Local markets take a long time to start setting up everyday, bringing back down the store at the end of the day taking your time and effort to do all these. So in this episode of Local Markets Are More Than Hidden Gems, we will be sharing some tips on how you can reduce work, insights on how to leverage your market to increase sales and on how to get people come in and look and start buying more of your products.
Hello and welcome to Marketplace Millions, a podcast dedicated to helping you sell more on many marketplaces like Amazon. Sit back and enjoy today’s episode.
Howdy, Brad Younger here and welcome to today’s broadcast. Today we’re going to be talking about local markets and how they’re more than just a little hidden gem of finding awesome little products. It’s also a fantastic way to build out more and more leveraged sales channels. And today I’m going to work out how you could do that, and how you could look at increasing your sales by running little stores at local markets.
Now, I know that sounds a bit weird for somebody that’s got an established brand online, and they’re doing all sorts of online sales, they’re selling on major marketplaces, but hear me out. You’ll hear why, if you get it set up right, using local markets will increase your sales.
For most brand owners, they probably started out selling in local markets. Testing out their products, getting in there and seeing whether anybody actually wants to buy stuff. Then, after they start growing a bit, the local markets start getting a little bit neglected. They may have on the things like selling on their own online retail stores, selling in wholesale, selling on marketplaces, and then forget that these are awesome little sales channels that that can be set up. Local marketplaces are very similar, in fact, in the way online marketplaces like the iconic Amazon work. You get a lot of people, a lot of foot traffic coming through, looking at your products, and you’ll be out to attract more and more people to come in and look at and start buying more of your stuff. So it is in its own way, it is an amazing sales channel.
Now we know some of the objections for setting up local markets. We know it takes a long time to get things up, the stall set up. It’s like trying to build a store and bring it back down every day at the stall at the local market. Yes, it’s a lot of work, but if you get it right, you can reduce that work quite amazingly. We know you can only sell a smaller range at these stores so the stores are generally smaller than the size of a a big shop. Even if it’s a size of big shop, you generally got a lot larger range than than what you’re selling at the stall. And we know it can be difficult to try and get more and more stuff there to sell it. And then you’ve got to have obviously all the different sizes. If you are selling items that are a size base, so like fashion for instance, you probably need to have all the different sizes there.
We’ll talk a bit later about how to get around this particular problem. And we know it’s not easy to leverage, so if you’ve got all that work to do, you’ve got a lot of steps that you need to follow. You’ve got a whole bunch of stuff, you’ve got to bring back your cash, you got to count your cash and put it into your bookkeeping system, and all that sort of stuff. And it’s really too hard. It’s really hard to leverage. What I’m going to show you today is a bunch of processes and a way to set up your tools so that it’s a lot easier. And if it’s a lot easier, you can leverage it. You could get two or three markets or maybe even five, 10 markets going every weekend in different places. Then all of a sudden you’ve got a big chunk of coin coming in from this particular sales channel in the local markets.
So how do you go back getting your leveraged local market configuration done? How do you set up a local market so that it’s leveraged, then you can do it over several places? Well let’s have a look at what you’d need. You’d need a way of setting up your store. You need a way of pulling down your store, need a way to take payments. You need a way to get all that payment and information across. You’re only going to have limited space, so you need a way to sell more than what you’ve currently got there. And I strongly suggest looking at extending your drop shipping in this scenario. So you could take an iPad, for instance, that connects to your online store and allows people to order products off your entire range while you’re at the market. So you can show them the size, the fit of a particular t-shirt.
If you’re selling t-shirts, you can show your particular items. So you can show, “Here’s four different clocks that we make. We do have a range of a hundred other clocks. If you’d like to have a look, is there something you particular you want to look at? Buy it online and we’ll post it to you and get it to your ad express post.” So the approach is to set up your shop in a way that you can train some people on how to run it so you can get leverage. You don’t have to be there yourself doing all of this all the time. You can have multiple markets running at the same time. And you’ll have it set up so that it’s easy to train these people and it’s easy to monitor and make sure that things are happening in the way that you want them to happen.
Then you go about setting up some processes. So taking payments, for instance. Look at something like square payments for instance, which is a nice little square box that can take credit card payments. You can take cash payments and put the cash amount straight into square while you’re there on your iPad. And all of that can then sync back automatically to your bookkeeping software. So you now have to get nothing done once the information’s back at head office.
You can have a way to set up a store. So you take some photos. You can have a set amount of products that you take to each of the markets. So you can say, here’s an inventory list of, Oh, here’s a build list of what you need to build out a store. Have them already in inboxes ready to go as well. So get a few plastic boxes and have the items in the box ready to go.
Have a table ready to go, all of those items, and have instructions on how to set up the shop to make it look the same every time and make it look beautiful. And then obviously when you’re packing down the store to make sure everything goes back in the boxes and goes back into an orderly fashion, things are signed off, all the orders are taken, all the money’s being cleared, everything’s done.
You can even take this as far as making sure that maybe a checklist at the end of the day or maybe on the next Monday or something, to make sure that everything is in your bookkeeping software and the all the financials are up to date and ready to go. You have a process for greeting your customers. What do people say when a customer comes in, and how do you handle customers? I know this bit can be a bit fluid in that you want to be able to respond to different types of customers, etcetera, but have a nice framework on how that should happen.
Have a process around how to show the full range. So if somebody is looking at a particular product, take them into that collection straight away, and have your iPad ready to go. Have multiple iPads ready to go maybe, and just in case you get a few people in the shop and have a way of handling those. So think about that process first. Practice it back in your warehouse or back in your office. Practice it and get it going, and get a few people to come through. And you can use that for training for when you’re training your people as well on how to run your local markets.
Another good little process to have in place as well, is a way to collect contact information from people who haven’t bought from you, but we’re interested in what… So, they come past the shop. They had to look at a few items, they’ve gone, “Oh, maybe not today.” It would be good to have a way to collect those contact details. And again, just like online you can have some sort of free offer or some sort of gift you could give them if they were to fill out to their contact details. Have the phones ready to go, have the gift items ready to go. It can be a small item, give away, maybe give away a bottle of cold water on a hot day or something like that. Who knows. Be creative in this area, but definitely have a process there for collecting that contact data.
Then, like I mentioned before, once you got all these processes ready, you can set up in your office and start training your people and showing them through the process. How to run it, how to set up the store, how to pack down the store, how to take payments, how to do this, how to do that. And you can get your people trained before they get out there and get them used to what they’ll need to do.
You can do this with a, if it’s too expensive to hire people, I’m sure you could do it with local backpackers for instance, as a way of of keeping your costs down here. And a good way to manage people while they’re out in the field. Just to let them know that you’re going to give them a call a couple of times a day and make sure everything’s right. They need to check in. So maybe get them to send you an email every few hours with information like, how many sales are done, How much foot traffic has been around some of the stuff that they’ve noticed. And just to stay in contact with them so that they understand. So you can do it in a leverage way. You can get them to email you straight off the iPad or you could even just do a phone call once, twice a day.c
And maybe with a debrief at the end of the day so that they can let you know that everything went well, everything’s packed down, it’s all back in the office ready to go. And just that [inaudible 00:09:14] one want market. Get out there. Make sure your processes work, and make sure that people who are trying and they’re doing it. Get maybe a couple of your friends to go by and just make sure that it’s working the way that you want it to work. And then from there you can grow it. So once you’ve got that process ready, you can actually apply that to the next market and next market. Set up two or three markets in a weekend, and all of a sudden you’ve got a decent amount of coin coming in, and a decent amount of sales. So I hope you’ve enjoyed today’s episode on how to use local markets to leverage your sales. And looking forward to talking to you on the next episode. See you then.
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