Unveiling Pop-up Market Success for brands in 2024: 3 Steps to Better Market Selection
Introduction:
As we embark on the journey that is 2024, the landscape of markets is evolving, presenting both challenges and opportunities for brands in South Africa. We have seen a significant surge in the number of markets hosted throughout the country, some succesful, others less so. Here are four crucial steps that can structure your approach to selecting a market in South Africa, ensuring your brand not only survives but thrives in the dynamic market environment.
1. Discover the Market Anchor: Setting the Stage for Success
The year 2023 witnessed a notable surge in the number of markets being hosted, offering a diverse array of opportunities for brands. However, not all markets proved to be equally fruitful. Some struggled to attract a substantial audience, resulting in lackluster sales for participating brands. To navigate this challenge, it becomes paramount to identify the market's anchor or lead magnet – the element that not only draws visitors in but also lends credibility and sets the tone for the entire event.
An anchor could take various forms, ranging from a prominent brand and popular entertainers to a well-known restaurant or a unique market theme that is bound to attract a large audience. Before committing to a market, it's crucial to assess whether it has a compelling anchor that guarantees foot traffic. Explore the market's track record – has it consistently attracted a substantial audience in the past? If not, scrutinize their strategies for consumer attraction and evaluate what the market anchor is.
2. Know Your Audience: Tailoring Strategies for Maximum Impact
Understanding the audience likely to attend is at the heart of successful market selection. Dive deep into the demographics, preferences, and buying behaviors of these individual consumers. The key to this understanding often lies in deciphering the characteristics of the market anchor's customer base. By aligning your products and marketing strategies with the preferences of this specific audience, you position your brand for maximum impact.
For instance, if the market predominantly attracts consumers at the lower end of the market, focus on showcasing your lower-priced items prominently. Alternatively, if the market is hosted in a popular dog park, catering to the majority of dog owners, tailor your offerings to align with pet-related products. The key is to resonate with the unique interests and needs of the market's audience.
3. Crunch the Numbers: A Pragmatic Approach to Market Viability
Before committing to a market, conduct a thorough breakeven analysis. Factor in all fixed costs, including the vendor fee for joining the market, logistical expenses, your time investment, and other costs associated with attending the event. Divide this total by the average profit per item sold to determine the number of products you must sell to cover your attendance costs. Using the information about the market, anchor, audience and expected foot traffic, make your best guess about the number of sales you will get. This analysis provides a clear picture of the viability of the market for your brand.
4. Compare your sales to your predictions and adjust accordingly.
Compare how many products you sold at the market to how many you thought you could sell. Use the information to adjust your predicted sales in the future and assess whether you are attending the correct markets for your brand. This ongoing evaluation is essential for fine-tuning your approach, helping you attend the right markets for your brand and maximizing your potential for success.
Final thoughts:
In the ever-evolving landscape of markets, strategic selection is vitally important to brand success. By discovering the market anchor, understanding your audience, crunching the numbers through pragmatic analysis, and adjusting your views based on actual results, you position your brand for success in 2024.🚀 #MarketSuccess2024 #GrowYourBrandSeries
Published on January 16, 2024 by Hivve Wholesale
