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5 tips to help you build a standout market stall
If you think you need a bricks-and-mortar shop to run your business from, think again! Plenty of iconic brands started as pop-up or market stalls. So, whether you have big plans to grow your business into an internationally recognised brand, or you simply like the convenience and flexibility of setting up shop virtually anywhere, a market stall is a great way to test the market, sell your products and get your brand out there. Before you go join the market crusade, check out these 5 top tips to running a successful market stall.
1. Make your market stall visually attractive
When you set up your stall, you’ll want to make sure that it stands out from the crowd, literally. At busy markets, customers are inundated with colour, sound and distractions. Potential customers can easily pass your stall if it doesn’t grab their attention. Having a clear and original theme, such as complementary colours, or a rustic country feel, can help customers feel at ease and instantly recognise your brand. Likewise, clear and professional signage can instantly grab the attention of the customer. Make it known what you’re selling and ensure that it’s ‘on brand.’ Remember, first impressions count – so a visually appealing store that captures your brand and signage is a great start!
When someone peers into your market stall, a cursory glance could be all it takes between deciding to stay or leave. So, think about how you exhibit your products. Having your big-ticket aka ‘flag ship’ items clearly visible is a great strategy. While it can be tough to determine what goes where, think about placement in terms of heights. Place your most striking items at eye level and try to arrange them so you have a variety of display heights. There are plenty of ways to support your product, like bringing your market stall to life using props and furniture to highlight your products.
2. Focus on the customer
Everybody harps on about customer service because it matters. But customer service is more than just being polite and helpful. A market is a place to have conversations – therefore be approachable and always be willing to have a chat about your products. And don’t be shy to tell your story! It’s a good way to sell your brand to customers, who will then organically spread your brand through word-of-mouth. Finally, get feedback on your stall! Seeking feedback is an important step in growing and improving your business.
3. Understand your price point (and your niche)
It can be easy to think that cheaper is better, who doesn’t love a bargain, right? However, a premium pricing strategy can be very effective, particularly if your products fit into the right niche eg fashion or unique goods. Having a variety of price points for your products is a good way to ‘hedge your bets’ and appeal to a range of budgets. Ensure that items priced in your middle range are supporting the bulk of your profits. The bigger ticket item pieces are likely to give you high returns, but don’t always rely on them. Also, by making your pricing and information signs clear, you might help shoppers who feel uncomfortable asking you the price. If you’re going down the path of premium, high-priced goods, then having some form of eftpos or credit card system could be worth considering.
4. Think outside the box
Got something that will make your stall stand out? Is it a conversation item to spark the interest of a customer, or an offer too good to pass up? It’s worth a shot! A market stall is a chance to unleash your creativity. You may also use social media to get word out about your stall. Perhaps you might run a campaign or have an offer that’ll have market goers visiting your stall – as well as letting any of your regulars know where you can be found. A little stuck for ideas on how to give your stall the edge? Get the creative juices flowing by checking out your competition and scout potential market stall locations at the same time. Here’s a list of 10 must see markets to give you a head start.
5. Don’t forget Market Stall Insurance
Many market stall organisers will require you to insure your stall in case things go wrong. And not every market will have the same demands, including whether or not your stall is automatically covered by Public Liability Insurance. Knowing how to insure your market stall can be tricky, so it’s important to make sure you have the right cover for your needs. Insuring your market stall can help make sure you won’t be out of pocket if something unexpected happens.
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as AAMI Business Insurance. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.