Fourth of July vending wrap up
1So to give everyone an idea on how successful vending can be I’ve decided to include a post detailing what one of our customers was able to do in an hour.
At an Illinois suburb of Chicago, with about 5,000 people present, one customer vended almost $700 worth of product. He would have sold (vended) more but he ran out of the most popular item: the LED 7 color stick.
Most of his success vending was due to high-quality bright products and the fact that he only carried two different items. The biggest problem a vendor can have is not being able to close the deal fast. The longer it takes to please one customer the less selling you’ll be able to do. By giving only one or two options you enable them to quickly select give you the money and leave. You can also then upsell them if the two items are different enough.
His other item was the LED necklace with a good number of people getting one of both. What also helped was a complimentary pricing system. He sold them for $3 a piece or 2 for $5. The $5 price point for two enabled families with multiple children to easily and affordably make everyone happy. Also he allowed mix and matching, so if one child wanted both a LED stick and an LED necklace then that would still only cost them $5.
To see his profits, take his $700 and subtract his total cost of approximately $1.25 per item (288 items). So you get $700 – 360 for product = $340 in one hour!
Admittedly, he wished he had several vendors and a lot more product, more planning for next year I guess. But still he made more in 1 hour then in several days worth of work at his job.
Erin handles marketing for Windy City Novelties and is an avid partier. Aren't you?No related posts.
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