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 how exactly do you get the most out of your market stall? Here are 6 tips to help you get started.
Photos by Jitze Couperus and Mack Male
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 flavour 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.
Photos by Keith Williamson and Chas Redmond
Tip 2. Improve Your Presentation
The way you present your products in your market stall can affect the overall impression customers have. Therefore, make sure that you put careful consideration into every tiny detail of your shop.
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.
Photos by Wilshire and Council
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, then do so.
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.
Photos by consciousskincare and SunGoddessCollars
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. Why? Because admittedly, the 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 ware for the least expensive yet beautiful item you have.
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, but buying 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.
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.
Photos by Ruth Hartnup and Brian Jeffrey Beggerly
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.
Photos by Steven Depolo and Audrey B.
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!
Photos by PEXELS
Tip 7. Be Chatty with Customers
If you want to sell more at your market stall you have to be very customer-orientated. You can't afford to be shy at this point. And being snappy or rude is definitely out of question.
As you attend to your customers positively engage with them and be enthusiastic in your conversations. You want them to part with their hard-earned cash, right? Therefore, belief in your product and let it rub off to your customers.
To quickly turn the browsers into buyers, ditch the hard sell and instead talk yo then about the product.
For example, if you are selling a beach umbrella, ask your customer which beach they plan to visit. Create a conversation around the positives of their beach trip. That way, they'll buy into the dream.
Tip 8. Use Social Media
Chances are you already have a social media account. And even if you don't have one, signing up is easy and free.
Take advantage of these technology tools such as Facebook, Twitter, Instagram, and others to create an online buzz about your upcoming market stall event.
The network of people of people you have on social media may want to spend money on you or better still they may know someone who may be interested in your wares.
While at it, remember to be clear about the venue, date, and time.
Tip 9. Think Outside the Box
How do you make your stall stand out from a sea of market stalls? And really get noticed by customers who will ultimately buy from you?
Here's the thing:
- Have a gazebo that truly stands out
- Think of a unique way of setting up your wares
- Get a nice rug and lay it down
- Tastefully dress the display table
- Put some fancy lights
- ...and anything else slightly out there
Your aim is to draw more people into your market stall. So go on and think outside the box!
When researching what your customers want, 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 to 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.