First published: 16 February 2014 at 16:21
Chapter 2
In Chapter 1, we explored some of the reasons WHY you want to set up a bazaar business.
Namely;
a) Get rid of things that take up storage space, such as:
b) Try out Entrepreneurship
c) Strengthen your business
d) Sell and showcase your artisan crafts and products
e) Test market a new product you are launching
f) Educate your children
g) To raise funds for your cause
Some other out of the box reasons could be that you’re a large corporation looking to expand brand presence through corporate sponsorship of our bazaar… for that you may write to us separately 8)
The next question to ask yourself after discovering your own answers to WHY, is to ask yourself…
2. WHO do you want to sell your things to?
The most common answers we received are: ‘To anyone who wants to buy.’ True. We totally agree, but would like to offer our point of view that our vendors’ approaches can be more strategic and targeted.
Visualize this:
You have a booth in a flea market or bazaar that has fantastic human traffic. You see a lot of people walking around and browsing but nobody seems to be buying from your booth. You see your neighboring booths making endless transactions. You look at them and ponder what the secrets to their success are?
As you carry on observing them, the first thing you notice is that a lot of yuppie-looking couples huddling around the booths and the chatter you hear from them are questions regarding the products. As you study your neighbor’s products you realize that they are selling products for pet dogs.
And you also hear the vendor talking about their blogshop or online shop in between the chatters.
And then suddenly you realize that the yuppies are actually your neighbour’s blog shop followers or customers, who have come to visit the vendor at the bazaar to feel and see for themselves the line of products for their pet dogs.
You realize that the amount of time your neighbor spends at the bazaar has a greater return for him.
What was it that your neighbor knew that you did not?
Your neighbor knew the persona of the customers he was selling to. He understood his target audience well enough so that helped him to more effectively.
His target audience is yuppies, aged probably around 25 to 35, with good spending power, probably has at least a pet dog or two in the family, and willing to travel within Singapore to visit his booth to buy his products.
So Who are you selling to?
Some examples:
You will need to do some research and observation yourself (e.g. population demographics, economic performance of Singapore, and salary surveys or purchasing power) to help you make a more targeted approach.
In some flea markets or bazaars, the organiser would have already provided some idea of the operating environment.
However, having made informed strategies and decisions do not guarantee you days of great sales - there other many other factors involved, and in the end it all boils down to the shoppers decision making process.
In chapter 3, we will explore ‘What’ do you want to sell?
An original article by TGIF Bazaars.
Please feel free to ‘like and share’, add us to your favorites, and check back with us often for updates!
In Chapter 1, we explored some of the reasons WHY you want to set up a bazaar business.
Namely;
a) Get rid of things that take up storage space, such as:
b) Try out Entrepreneurship
c) Strengthen your business
d) Sell and showcase your artisan crafts and products
e) Test market a new product you are launching
f) Educate your children
g) To raise funds for your cause
Some other out of the box reasons could be that you’re a large corporation looking to expand brand presence through corporate sponsorship of our bazaar… for that you may write to us separately 8)
The next question to ask yourself after discovering your own answers to WHY, is to ask yourself…
2. WHO do you want to sell your things to?
The most common answers we received are: ‘To anyone who wants to buy.’ True. We totally agree, but would like to offer our point of view that our vendors’ approaches can be more strategic and targeted.
Visualize this:
You have a booth in a flea market or bazaar that has fantastic human traffic. You see a lot of people walking around and browsing but nobody seems to be buying from your booth. You see your neighboring booths making endless transactions. You look at them and ponder what the secrets to their success are?
As you carry on observing them, the first thing you notice is that a lot of yuppie-looking couples huddling around the booths and the chatter you hear from them are questions regarding the products. As you study your neighbor’s products you realize that they are selling products for pet dogs.
And you also hear the vendor talking about their blogshop or online shop in between the chatters.
And then suddenly you realize that the yuppies are actually your neighbour’s blog shop followers or customers, who have come to visit the vendor at the bazaar to feel and see for themselves the line of products for their pet dogs.
You realize that the amount of time your neighbor spends at the bazaar has a greater return for him.
What was it that your neighbor knew that you did not?
Your neighbor knew the persona of the customers he was selling to. He understood his target audience well enough so that helped him to more effectively.
His target audience is yuppies, aged probably around 25 to 35, with good spending power, probably has at least a pet dog or two in the family, and willing to travel within Singapore to visit his booth to buy his products.
So Who are you selling to?
Some examples:
- Families with kids
- Teenagers (14 to 18)
- Young adults (21 and above)
- Middle agers
- Courting or married couples without kids
- Single professionals
- Hobbyists such as toy collectors
- Ladies
- ...etc
You will need to do some research and observation yourself (e.g. population demographics, economic performance of Singapore, and salary surveys or purchasing power) to help you make a more targeted approach.
In some flea markets or bazaars, the organiser would have already provided some idea of the operating environment.
However, having made informed strategies and decisions do not guarantee you days of great sales - there other many other factors involved, and in the end it all boils down to the shoppers decision making process.
In chapter 3, we will explore ‘What’ do you want to sell?
An original article by TGIF Bazaars.
Please feel free to ‘like and share’, add us to your favorites, and check back with us often for updates!
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