Tag Archives: handmade business

To Market To Market Part Four – After Market Analysis

Yesterday I attended the Collected and Created Gundaroo Market as a stallholder and am pleased to report that it was a great day!   Not only was the venue lovely (the historic Soldiers Memorial Hall in Gundaroo) but the whole market was well planned, attended by beautifully talented local creators and collectors, and had the whole community supporting it.   All my thinking about attending markets, branding, displays, etc, came together seamlessly and I had a lovely day telling the story behind my products, selling to interested customers and generally enjoying the whole experience.

Of course although I am the face of my business the reality is that it doesn’t happen without the team behind the scenes. My parents provide such huge amounts of support that make it possible.  Yesterday Dad drove over to Gundaroo (about 15 minutes cross country from us) to help me unload my car, then he came back with my two daughters in the afternoon to help with the packing up.  In the meantime Mum looked after the children, tidied my house, and gave me the peace of mind to be away from home for the day.

Now we are the in after market phase and although my first inclination is to sit back and chill for a few days, the reality is that I don’t have time!   Last night after going through and counting my sales, working out the overheads and determining the level of profit (important so that you know whether you truly made money or just had fun) I also sat and assessed stock to determine where the gaps are that need to be refilled before the next market in two weeks time.   A quick online order to supplement my supplies, a list of products that need to be made, and a plan is starting to come together.

After market analysis is important so that you can see what sold well, what didn’t work, what you need to change in your display and what you forgot!    One of the stall holders I spoke to yesterday said that she was surprised by what sold and what didn’t, and I had to agree.  Even with knowing your target audience, and researching what you think will sell best, until you actually hit the event the predictions are just that, predictions.   Things that didn’t move at all at my last market went like hotcakes at this one, and items that I thought would really appeal to the community didn’t move at all!   This doesn’t mean that I will abandon those products but I will think about how to make them more accessible, appealing, and inviting to my customers.

Things to think about before your next market:

  • How do you keep track of your stock?  Is there a better way to track what sold and what didn’t? Do you need a spreadsheet that you mark off as items sell, a notepad that you make notes on as things move, or an inventory system connected to a point of sale that provides a full retail experience?
  • How did your display work?   Where there products that didn’t move because they were lost in the display, or items that customers couldn’t easily see?   Do you need more height variations, more signs, or different ways of showing pricing?
  • How did your stall set up work for you as the seller?  Did you have a place to take money and wrap purchases without crowding customers?  Did you have a place to sit when you had a few minutes break?  Did your cashbox and credit card facility work for you or was it too unwieldy and awkward?
  • Do you have supplies to replenish your stock, and how long will supplies take to arrive?  If you have enough for the next event but none for the event after that, assuming you sell the same amount, is it time to order more now so that they are ready when you need them?
  • How did you feel about the experience?  Were you happy talking to customers or did you feel overwhelmed?  Did you find that people were queuing to pay for items because you were too busy?  (I know – there are worse problems that can happen, but if customers get tired of waiting they will just walk away instead.)  Do you need to have someone else to help you serve customers for the next event?   Were you tired, hungry, thirsty or stressed?  What can you do to change that for next time?
  • What was your most frequently asked question?   If the question was about how much something cost, it is time to rethink how you display your prices.  If it was about what a particular item was, it is time to rethink how you package and display that item.   If it was whether you made all of this yourself then that is a great conversation starter!   Thinking about these questions can help you to be better prepared for next time.

Having now addressed all of those questions myself I am off to conduct another Distance Education session with my son, then start making lists.  There are some packages that need to be rethought, some signs that need to be made, and a shelf unit that needs to be painted to provide more height on one table.   Plus some blue wool and fuzzy green ‘cactus’ wool to be sourced!

I hope that your after market analysis gives you lots of inspiration to keep growing your business.