TREND ALERT: The power of pop-up shops & why they work so well
Pop-up shops are all the rage right now with restaurant incubators as one of the most popular new investment models and traveling retail stores creating tons of buzz. Now it’s time for you to get in on the trend. Implementing a pop-up shop is a lot easier than you think (especially if you have a great agency partner who can help you execute the amazing experience); So don’t let that be an excuse to not leverage this powerful and trendy marketing tool. Still not sold? Let us help.
Pop-up shops let you try before you buy … err … invest:
The overwhelming majority of restaurants go out of business in under three years – not because the concept or cuisine isn’t on point – but because they simply run out of money before they break even. Commercial and retail rent is climbing higher than ever before. And small business owners and startups are being forced to make trade-offs when it comes to expansions and launches. Pop-up shops let entrepreneurs have a little more freedom to test into new markets or locations with lower entry costs. Instead of paying a premium-price for turn-key commercial space or depleting your cash flow on high-impact renovations and staging, a pop-up shop can boost sales, pump up excitement, and prepare for a bigger launch in stages. At worst, you have fewer assets on the line in case the endeavor bottoms out.
A bang-up buzz building tool:
If you already have a formal launch in the pipeline, don’t think you can’t take advantage of a pop-up shop. In the time leading up to your launch, mini pop-up shops or traveling teaser booths can keep interest up, generate brand awareness for your actual launch, and identify influencers and tastemakers who can become your customer champions. Pop-up shops also let you expose your concept to markets that might not otherwise organically find your location. Pop-up previews can be a powerful marketing experience that breaks through the clutter in a memorable way. Click here to learn about how we have helped other clients balance budget with impact when previewing a new idea.
Trial and error through pop-up shops:
Pop-up shops are a great way to test new products, menu items, or ideas without risking your brand reputation or your customers’ expected experience. Businesses can even test into offshoot brands or new markets with all the same low-risk benefits of using pop-up shops to gauge your primary business launch. Look no farther than the food truck industry to see how this concept has worked and can to your advantage. Many popular restaurants started as spinoffs from food trucks and evolved into permanent brick and mortar establishments to satisfy the masses. Pop-ups are a safe space to get the metaphoric recipe right before going live with your main course.
Create a social media heyday:
People love events that make them feel “in-the-know” or exclusive. You’ve seen those invites on Facebook: a secret concert with a to-be-announced (TBA) celebrity, featuring TBA food vendors, in a trendy, TBA venue. As the day creeps up, details trickle out. This type of hype is viral, organic gold. And the best way for you to get in on the action (or create your own) is through pop-up shops. Whether you’re doing it alone or partnering with complementary businesses and brands, pop-up concepts are fun and easy to share. They allow you to be anywhere your customers are, and join the social media action at ground zero. And with new live-streaming options on Facebook or apps such as Periscope, there’s no limit to your reach.
Last, but certainly not least, pop-up shops are fun. Get in touch with our team today and we’ll show you what we’re talking about.