If you’re running a gift, novelty or souvenir shop, then you stand a great opportunity to make lots of profits this year. This billion-dollar industry has been growing impressively. Of course, you’ll need to compete against the giants in the industry, but with these three smart tips, you can come out on top.
Treat your clients to something extra
Customers are always looking for something extra, no matter how small. There are creative ways to set your products apart from those of your competitors. For instance, you can try engraving personalized messages on your gift items with wooden parts. You can also engrave photos and other artwork onto other materials like acrylic, glass, metal, and ceramic.
That would mean investing in a laser engraver for wood applications, but the investment should pay off sooner rather than later. By expanding the range of the products you offer and adding value to them through customization, you get to diversify your capabilities and increase your business’ profits.
Advertise in your store
Before focusing on other advertising avenues, utilize the space in your store to attract more foot traffic. Make the exterior of your shop as attractive as possible. The sign outside your store should be large and eye-catching. Use your windows to display your merchandise in a visually appealing manner. Keep your doors wide open to invite customers.
Practice smart merchandising
Getting clients inside your store is one thing. Now, you need to get them to buy the merchandise. There are tactics to encourage clients to do that. One is to display plush at the back, as that’s where kids rush to upon entering a shop. As their parents go to get them, they’ll be able to see all the beautiful items you have and pick one or two. Ensure that you display your hottest products in prominent areas too.
The growth of your business depends on your ability to offer unique products as well as creative marketing and merchandising. For those shop owners who can master these three skills well, this will most likely turn out to be their best year yet.