Hi all, Nicki here! I’m Pedddle’s Founder, and I thought I would put together a top tips post all about 7 of the most common mistakes businesses make at markets.
In my many years of visiting markets and working closely with stallholders and the wider market community, I’ve seen similar patterns forming.
Check out the graphics below – and I’ve made a quick list underneath expanding on these points too.
7 of the most common mistakes businesses make at markets
1. Not finding the right market to sell at
Finding the right market to sell at is the most important thing for your sales. Click here for our checklist to ensure you’ve found the right event for you.
2. Being unprepared with your stock
This is a tough one as you don’t want to over-budget and be left with a ton of stock, especially if you’re a food trader!
It might be a good idea to check out the market as a visitor, before you go and sell there (if possible). See the footfall, see what sells. How much do you think you might sell there, after witnessing other stallholders at the same market? This isn’t always a fail safe but could give you a rough idea.
If you’ve never sold at this market (or any market!), it may just be a case of trial and error. Be logical, and break it down. How many sales could you make per hour? Will those sales lower or heighten at a certain time of day? For example, a ‘lunch time rush’ can happen to food traders. If you can estimate per hour, multiply it by the time you’re at the market, and you can set goals and inventory accordingly.
This blog has some more answers.
3. Not collecting customer data
This is a HUGE mistake we see so often!
Markets aren’t just about instant sales, they’re about longevity.
Collect email addresses to add to your mailing list to win those sales in future too. Get people to follow your socials. Ask them to ‘like’ your Pedddle page! If they’re a registered Pedddle Market Visitor, they can save you to their dashboard and follow you forever. When times are tough and the economy is uncertain, you may have a tough sales day at a market. But it’s not time wasted!! If you can use that market day to collect data to secure sales in future, it’s still a win.
4. Not setting targets
Targets can come in all shapes and sizes. Having clear goals in mind is important for any business, whether you want more email sign-ups, more money, more social media followers or more sales – whatever your want from your market, note it down! Putting goals in writing helps us work towards them.
It’s not just about sales, as you can see from the points above! But sales can still be a goal. Catherine Erdly is an expert in product pricing and making money, and she’s popped up on a couple of IG Lives with Nicki and guest blogs for us. Click here to check out her blog on pricing with confidence and earning the most you can from your business.
5. Failing to optimise your stall set-up
Again, we’ve got a while new blog on getting your stall set-up right! Click here to read it.
6. Not telling your customers
This is one of the FIRST things you should consider, but often people think about it last!
Not telling your customers where they can buy from you is a huge, but common, error. Let them know about all the lovely places they can shop from you.
You can list markets on Pedddle (if you’re a member, and the market isn’t already listed with us), pop it on your socials and you could even have a website section where you tell them where you’re at next.
7. Not networking!
That’s right, Market aren’t just about customers, or even your goals! They also provide brilliant networking opportunities.
This is a biggy because so many people don’t realise just how valuable networking is, for any kind of business. It’s so often who you know, not want you know, as they say, and making friends could open new doors for you and your business in ways you haven’t even thought of.
You can meet fellow stallholders and share their invaluable knowledge. Being friendly generally helps market days go smoother, and makes them a lot more fun! We’re all in it together, and they might just have some top tips to share. You might even make a new friend!
If you’re interested in community and want to be a part of ours, just hit this button.
We always welcome your thoughts…
Of these 7 of the most common mistakes businesses make at markets, which challenges you the most?
We asked our Instagram audience this very question recently, and here are some of the many responses:
”This is so useful, thank you! I always forget [number 3], collecting emails for my newsletter… although I must admit I was planning to just leave a list out for people to add…’
A is for Alice Costumes
”I love this – especially 6 & 7!”
Tilly & Primrose Markets
”3 & 4 are so important and is always the reason stallholders don’t achieve what they hope to on market day! These things are so important for making future money that we can’t just rely to make on the day”
Mindful Market UK
Do you have anything else to add?
Oh, Nicki does – check out her YouTube video about things not to do at a market.
We’d love to hear your thoughts!