Top 6 Tips To Make More Money With Your Market Stalls
The happier the customer, the bigger chance they'll come back. The work doesn't stop with having your dream market stall up and running. Technically, that's just the beginning of a long, challenging journey to success as certainly money is not guaranteed to just come pouring in if you just sit and wait on the side.
But exactly how do you get the most out of your market stall? Here are 6 tips to help you get started.
Tip 1. Start Small And Finish Tall
The first thing that causes trouble for many entrepreneurs is doubting whether or not you can accomplish the results you want. So if you're worried about putting it all on the line the first time, why not start small?
Test the waters by selling a limited number of products first to see how market-going customers respond. If it is a hit, then you can gradually increase your inventory. If it is not, revise your ideas, change the flavor and try again.
You may also consider selling an alternative product, just as long as it's something you can manage to have ready before market time. Learn more here.
Tip 2. Improve Your Presentation
The way you present your products in your market stall can affect the overall impression customers have, so make sure that you put careful consideration into every tiny detail of your shop. Start with a trusty gazebo like our very popular 3m x 3m Deluxe Gazebo, then add lighting, display, your theme, and perhaps a banner to make you more visible.
You may also visit our Market stall Guides Page to find out the many helpful tips you can use to make your stall, even more, appealing to consumers.
Tip 3. What Everybody Ought To Know About Advertising
Brand your product and tell people about it; flaunt it in the open. If you can use social networks like Facebook or Twitter to spread the word that you have something interesting for sale, do so, because as long as the word gets around, there's sure to be a curious soul that will want to know what you have to offer.
Take photos, and show them to friends. Take advantage of the fact that one person will have the tendency to tell three others about something that interests them.
Launch an online stall. Shopping hubs such as Etsy.com are excellent avenues for increasing your income.
Openly advertise the physical stall in your online shop so patrons can meet you in person if they want. Likewise, tell customers about your online store, that way they can buy from you even if they don't visit the physical shop.
Tip 4. Pricing Everything And Receive Everything With A Price
It's a proven fact by many stall holders that cheaper items sell more than pricier ones, because admittedly, he majority of people visiting the markets don't really have thousands of dollars to spend. Some of them are just looking for little souvenirs to take home as gifts or tokens, often poking through your were for the least expensive yet beautiful item you have.
- Display everything. Have samples for everything and if the physical items can't be there, have them in a portfolio or brochure for interested buyers to look into. You may not sell on the first or second looker, buy a lasting impression on passersby can sometimes encourage them to return for a purchase.
- Price Your Wares. Why? Because many consumers are shy to ask or are too reluctant to start a conversation, and would rather know the cost of an item by glance than approach. Some buyers may just be canvassing around for the most reasonable option, and are mentally comparing and computing the difference.
- Use Tags. Tagging is also a good way to advertise your goods, so use it to tell people what you are selling or to let them know that you have offerings like a 'two-for-one' happening. People need to know, so it just makes sense for you to let them know.
Tip 5. Have A Creative Demonstration
Demonstrations are a popular way to draw in the crowd and show them what you can do. It also allows possible buyers to see how your products get manufactured like, for example, if you sell hand-painted glass, putting on a demonstration is one way to exhibit how intricate and careful you are with using the brush to decorate your goods.
Now, a product demonstration doesn't need to be vocal. Indeed, you don't have to talk every time at all. It could be as easy as just sitting on the side of your outdoor stall and crafting your items, or putting up a mobile workshop on a site so people can see how you work. Be creative! There's always a way to show off your skills and the quality of what you sell, even without boasting aloud about it.
Tip 6. Fill Up A Contact List
Some people say that markets are only good for collecting business cards, but this isn't a bad thing at all, really! Believe it or not, even bigger trade opportunities can occur far from the market stall scene, and often occur way after the shops are closed. So...
- Note people's numbers, email addresses, and other relevant information. You can follow up on your list for some marketing later on (but ask first if it's just all right - otherwise, you'll end up a nuisance).
- Offer to let interested parties know if products are available, especially if you don't have the item they want on hand. Take down contact details so you can let them know once the items are in stock; even offer to deliver if it's along your way.
- Give away your details. Of course, this process is two-way, and it's always a great idea to let buyers know that they can reach you the same way you can reach them. Have your own business cards handy and give them away to the people visiting your gazebo. Or print out some flyers with these said details and have them circulated around the market. Buyers may choose not to visit your stall, but they can take the flyer and use the information therein to contact you later. That's always a possibility!
Saving All Important Contact Information. Photos by PEXELS
When researching what, your customers want to check other local markets to see who sells the same product. Getting new ideas, having a chat and getting advice is a great way to learn - treat them as your gurus. Always consider the right location where you want your market stall will be.
Below are a few questions that you can use to get started with your market research:
- How will you start your big day?
- Who are your audience/customers?
- Check if what you sell fits the needs of the local community?
- Can you make enough sales by the end of the day all by yourself? Or do you need some help to manage the influx of customers?
- Do you have enough items to sell for the day?
There's no real formula to success and, more often than not, stall owners find their own way through sheer ingenuity, imagination, and camaraderie. So if you have other tips to share with our fellow market traders, tell us!
We'd love to hear your stories and pass them along to others.