Our “Get Market Ready” Event

During our recent online event, we dug deep into navigating the world of markets. They can be both exciting and daunting, but with the right preparation and strategy, you can make a lasting impression and boost your sales! Let’s touch base in this blog post and walk you through everything you may have missed about getting your business market ready!

Before You Start

Before diving into the market scene, it’s important to lay a solid foundation for success. Here are some must do steps:

Know Your Audience: Research the demographics of the market attendees to understand their preferences and purchasing behaviours. Tailor your products and marketing approach accordingly. The good news is, most markets have similar demographics. People LOVE a good artisan or farmers market, and here’s why:

• Markets typically offer a wide variety of products, including fruits, vegetables, meats, cheeses, baked goods, crafts, and artisanal goods. This diversity appeals to consumers looking for unique, high-quality products that may not be readily available in mainstream supermarkets.
• Consumers often appreciate the opportunity to meet the farmers, producers, and artisans behind the products they purchase. This direct interaction provides a sense of transparency and trust, as well as the ability to ask questions about practices, ingredients, and production methods.
• Shopping at markets allows consumers to support local businesses directly. This fosters a sense of community and helps strengthen the local economy.
• Both farmer and artisan markets provide educational opportunities for consumers to learn about businesses through workshops, cooking demonstrations, and interactions with vendors.

Set Clear Goals: Define what you want to achieve from participating in the market. Whether it’s increasing brand awareness, generating sales leads, or launching new products, having specific goals will guide your efforts and help you to plan accordingly.

Create a Budget: Determine your budget for the market, including expenses such as booth rental fees, inventory, signage, and promotional materials. Allocate funds strategically to maximize your return on investment. Don’t skip this step, it’s important to make a market worth it. Here are some things to put into your budget:

• Know Your Costs: Before setting prices, it’s important to understand all of your costs, including production or wholesale costs, packaging, transportation, market fees, and any other overhead expenses.
• Consider Market Rates: Research the pricing of similar products at other farmers’ markets or grocery stores in your area to get an idea of the market rates. This can help you determine a competitive yet profitable price point for your products.
• Markup: Determine the markup percentage you need to apply to cover your costs and generate a profit. A common markup percentage for small businesses ranges from 30% to 50%, depending on the product and market demand.
• Price Per Unit: Break down your pricing per unit (e.g., per pound, per item, per bunch) to make it easier for customers to understand and compare prices.
• Bundle Deals: Are you going to offer bundle deals or discounts for purchasing multiple items? This encourages larger purchases and increase sales volume. Crunch the numbers and see if doing this will help you with your ROI.
• Value-Added Products: If you offer value-added products or specialty items, such as artisanal cheeses, jams, or baked goods, you can justify higher prices based on the added value and quality of these products.
• Perceived Value: Consider the perceived value of your products and how they are positioned in the market. Factors such as product quality, freshness, organic certification, and unique packaging can influence how customers perceive the value of your products.

Remember that pricing is not a one-size-fits-all approach, and it may require some experimentation to find the optimal pricing strategy for your specific business and market. Regularly review and update your pricing strategy to ensure that it remains competitive and profitable.

Booth Presentation

Your booth is your storefront at the market, so you want to make a strong visual impact. Consider the following tips:

Eye-Catching Display: Design a visually appealing booth that reflects your brand identity and attracts attention. Use signage, banners, and creative displays to showcase your products effectively. The more aesthetic your booth is, the more attention it will usually garner.

Product Arrangement: Arrange your products in an organized and visually pleasing manner. Highlight best-sellers and feature new items prominently to grab customers’ interest.

Here are some examples of what to do, and what not to do:

YES:

Sometimes minimalism is better if your confident enough in your product.

This is what we call organized chaos. Having multiple items, but organizing them into a way where they don’t look daunting, is a great way to get people’s attention.

Advertising some of your most attractive items right up from, like these beautiful speckled and unique coloured eggs, is a good way to get people to your booth AND have them ask questions.

NO:

Throwing your products anywhere, with no organization at all, is one sure way of keeping people from coming to your booth.

This is NOT organized chaos. Booths like this are intimidating, and a lot of people will usually walk right past it in the fear they’ll get lost.

Booths with nothing to really show at all are another no go. You want to make sure you have signage, colours, and organization in order to pull people in. Remember, before they even talk to you, your booth is the first thing they see.

Engaging Setup: Create an inviting atmosphere in your booth by offering samples, demonstrations, or interactive activities. Encourage visitors to explore your products and engage with your brand. Here are some fun ways to do this:

• Samples! If you’re a food vendor, people love a good sample. Let them taste your product before purchasing. This shows confidence and determination that people will like your product so much that they’ll buy it after tasting it.
• Contests! Have a mystery bag of your products and create a draw for the winner when the market is done. This is a good way to also get peoples contact information.
• Spinning wheels or Cornhole! Have a prize wheel, or different winnings on cornhole holes, for people to try and win a giftcard or a percentage off!

Pricing and Payment

Setting the right pricing strategy for driving sales and maximizing profitability is crucial. Here’s what to consider:

Competitive Pricing: Research competitors’ pricing to ensure your prices are competitive while still allowing for a reasonable profit margin. You may not be the only business at the market selling your type of product, so what sets you apart?

Transparent Pricing: Consider offering special promotions or discounts to incentivize purchases, and clearly display prices for all products to avoid any confusion or hesitation from potential customers.

Convenient Payment Options: Provide multiple payment options, such as cash, credit/debit cards, and mobile payments, to accommodate different customer preferences. In 2024, a lot of people choose not to carry cash anymore, so most businesses have moved to platforms like Square and Stripe. When choosing a payment platform, ensure that your payment processing system is reliable and secure.

Selling and Customer Engagement

Building rapport with customers is key to driving sales and fostering loyalty. Here are some tips for effective selling and customer engagement:

Friendly Approach: Be knowledgeable about your products and ready to provide helpful recommendations. If you allow people to just walk passed, that is a sale you may have missed. Here are some examples on how to initiate conversation:

• Arrange your products in an appealing and organized manner to make them visually enticing. Use props, baskets, and other display fixtures to create a visually appealing setup that draws people in.
• Host cooking demonstrations, recipe tastings, or workshops related to your products. This not only attracts people to your booth but also provides value-added experiences that can increase interest in your products.
• Design a colourful booth with signage, banners, and decorations that make your booth stand out from the others. Consider using vibrant produce, plants, or product samples as part of your display.
• For food vendors, offer free samples of your products to entice people to stop by your booth. This gives them a chance to taste your offerings and increases the likelihood of making a purchase.
• Be proactive in engaging with people passing by your booth. Smile, greet them warmly, and offer information about your products. Engage in conversation and be ready to answer any questions they may have.

Offer Value: Focus on providing value to customers beyond just making a sale. Educate them about your products, share your brand story, and offer personalized assistance to enhance their shopping experience.

Follow-Up: Collect customer contact information, such as email addresses or social media handles, to stay in touch after the market. Send thank-you notes, special offers, or product updates to nurture ongoing relationships.

Other Things to Consider

In addition to the essentials mentioned above, here are a few more factors to consider for market success:

Weather Preparedness: Be prepared for various weather conditions, especially if the market is outdoors. Bring tents, umbrellas, or other protective gear to ensure your booth and products stay safe and dry. Market lovers will come, rain or shine.

Branding and Packaging: Invest in professional branding and packaging to enhance the perceived value of your products. Thoughtful packaging can leave a lasting impression on customers and encourage repeat purchases. Branded shopping bags, cute product packaging, and fun boxes really add to the experience.

Logistics and Transportation: Plan logistics for transporting your products to and from the market efficiently. Consider factors such as transportation costs, storage, and inventory management to streamline operations.

After the Market is over: How do people find you?

Your efforts shouldn’t end when the market closes. Here’s how to maintain visibility and attract customers beyond the event:

Online Presence: Establish a strong online presence through your website and social media channels. Share highlights from the market, showcase products, and encourage customers to connect with you online. Local Street is here to help with this, making it easier to be found by customers committed to shopping local.

Learn about the Local Street Business Membership and exclusive membership promotional packages here.

Social Media Marketing: Leverage social media platforms to promote your participation in the market before, during, and after the event. Share behind-the-scenes glimpses, customer testimonials, and exclusive offers to engage your audience. Loyal customers will follow you to markets, especially if you share about it before and during! Did you know as a local street seller you can feature your social media links on our channels? Including the homepage of our website!

Business Resources/Markets: Explore other market opportunities and networking events to expand your reach and connect with potential customers. Join local business associations or market organizers to stay informed about upcoming opportunities.

As you prepare for your market debut or seek to enhance your market presence, you may have questions or need further guidance. Don’t hesitate to reach out to fellow small business owners, market organizers, or industry experts (like the team here at Local Street Marketplace!)  for advice and support. Remember, continuous learning and adaptation are key to thriving in the dynamic market environment.

Getting market ready requires careful planning, attention to detail, and a customer-centric approach. By following the tips outlined in this guide and staying proactive in your efforts, you can set yourself up for success and make a memorable impression at your next market event. So roll up your sleeves, put your best foot forward, and get ready to showcase your small business to the world!

Want to learn more? Watch the full event here.