How to open a Pop-Up store successfully? The existence of Pop-Up stores has become a great marketing strategy used by retailers who seek to extend product and brand promotion. Approximately, the industry of Pop-Up store has grown to ten billion dollars in sales. A study in the UK claimed that most of the new businesses will invest in Pop-Up stores in the next two (2) years. The small businesses’ director in the UK stated that Pop-Up retail have been a tried and tested strategy. Well, opening a Pop-Up store offers a great opportunity. Here’s how to open a popup store successfully.
1) How to make the most of your Pop-Up store
- Test retail distribution with limited costs
The pop-up store’s temporary and low-cost nature allows customers to engage in new products. This marketing test can influence future product demands.
- Test the location.
Know if it yields favorable traffic. Finding the location of the store is vital in ensuring Pop-Up store success. Knowing demographics and the retail competitors in the area are also vital. Identifying the locations that are frequently visited by your targets certainly affects sales. Choose strategic streets, available gallery space, kiosk and others.
- Physically activate your present customers when selling a new product, educating them matters.
Giving them a live demo and getting feedbacks is the best start.
- Converse with your customers and know their perception towards your products.
It enables you to find out the customer’s level of demand regarding an item.
- Maximize press coverage
Digital media, electronic devices and networking venues lifted brand recognition and personal connections.
2) How to prepare before launching
- Know if you have ample time for putting up and managing everything in Pop-Up store.
- Calculate what needs to be calculated such as the return on operation’s investment. Note all the costs including the rent, retail equipment, software on a point of sales (POS), interior design, communication, salesmen, lighting, inventory, furniture and so on.
- Make marketing campaign through varied channels like the press, social Medias or newsletters.
- Know how you will finance the business. You can choose to go to banks and having loans or choose to crowdfund.
3) When Your Pop-Up Store Works Great…
- Don’t quickly decide to open several stores. Think, analyze and evaluate everything. You might end up losing the success you’ve gained.
- Determine why and how your Pop-Up store has worked. Consider the following:
- Location– Is it placed on a strategic place?
- Community enthusiasm–Does the community respond well?
- Support of your friends –Did you get enough support?
- Marketing–Is your marketing strategy boost your sales and success?
- If you’re going to open more Pop-Up stores, you can experiment and change some parameters. Change the location, the design, your marketing ways and others. After that, compare the results and learn from it.
- After putting up three Pop-Up stores, you’ll be able to evaluate whether putting up other stores are favorable.
Small and large businesses continuously embrace the idea and potential of Pop-Up stores. To participate and go with the trend, knowing how to open a Pop-Up store successfully is a must.