Category: Popup Shop

Driving Sales this Holiday Season: Black Friday to Christmas

Black Friday is upon us, and as a business that may not have $50,000 for an advertising budget you may want to re-consider what options you have. Not all businesses HAVE to participate in Black Friday or the sales leading to Cyber Monday. Your business is only responsible for catering to your audience. This is not the time to go all out on big campaigns if you are going to be bidding against big retailer budgets. This is time to communicate with your customers and take the time to reinforce your existing relationships.

If you will be participating in Black Friday and other sales this quarter then follow these marketing steps to create cohesive campaigns and see results.

Step 1: Research

Digital Marketing

You are no stranger at evaluating your own digital platforms, but have you really analyzed it? Spend some time looking into your own platforms to see what people are engaging with. Make note of that content. Is there a core user base of followers on your platforms? These people will come in handy. The more organic your engagement the less your digital advertising spend needs are. If you don’t have much organic engagement then you will want to increase your budget for paid marketing and read on.

Facebook Ads:

I’m not a huge fan of Facebook for Facebook pages, but I do think their digital advertising is really smart. Leverage hypertargeting ad placements to get specific with who ends up seeing your ad. Remember: It’s not about the number of people who come to your site, but the number of people who convert (a.k.a. buy things). Since you may not have a lot of time to test advertising to hone in on your Facebook target market, take an educated guess.

As you monitor and pivot your campaigns you may be able to make some tweaks based on what you find. For these ads you will be creating graphic assets to support it. If you need to hire someone fast to do it I suggest Upwork, TaskRabbit and 99designs. Make sure your ad lands on the right shop pages and that you have supporting banner ads to echo your messaging.

Example messages: Free 2 Day shipping Over $50, BOGO (buy one get one free), Free Shipping with Code HOL15.

Twitter Ads:

Twitter has updated their advertising platform to allow for more dynamic product advertising. If you have an active Twitter account then this is a good option for you. If you don’t then I wouldn’t suggest hopping on Twitter right away just to do these ads. The cool thing about Twitter ads is that they allow you to target your competitor’s handles directly. This will allow you to market to your competitor’s audience. If this is a good fit for you, you will need to reformat and change your ad specs to accommodate this platform.

Pinterest:

This is a good platform to use for selling. If you have been on this platform for a while I do suggest taking advantage of dynamic pins. At this moment Pinterest is getting ready to open up promoted pins, so you will have to join the waitlist to be notified when it opens up. When you do engage with dynamic pins and change pricing on your products it will bubble to the top of the feed for your followers.

Tip: Do price changes just for the weekend just to get the visibility.

Instagram:

Until they open up their platform to allow smaller brands to engage in advertising this will remain an organic channel for our purposes. The best way to leverage your organic audience will be through giveaways that generate likes, reposts and tagging.

If you have some time to do research into influencer marketing you may be able to get on the radar of high ranking influencers, but be cautious of high ranking influencers who don’t have much engagement on their platforms. Its too easy to buy followers these days, so if you get awed by an influencers 45k followers see if they have a 5% conversion rate (2,250 likes). To track your sales generated by Instagram use Google short links and alternate the products promoted on your channels by day.

YouTube:

Does your brand have a YouTube channel? Have you thought about partnering with a V-logger (video blogger)? If you have a YouTube channel, you may want to create a short promo video about the holiday season. Maybe it’s a sneak peak into the office and talks about your best selling holiday products. Maybe you are offering ideas on what to give for the holiday. These can be free to produce and be edited very fast. On YouTube make sure you connect the links to your product pages! If you couple this with an ad it could become a place to drive sales for your brand.

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Banner Ads:

Creating a banner ad on your site is a great way to harness your own traffic to convert. Keep your messaging consistent, especially if you have different ad promos running. Purchasing banner advertising on niche market websites is also a great option. Smaller, more targeted publications will also be speaking directly to your customer and they won’t be targeted by larger brands- so do some digging you might find some jewels.

Dedicated Blog Posts/Dedicated Newsletters/:

Similar to the Banner Ads, if you are looking for placement on another parties channel it takes a little time. Do some research into niche markets and find potential partners that your product will make a great fit for. It should be a natural fit, as if their audiences were to say “but of course this product/brand would go in my closet/shelf”. If you do find a great opportunity make sure that you find out the number of people your placement will reach, and what similar advertisements have converted.

Direct Marketing

Getting in front of your customer has to take on a 360o approach. It’s not enough to rely on digital to get the word out. It does take time to create direct marketing assets, find the right outlets, negotiate pricing and get placed. Long-lead publications take 3 months and smaller ones take about 1 month. Keep in mind that the holiday season is the biggest time for ad spending, next to the Super Bowl. The earlier you plan this- the better. While your timing and budget may be limited there are a few things you can do to generate sales.

Pop-up Shops:

Putting together a multi-brand pop up shop can happen very quickly if you already know whom you want to work with. Think about the brands that currently target your same demographic but are selling different kinds of products. Make sure your pricing is aligned, doesn’t make sense to have a luxury brand trying to sell to an entry-level price brand. Check out resources like thestorefront.com to get a read on what spaces are available in your target area. You will need to make sure you have inventory to sell and to make it a cohesive campaign will want to have postcards, stickers for shopping bags and back it all up with some placement on your digital channels.

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Postcards:

Having postcards handy are great for passing out at events, leaving them at local coffee shops, mailing out to your existing customer base and to your trusty list of bloggers and editors. Use a beautiful image of your product and include all of your relevant contact details plus a few key words or sentences about your brand. To get extra oomph out of it have small stickers printed up with a few targeted coupon codes. You can stick them on before an event or marketing opportunity to track effectiveness of bounce back to your site.

Print Advertising: Magazines, Newspapers, and Periodicals:

For a last minute strategy this type of outlet can be the toughest to target. I only suggest using these channels as a supporting campaign to your digital or live events. It’s tough to track the conversions on these ads, and even with bounce back codes the conversions can be quite low. Heads up: most print advertising will have longer lead times for deadlines. If you are running out of time but want to include this type of channel then look to weekly publications since they might still have some openings.

Step 2: Outreach

Since you are on a short timeline you need to find out quickly which paid and unpaid channels you are going to go forward with. Start by reaching out to the paid channels first to get an idea of deadlines and cost. Make sure to get all relevant data on the target market, reach numbers, and what assets you will need to create the best campaign ever.

Example Email:

Hi Cristina!

I hope you are great. I’d like to chat with you about November/December ad placement on Man Repeller. Could you let me know what your deadlines are for submission and your ad rates? Right now I am looking into <insert type of ads >.

Thanks!

Syama

Step 3: Budget

Now while we would love to do everything on our list of potential outreach, we need to optimize for budget and timing. Normally I would suggest we create the budget based on your overall marketing budget for the year, but if this is last minute here is what I suggest. Set aside a minimum of $50 a day on your digital marketing campaigns until you get some solid data on what is working. This should be evident after 7 days of advertising. Once you get a sense of your responsive target market then up your budget and keep trekking.

Creating graphic assets, while echoed throughout this guide, is often overlooked. This aspect can take time and you want to make sure you have the right dimensions and call-to-actions in place. If you aren’t creating these yourself then look to some outside help. A copywriter might also be in your budget if you aren’t the strongest writer. A general rule of thumb your annual marketing budget should be about 15% of your yearly sales. This very much applies to businesses that have tested and gained target insight.

Step 4: Develop Timeline

No matter how much (or how little) time you have a timeline is important. Create an excel spreadsheet with the platforms both paid and unpaid and track it out by week. What channels launch when and what assets need to be finalized by when. Also track your goals and expectations. Are you targeting a niche market? You might have a small outreach but a higher expectation on click throughs and conversions.

Tip on conversion: make sure you have a newsletter pop up ready on your site to capture all these new leads!

Step 5: Develop Assets

Get creative! If you don’t have Photoshop then I suggest using simple graphic design programs like Canva and PicMonkey. Make sure your graphic assets are cohesive, with the same branded fonts and design direction. For this reason it’s best to either have a style guide for consistency purposes or to have the same designer create all your assets and then create the style guide afterwards. Be clear on the dimensions you need and what content can be put on the graphics, or on the text portion of your post. Many ads allow you to create multiple variations to test your image and text, so be sure to take advantage of this.

Step 6: Launch

Whoohoo! You made it. The work is almost over. Remember to be patient and to keep in mind that marketing is a long tail game. The first time you see an ad will you buy it right it away? You might buy it, but you also might not. In many cases it takes up to 3 different social proofs before a potential client converts, hence why I push the multi pronged approach.

Step 7: Monitor & Pivot

Even if your campaign is only 7 days long it’s important to track data on performance. Use your timeline and goal sheet and add your results right next to it. If your campaign is longer, then monitor which ads are performing best and redirect your ad dollars to those ads. Having multiple styles of ads will allow you to compare more effectively. Maybe it’s the image with the model that’s getting the most traffic, maybe it’s the clear product shot. Creating the tests to get the answers you need.

Step 8: Recap

A post-mortem allows you to recap what worked and didn’t work during your campaign. Remember the whole point of doing all of this is to make sales! Over time you will develop the channels that work for your brand but you need to keep records so that next year when you start to plan for Holiday again you can improve your odds of conversions.

Tip: Add a reminder on your calendar for February of the following year to review your recap and start to think about holiday again.

Dreaming of Owning a Boutique? Dreams do Come True.

Starting a boutique with all your favorite brands can seem like a dream to some, but a reality to others. How to get the right vendors? Choose a location? Hire the contractors, pick the interior designer, do the marketing…the list can seem daunting and confusing. Where to start? Two of my clients the owners of The Vale and Flat 128 were in those shoes and went from an idea to reality in a short 12 months. It wasn’t magic. It takes a great deal of determination, vision, and stamina to open a store.

Here were the steps we took.

  • Hone in on vision, What do you want out of this?
  • Competitive research. Who is doing what you want to be doing? Price point, demographics, get specific.
  • Build your vendor matrix
  • Assess Financials, How much capital do you need to raise?
  • Assortment Plan & Pricing Analysis
  • Branding, build the logo, the vision, the aesthetics
  • Draft the copywriting, brand about statement, and get clear on demographics
  • Look at locations. Do a feasibility study. Inspect foot traffic, talk to local shop owners, and get clear on your square footage needed.
  • Hire a general contractor and interior designer.
  • Pitch to vendors, place orders.
  • Planogram, and visual layout.
  • Marketing strategy
  • Financial plan
  • Sales strategy
  • Develop markdown and merchandising calendar
  • Social media strategy and marketing
  • Hire staff
  • Launch plan (events, marketing etc.)
  • Line up vendors for trunk shows during launch
  • Develop Ecommerce launch plan.

Whew, that seems like a huge laundry list of tasks to check off a list, but they are doable. If your dream is to open a shop, don’t get deterred by ecommerce only naysayers who are afraid of a brick & mortar commitments. Opening a boutique can be extremely rewarding. You can bring the community together. Be a hub for art gallery showings, and have trunk shows and events.

Concerned by your lack of negotiating, financial planning or marketing skills? Don’t worry, I am here to help. To set up a one:one consultation email: hello@scalingretail.com

The Beginner’s Guide to Assortment Planning for Pop-Up Shops

I originally wrote this post for The Storefront. If you are not familiar with them, they are the place I suggest all my clients check out when doing a popup shop.

Pop-up shops should be part of a robust 360° marketing strategy for any emerging brand. However, for businesses who are just dipping their toes into the physical retail world, selecting what to sell in a brick-and-mortar shop can be a daunting decision. This post is geared toward small businesses who are fired up and ready to activate a pop-up shop, but not sure how to manage inventory and product assortment offline.

Identify the purpose of your pop-up shop
Before you start planning your pop-up, hone in on the goals you want to achieve with it. This will help you pick the right product and structure your marketing efforts. For example, if you are using a pop-up to launch a new collection, you may not want to bring a lot of old sale merchandise. Similarly, if you are hosting a sample sale, keep full-price merchandise at home. Just because you have inventory doesn’t mean you need to put it all out at the same time. Be strategic and base your assortment on the goal of your pop-up shop. Need a place to start? Here are some common pop-up shop goals:

Test new items and collect pre-orders
Move old inventory
Launch new products and collections
Co-brand and develop partnerships
Build relationships with new and existing customers
Evaluate your marketing efforts
Taking stock of your marketing efforts can help in planning inventory. Why? Because you’ll need projections and expectations around how many products you might sell. Start by estimating your demand. If you expect low turnout, you won’t need to produce additional products. The more you know about how your marketing efforts are being targeted, the better you can prepare on the backend. For well-marketed events focused to your niche, expect a 5-20% conversion rate on people attending who will spend.

For this step, ask yourself the following questions:

How many people am I expecting to attend my pop-up shop?
Do I expect cross-over audience from a co-branded partnership?
Do I have a robust list of customers who have purchased from me before?
Managing your inventory
Before you decide to produce new product for your pop-up shop, it’s important to evaluate your existing inventory. Ask yourself:

How much existing product do I have? Is it enough for the space I have allocated? On the smaller side, you might be stocking a shelf in another store for a shop-in-shop. On a larger scale, you might be looking at an empty storefront with 650 square feet of space. Either way, do some quick math in your head to assess your products against your rolling racks, shelves, and other displays. Decide if you have enough product or if you need to rope in another brand collaborator to make use of the space you have. As a rule of thumb, you can expect to fit between 20-30 items (depending on size) for a rolling rack that is 75 inches in length.

Do I have my bestsellers on hand? Your bestsellers are the products that your customers love. Maybe you can reintroduce older bestsellers or market items with special “bestseller” signs or tags during the event. Customers love to see and buy popular items—make them up if you don’t have any!

Can I pull inventory from my ecommerce site or dead stock? Having full-price and sale items together can be enticing for existing and new customers.

Assortment planning
Assortment planning is the process of evaluating your products based on viability of selling. Each season, you’ll get better at creating the products your customers want and pricing them correctly with minimal markdowns. For brand new businesses, however, assortment planning can be challenging. Depending on how much planning you have done in the development of your collection, you might need to rethink your line planning. To make sure you’ve planned effectively, consider the following points:

Fashion vs. basic items. Fashion items are trendy seasonal items that are hot for a short period of time. They are the first to either sell out or be marked down. Basic items are season-less; they are the staples of a brand and rarely get marked down.

Sizing is essential. If you are selling clothing, follow the 1-2-2-1 model per style and scale up from there. This means one small, two mediums, two larges, and one extra large. If you already have selling history on your sizes, use that as a template.

Margin development. Understanding how profitable your products are is essential. Your margin is the net profit on each item after you consider the costs and labor that went into creating it. Have you built in your eventual markdowns and sale pricing? Not all products have to adhere to a 2.5x markup from wholesale to retail. Some might only get a 2x markup and others 3x or even higher. Use your competitive matrix to figure this out.

Round out your offering. If your brand specializes in a particular item (like how Bonobos initially only offered one kind of khakis), then you need to focus on selling that one item. If you are selling a collection, then it’s important to make sure you are offering a wide assortment. In a casual survey of one of my classes at the Fashion Institute of Design & Merchandising, I asked how many tops and bottoms students had in their closets. One student had 13 tops and only 1 pair of bottoms! That doesn’t necessarily mean that all fashion brands should only be producing tops, but think strategically about what your customers need and your value proposition.

There’s a lot to think about when planning a pop-up shop. Often times, success is a combination of marketing, product development, and planning. For a new brand, this can be a lot to digest. Use these tips and your insight into your customers’ needs to create an inventory management and assortment planning strategy that will maximize your profits and keep shoppers coming back for more.