Just by taking a brief look at the current vaping market, it is pretty clear that the chances of having a successful vaping shop are quite high. A growing market offers excellent opportunities for your shop to expand and increase its sales and profits. Really, there is no surprise why a large number of vape stores are flourishing in the industry. You can now find vaping products not only online, but also in stylish e-cigarette stores on most highstreets. In addition to this, vaping has become a lifestyle. This is reflected in the rising number of forums, vaping-based expos and conventions, magazines and retail outlets. On the other hand, a growing number of vape stores also means tough competition. Besides that, the new laws on the vaping industry (TPD) has made it more difficult to advertise your establishment, affecting your sales as well as the efficiency of your marketing campaigns. You would rightfully ask; how can I increase my sales in this business environment. No need to worry, because we have come up with some tips and strategies on how you can overcome these issues and increase your store’s performance.
Focus on Your Existing Customers
The biggest difference between successful and unsuccessful shops is the ability to prioritize. The well-known 80/20 rule, which goes back to the social scientist Pareto, states that 20% of your customers generate 80% of your sales. Furthermore, studies have shown that selling and presenting new goods to your existing customer base will increase your sales by up to 25 percent. As we all know, the vaping industry is very innovative and continues to develop, there are new and unique vaping products, as well as plenty of different flavors, hitting the market on a regular basis. Besides the classical fruit flavors such as strawberry or mango, there are countless weird and wonderful liquids to suit even the most eccentric of consumers’ needs; making the choices and options seem endless. Paying attention to these developments and advertising them to your regular customers will likely guarantee you an increase in sales and profit. However, it does not mean that you should stop thinking about attracting new customers. After all, introducing new customers means more sales, which translates into more revenue.
Targeting New Customer
While paying attention and providing superb customer service to your current customers you should not overlook the new ones. But how can you attract new customers? The first thing to do is to build better awareness and visibility of your shop. In order to achieve this, you should create and execute a successful marketing strategy . At the same time, the importance of networking should not be ignored.
Position Yourself Successfully
Are you addressing smokers, former smokers or non-smokers? Different people choose to vape for different reasons. When targeting your consumer groups it is very important to understand their characteristics and demands as well as the vaping market itself. You cannot have a fit all campaign. The best strategy is to customize your marketing campaigns according to each target group.
An important factor in your success is the type of products you are offering to your customers. Where do you purchase your vaping devices, accessories, and juices? Are they safe, and do they fulfill the regulatory conditions? Vape stores should purchase their inventories from the most reliable suppliers available. Purchasing inventory from verified wholesale distributors will not only solve your supply side of the business, but it will also provide you with a wide range of products at your disposal; thus increasing your potential customer base and turnover.
At Vapelux Distribution we pride ourselves in offering an extensive range of authentic products and delivering an outstanding and reliable one-to-one service. Finding suppliers with similar qualities is invaluable to your business and should be considered one of your top priorities.
Turn Your Shop into a Destination
You want your store to be a place where people who vape or who are interested in vaping would want to come to. In order to achieve this, your staff should be highly enthusiastic about vaping and also keep up with the latest developments in the industry. Secondly, you should consider hosting an event almost every month, as it will help increase your visibility and customer base. For example, you can host a monthly tasting event; customers can taste the new flavors and test new devices. Finally, the store’s aesthetic is very crucial to your success. Your vape shop should be stylish, attracting trend-conscious urban people who want to enjoy a relaxed atmosphere and who also like to try new things. You should keep things exciting for your current and future customers by giving them a lot of reasons to come back to your shop.
The Bottom Line
The vaping industry is fast-paced, highly competitive and extremely innovative. Consequently, you must adapt to the newest trends if you want your vape store to succeed. Being able to attract new customers is very important for your business to thrive, however, you want your customers to come back again and become regulars. Therefore, your current customer base is the number one priority. Furthermore, networking and advertising are very crucial in achieving impressive revenue growth. All these, together with the best inventory, will increase your customers’ satisfaction as well as your revenues. In other words, if you put together and implement all the above strategies you will see your vape shop sales thrive in no time.