*In the mind of a sales representative, it’s now or never. You get one shot at a deal or it’s gone. That may not be the case in your business, but it’s something to keep in mind when setting up as a vendor. Prospects will show interest, vow to make a purchase and fail to follow through. To avoid this blunder and boost your bottom line, here are some important tips to keep in mind when vending at your next event:
1. Research the Event
Before renting a booth, do your research to make sure the festival is geared toward the same demographic; otherwise, you could end up with a bridal booth at a heavy metal concert. Awkward, to say the least. Also, conduct a cost-benefit analysis to determine if the cost of the vendor booth fee will still allow you to turn a decent profit. If you spend $500 to vend at an event known for having a less than desirable turnout, you may get the short stick when it’s all said and done.
2. Bring Help
What happens when you’re wrapped up in a sales pitch and another prospect approaches the booth? Do you just make him or her wait, knowing that there’s another vendor with a similar product just across from you? Certainly not good for business. You’ll need assistance in the booth so you won’t be put in these compromising situations.
3. Show Enthusiasm
Lounging in a lawn chair behind the table of your vendor booth is another turnoff to visitors, as it clearly communicates that you’re not passionate about what you’re selling. If you’re not willing to go the extra mile to earn their business, why should they be eager to buy from you? To garner the attention of attendees, consider holding a book reading in the actual booth if you’re an author or painting a masterpiece on a canvas as customers shop. Take a lesson from musicians who interact with their fans before and after concerts.
4. Set Competitive Pricing
While it’s tempting to raise the retail price on your merchandise, doing so could also backfire. Instead, research comparable items to determine the going rate and ask for objective input from others around you. Also, consider offering bundle deals that enable shoppers to get more bang for their bunk while providing a slight boost to your bottom line.
5. Accept Credit Cards
Not every event attendee will have cash, and some may be unwilling to retrieve it if the on-site ATMs have high fees. That equals bad news for you if you don’t accept plastic as a form of payment. But having a mobile credit card payment processor handy from a reputable provider like Flint, customers can seal the deal by tapping their card directly on the screen. All it takes is completing a brief registration form and downloading the iOS or Android app to start accepting credit as a form of payment.
6. Don’t Forget the Change
You’ve spent the last 10 minutes convincing a fan to purchase your entire collection for an irresistible bundle deal. When it’s time to check out, they whip out a $100 bill. Problem is, the entire collection is only $50, and you nor anyone in the surrounding booths have change. What’s a vendor to do? There’s a strong possibility they’ll walk away and you’ll lose the sale. Or you can prevent this scenario from becoming a reality by always bringing along change.