accepting cash if you sell at markets because there is an increasing trend towards being cashless. Customers have the choice to pay with chip and contactless cards, Apple Pay, or Google Pay wherever they are thanks to the portable and reasonably priced Square Readers. Think on it as your essential payments kit.
Selling in person gives you a tremendous advantage in developing rapport and relationships over selling online. So be standing, smile and engage in conversation with your clients, get to know them, and treat them as close friends. This will not only offer you an edge while selling at marketplaces, but it will also assist generate talk about your company and encourage repeat business.
You have a short window of opportunity to convert passersby that come across your stall. It is preferable to over-prepare with more supplies than to under-deliver. Also remember that providing a range of designs, hues, and sizes will aid with conversions where it is practical. Offering bundles and promotional deals will also help you increase sales, if you're feeling bold.
Do not be reluctant to announce your market stand to the public when you initially open. Do your own PR by joining Facebook, Instagram, and Twitter. A wonderful strategy to stay on potential clients' minds is through social media and local web directories. Here, you can advertise specials, post hours of operation, and gain a devoted following. Keep in mind that social media is a two-way channel, so it's not just about publishing content—also it's about communicating with customers.
The last point is that even though each market will have its own rules of trade, it's possible that you will need to bring your own public liability insurance. Before you begin selling at markets, make sure this is prepared and set up.
This is really, really crucial! The difference between drawing a steady stream of foot traffic and counting tumbleweeds can be made by effective merchandising. Avoid utilising simply flat-lay displays and try to use a variety of display heights so that people can see everything from a distance.
Add 3D accessories to make your table come to life. Consider cake stands, cookie jars, suitcases, hat stands, encyclopaedias, tree branches, bookends, baskets, driftwood, candles, succulent plants, flowers, and jewellery boxes. Be imaginative! Visit thrift stores for ideas and create a unified concept for your stand that supports your business. Take pictures once everything is set up so you have a record of how to do it the next time.
Don't pass up this fantastic chance to expand your email marketing list. To get aware about future markets, new product releases, and flash bargains, place a sign-up form for your newsletter and a clipboard on your desk. Consider holding a contest with newsletter signup as an entry if you see that signups are sluggish.
Offering X dollars off to customers who follow your company on social media is another market-day-only promotion you might run. For those who aren't prepared to make a purchase on the spot, you may also include a limited-time FREE delivery coupon on your fliers. Before promoting it at the markets, make sure you establish and verify the code in your online store!
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