Tips for Growing Your Street Market
The event planning industry was terribly affected during the pandemic lock downs and movement cessations. However, as normalcy returns, it is starting to pick up and expected to be an industry worth $1,552.9 billion by 2028. So things are looking up! Like all industries, event planning is competitive and street market organizers and marketers need to think outside the box to grow their business.
But how do you grow and get your business at the top in such a competitive and changing environment? Here are some tips for growing your street market business and adapting to the changing environment.
Networking
Promoting your business
Engaging your target audience
Diversifying your service
Providing better customer service
Creating business cards
Collaborating with non-profits
Attending trade shows
Building relationships with your competitors
Let’s dive into each one!
1. Networking
Networking, and getting referrals is the starting point for the growth of your business. When people have met you and know the kind of services you offer, the networking you did can help in two ways. They may refer others to you or use your service themselves. Moreover, through networking with businesses such as hotels, caterers, and listing platforms you can get a chance to meet people and vendors whose services you will need when planning your next market.
Promoting Your Business
The street market industry has presented more opportunities that have attracted many businesses. Everyone wants their voice to be heard! So, make sure to promote your market as much as possible to stay in your target customers' mind. Social media is a powerful tool when it comes to promoting your business and this is how you can leverage it:
1). Develop A Digital Marketing
You need to stay very active on social media as you build your digital footprint. Digital marketing is an excellent tool to help you become an industry leader. You can hire a digital marketing agency if you are not very techy. They can help you manage your social media marketing, conduct an organic search, develop content marketing, and engage with clients, and more.
If you cannot afford to hire a digital marketing agency, you can always begin learning each of these marketing tactics one at a time.
2). Start Blogging
This to help with content marketing. By blogging you will direct traffic (possible clients) to your website with SEO (Search Engine Optimization). Every experience must be new and relevant to the readers; therefore, keep your blogs updated. Not a writer? partner with local bloggers to write your content.
3). Use Video
You may also want to create a promotional video and share it on YouTube and all your social media pages.
4). Use Direct Email Campaigns
This will help to target corporate clients. Spend time on LinkedIn or create a database of possible clients to email. It will be money well spent if you access the appropriate database.
5). Use Multiple Platforms
- Create a Facebook page
Facebook is a great platform to your business as they can help you build a strong client base. Keep posting regularly and engage your fans on the platform. Check out the Facebook pages for other firms in the industry to get more ideas on applying and using the platform to your advantage.
- Create A Twitter Page
This is an effective platform for communicating with your audience in a short amount of time. Create Twitter hashtags for the events you're planning to have. This is a terrific way to promote your company while also getting a sense of how the crowd reacts.
You may engage your audience on private direct messages also if you use good social media management.
3. Engaging Your Target Audience.
If you’re clients are corporate, consider joining your local Chamber of Commerce and attending their meetings and events. This will provide a great chance to connect with people from different industries. Engaging with your audience regularly can help you discover new market opportunities.
Is your website engaging? If it isn't re-vamp it to be more attractive and engaging.
(Tip: Consider linking a social media page like Instagram to showcase your gallery of events and vendors)
Remember to include a section where potential customers can send enquiries.
4. Diversifying Your Services
Diversification of services is key if you want to grow your event business. When you choose to be a market organizer, you might have just wanted to focus on specific markets such as foods and art. That is great, but do you know that it's possible to diversify your services and maximize the opportunity?
Expanding into fashion and other personalized markets is a great idea if you've been doing art markets. Tradeshows, sneaker fest, car shows, business expos (for local service providers, health fairs, and so on are just some of the possibilities. Diversifying your services into different industries will not only increase your revenue, but it will also allow you to perform a lot of cross-promotion.
Carry out market research in your local area to identify the opportunities that exist. There might be prospects for collaborating brand launch parties or even business meetings with the help of a marketing firm. Furthermore, if your hometown or city has many corporate firms, you should target them and include corporate markets in your portfolio. Your experience will provide you with the confidence you need to plan a market, regardless of its type.
5. Providing Better Customer Service
Customer satisfaction is one of the must-haves for your market business to flourish. One of the top secrets to keeping your clients satisfied and coming back is by providing great customer service. You can consider doing the following things to improve your customer service:
Find out what other market organizers in the industry are offering and think of ways you can make it better.
Keep attending functions such as expos and annual flea markets to gain an understanding of customer behavior.
Join platforms, like PLUG’D, Popable, and Eventbrite that connect consumers to local vendors, and or events.
Consult an expert in the customer service industry.
Subscribe to professional newsletters and journals to stay updated on business skills and industry trends.
Join trade organizations, they'll provide forums for you to learn.
6. Creating Business Cards
Professionally designed business cards have great potential to grow your business. You can hand them to people who enquire or leave them at strategic places where potential clients are likely to gather. This could be at coffee shops, malls, or grocery stores. You could also give them to family or friends to share as a referral.
Pro tip: When creating your business card, remember to include your website, and social links and contact information along with a brief list of all your services.
7. Collaborating with non-profit organizations in your community
Collaborating with non-profit organizations can help grow your business tremendously. Volunteering to help these organizations helps you to let the community know that your business exists (wear your branded t-shirt). You can also build more credibility by helping people in need/mind about the community.
When these organizations are looking for community engagement events the next time, they will have you in mind, which is good your business. Also, they can spread the word about your business, which impacts positively on its growth.
Consider using a platform like PLUG’D. PLUG’D partners with local non-profits and secures donations for them from every transaction made on their platform. Their affiliate program allows market owners to impact donations through encouraging vendors in their ecosystem to list their business.
8. Attending Trade Shows
Trade and sales shows provide an opportunity to promote your market and show off your vendors. An industrial fair allows you to connect with relevant people and increase your business's awareness. Be sure to brand your booths with your business name, issuing out your business cards and brochures. Also, as a marketplace organizer, you need to consider attending these shows so you can link with prospective clients or partners.
9. Build Good Relationships with Competitors
In as much as competition is fierce in the street market industry, it can help you grow. You can grow your street market business by developing real relationships with your competitors. Competitors should not be enemies, so be friendly to them. You can get to learn new ideas from them that will boost your business. Having a relationship with your competitors can also help you realize lapses in your own processes.
Conclusion
Street market industry growth is on the rise and presenting many opportunities that are attracting many players. However, with these tips on growing your street market business, you will stand out from the crowd. Start with the easier one’s for you and scale those that are already working. Eventually incorporate them all because these are the activities that will help you achieve your revenue goals. Wishing you success!