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March 9th, 2011

After running quite a few markets, and being behind a market stall as well, here are some of our tips to what we have learnt along the way about running a successful market stall and getting the most out of your experience. This is a great tool for new stallholders, and others with more experience that might need a refresher on some tips.

1. Determining suitable product for a market environment:

First up if you are new to markets you need to consider what is right for a market stall and how to evenly distribute your product profits, as well as appealing to a range of customers.
Your product strategy should be to think about offering more than 1 item category, offer a variety of colours and styles and at varied price points. Price points ideally should be divided into 3 main categories these are:

A. Bread & Butter items – look at creating a tier price scale to draw customers in. Entry point items include products that can generate a higher turnover but might result in less profit margin.
B. Mid Range – Mid range items are those that are special yet affordable and have an even margin that means more of a profit for you and are essentially what make up the bulk of your work.
C. Highlight pieces – your highlight pieces are the ‘wow’ factor items that draw people in, they may generate less sales but with a higher profit.
So, how exactly does that look? Here is an example: If you are an artist that creates beautiful illustrations, you can sell your framed prints as your highlights, a variety of sizes of your unframed prints as your mid and cards as your bread & butter.