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According to the US Bureau of Labor and Statistics, 20% of new business fail within the initial two years of opening, 45% in the first five years, and 65% in the first 10 years. The odds are against you.
However, there are strategies and tactics you can implement to ensure the success of your retail store. You not only need to market properly, but you also need to ensure other functions like HR and accounting work seamlessly.
So, how do you run a vape store successfully? What strategies work for a small business?
Social media
is one of the best ways to market your vape store. It allows you to engage with customers and share information about your products. If you have a Facebook or Instagram account, make sure you post regularly and engage with people who post comments or ask questions in the comment section. You can also host giveaways on social media to generate interest in your store and products.
An essential aspect of running a vape store is managing your inventory
effectively. You need to know when you need more stock, what products are selling well and which ones aren't. It will help you make better decisions about which products you should stock in the future and how much stock you should have at any given time.
This ensures that you don’t run out of stock when it matters most, like during a busy season. A good inventory management system, like Erply POS
, also ensures you know which products are not moving fast enough so that you market them effectively.
The customer data offered by Erply helps you run successful marketing campaigns and loyalty programs to boost your sales.
If you want your customers to come back again and again, you need to offer them something new every time they visit. Even if they know what they like and are happy with their current brand of e-liquid or tank, they might be interested in trying something new.
So, if you have a wide range of different brands available and provide samples for free so customers can try them before buying them, then it’s likely that they might start buying other products that you sell.
Vape products can be expensive, but you won't make any money if you don't set your prices competitively. Customers will go elsewhere to buy their products if your fees are too high. If they're too low, you'll have trouble paying your bills or making enough profit to stay in business. Also, very low prices are synonymous with poor quality products. You need to find a balance that works for you and your customers — and it may take some trial and error before you find it.
You don't want someone who wants to buy a $20 mod suddenly stuck because they only have $10 in their bank account. Offer them multiple ways to pay
to ensure you don’t lose customers who don’t conform to a single payment method.
Various methods of payment offer convenience to consumers and they will trust your reliability.
Ensure that your products are easy for customers to find. It includes ensuring they're well-organized and clearly labelled so that customers don't have trouble finding what they want when they walk into the store.
If possible, try placing similar products together, so customers don't have to walk around looking for something specific. It also helps ensure that there aren't any mistakes made when stock is being replenished regularly.
Ensure that everything from your website to your social media accounts all matches up with what you're selling in your store. Include the same brand logo, colors, font, and style across your online platforms.
Also, stay relevant by keeping up with vaping trends on platforms like TikTok that allow for innovative content marketing.
You'll need to negotiate with vendors, distributors, and manufacturers to get the best deals on products for your store. If you're not good at negotiating, take some online courses and read books. You don't want to make bad deals because of lack of experience.
If you don't feel comfortable doing this part yourself, hire someone who knows what they're doing and can handle it independently without having to report back to you every time they hit a snag in the middle of a deal.
This will save time and give them more control over the dealings, allowing them to be confident and creative enough to make deals that are in your best interest. You won't have to worry about it taking up too much of your time or energy when other things need attending to in your store.
You may be the only vape store in your town or neighborhood, but that doesn't mean there aren't other specialty shops around.
To start with, research other businesses that sell vaping products near you. Look for similar companies on Google Maps or Yelp and see their ratings. See if they offer any deals or promotions you don't have yet, and consider offering something similar to compete with them.
If they're doing something you want to do but aren't yet doing (like selling e-juices), then consider adding that to your catalog so you can compete more effectively.
As your vape store expands and traffic increases, you will need an extra pair of hands to help you run the store’s operations. The right employee has great customer service and will give customers a great in-store experience. They are also good in other areas like stock taking, operating the POS system, organizing items on shelves, and more.
Hiring right improves the traffic to the store, but the wrong employee can cost you hundreds or thousands of dollars in lost sales and additional costs.
Customers love having options, and this is especially true when it comes to vaping. You can allow customers to personalize their devices by offering them different colors, designs, and shapes. This way, they will feel like they are getting something unique that no one else has. It will also increase the chances of them coming back for more.
If you want to run a successful vape store, manage your inventory properly so that you don’t run out of stock. You also need to be active on social media by posting content consistently to market your products and inform your prospects.
What’s more, hiring the right employees, knowing your competition, offering various payment options, and other strategies will make your vape business succeed even more.