Temporary retail has become the go to marketing strategy for businesses looking to enter into new markets and introduce new products. The temporary retail market has grown to 10$ billion in sales offering unique products and services, localized offerings, optimized pricing, and a convenient and fun experience. By engaging in temporary retail your business can benefit from the following:
Engage Your Customers in Person
Gather Important Information
Temporary retail spaces are a great way to interact with people in person. Direct interaction allows businesses to gather valuable information from, and about, their customers including demographics. Demographics help you determine who is your customer. Are the people that stop at your temporary retail location predominantly made up of one gender, age group, ethnicity, or income bracket? Do they share a common background? Are you selling items that match the demographics of your customers?
Touch, Feel, and Try Out
One of the greatest draws for buying items in person is the ability to physically hold them in your hands and buy them at the point of contact. We have all ordered something online that did not quite meet our expectations when we received it. Seeing an item in person and holding it in your hand is a great way to avoid this issue.
Misunderstandings and Technical Issues
Technology has certainly changed the world we live in but it leaves a lot to be desired when it comes to building relationships. Emails, text messages, and words on a web site are often cold and impersonal. Phone calls are better than texts and emails but nothing beats face to face communication. Engaging your customers in person also eliminates technical issues such as dropped calls, computer crashes, and reintroduces the ability to negotiate.
Tips for Better In Person Sales
Be personable and candid
Be aware of your body language
Know your product.
Test New Markets and Products
By interacting with your potential customers directly you can find out more about them, your product, and yourself in 6 days than you can in 6 months of running an online store. When businesses test new markets and products they are looking to determine sales performance, price acceptance, and product weaknesses. One benefit of temporary retail is the ability to test different markets, locations, and demographic makeups without a long term commitment.
Temporary retail is the most cost effective way to get started. It also comes with the lowest amount of risk when used correctly. All you need to get started in temporary retail is 1 person, 1 credit card reader, and a small amount of product. The business only needs to be big enough to fill a 10 feet by 10 feet space, commonly known as a 10 by 10 or a 10×10. This is about half the size of the average dining room. Using temporary retail reduces product overhead by limiting the initial expenditure and reducing storage costs. Thanks to specialty leasing agreements businesses can into temporary retail locations for as little as a single day. The short term period can be combined with the smaller square footage requirement above to allow your business to get into some really surprising locations for as little as $100.
Safe First Step Toward Your Own Store
Many business owners operate under the assumption that getting into a retail space is hard to do and place an unnecessary limit on themselves. There are plenty of sources out there telling small business people that retail is expensive, that they have to pay a lot for space, and that they need a big space to get started. This simply is not true. Start small and think big. If you can create, produce, or source a product that allows your business to sell 80% of its stock over a weekend then you may be ready for the next step. The next step may be a second temporary location. It may mean being open for business more days at your initial location. With some courage and some prodding it may even be opening your own store full time. Star Struck Vendor Events (http://www.starstruckvendorevents.com) can help you get started. We provide temporary access to outstanding retail locations with established infrastructure through our development of lasting relationships with small businesses and facility managers. Contact us today to take your first step.