There are lots of business owners out there curious about ‘pop-ups.’ They know that they want to do one, and probably have done one or two, but don’t know how to properly execute and measure the success of a pop-up. Study shows that pop-up shops have increased tremendously since 2016, as the rise in brick and mortar store closings continue to reveal a new age of retail online. Although consumers are shopping online, there’s nothing like an in-person experience with the product. Pop-ups present tremendous value to businesses, as they are able to test out a market for a short time without making a commitment to a specific location. The question isn’t whether to do a pop-up, but rather how to. These are the top 5 things you need to know when planning a pop-up:
1. Demographics:
You need to know the target audience. It is important to know your target audience before starting any type of marketing initiative. The more specific the better; that way you have the best chance at connecting with your audience. Properly targeting your audience allows you to deliver effective ads that convert at a higher rate.
Businesses that target demographics generate up to 30% more sales than those that didn’t.
Targeting a niche market increases conversion by 55%.
2. Location:
It is important to select a location that is conducive to your target audience. Remember, the location of your pop-up comes down to the aesthetics, size, and neighborhood. For example, if you want to gain maximum exposure to sell merchandise to the general public, then you want to be in a high traffic location on a main street. If your goal is to promote online and provide an on-brand experience, then the venue must be aesthetically pleasing to create an ambiance that is sensory.
Visibility & accessibility contributes to over 50% pop up attendance. It is important to choose a location that is visible and easily accessible to increase attendance rates at your pop-up.
The look of your venue adds credibility to your branding and reflects your overall customer experience. Make sure you choose the right venue for your pop-up.
3. Sponsorship:
It’s important to create sponsorships for your pop-up to obtain funds needed to promote & execute the pop-up. Without sponsors, your pop-up may require excessive funds to pay for overhead costs.
Best to secure sponsorships 6 months in advance (possible to do sooner for lower lever sponsorships). There are always brands looking to sponsor an event.
Best to use sponsors that are within the niche market of what your pop-up is, this increases the likelihood that the sponsor will agree.
4. Value Proposition:
Highlight your assets! Use what you have available to you to leverage every component of the pop-up. Whether physical or digital pop-up, you want to certify return on investment (ROI) for every entity that holds stakes in the pop-up. This will essentially save you money and help open doors by leveraging what you have to offer.
If you have a following, leverage that, if you have a venue, leverage that, whatever you have as value you can use to get your pop-up executed.
Brands will also sponsor you based on the quality of your audience. If you have a large and engaged audience, sponsors will want to access these customers.
Example: When I first started doing pop-ups, I partnered with luxury residential properties, where I was providing an amenity to the residents. On the other hand, brands profited from gaining access to this captive audience, therefore my value proposition delivered a win-win for both.
5. Review:
This is when you will analyze to see if expectations were met and use the data to optimize for future pop-ups. The only way you can get better is if you review, analyze and optimize; you will find things that you want to do better each time. Be sure to take any footage of the pop-up as well as attendee data to perform marketing after the pop-up. Remember the key is to gain more loyal customers.
You want to measure the impact of your pop-up by analyzing KPI’s such as attendance, revenue generated, and sign-ups in order to optimize over time.
It’s important to leverage content and customer data that’s gathered from the pop-up to keep audiences engaged beyond the pop-up; that way you get the most out of the pop-up. This will increase sales through customer loyalty and brand validation.
These are the first 5 things that I recommend when planning a pop-up or event for a small to medium sized business. Of course there are other steps involved along the way, but this is the best place to start in order to achieve success at your next pop-up or branded event.