How events can generate revenue for your store

With changing consumer expectations, retailers now have the freedom to do so much more with their business. Stores become so much more than simply a place to buy items — it can act as a physical space or even as a concept, that can be used to convey a powerful message.

Here are 4 things that events can help you do:

1. Build a community

Organizing an event is a great way to create real relationships with your customers and build a community. Being face-to-face will give you a better understanding of their expectations, feedback, lifestyles, purchasing behaviours and habits…all of which is crucial information for the success of your business.

In return, you can use events to thank your customers, share your expertise and advice with them, and offer them product or service promotions.

When you host an event, your store becomes much more than a simple point of purchase: it becomes a place where people can meet and exchange ideas, where the relationships develop and grow, and in the long-term, builds your customers’ loyalty.

2. Gather qualified leads

Take advantage of events to build and update your contact list – it’s a very efficient way to build a strong customer base and you can easily follow-up with attendees afterwards.

• Ask attendees to leave their contact information
• Create online registration forms to attend the event
• Invite attendees to follow you on your social media channel
• Invite them to subscribe to your newsletter to benefit from promotions and be informed of the latest trends and innovations
• Invite them to join your loyalty program

All of these things will help you continue the relationship once the event is over. Send them a thank you note, invite them to future events, share tips or send them special promotions. The goal is to maintain a lasting relationship by sending them relevant and customized messages after the event.

3. Stand out from the competition

Offering an experience rather than a sales experience will make a different kind of destination, setting you apart.

• Create an industry event, giving attendees the opportunity to network
• Guest speakers or public discussions are a great way to engage people
• DIY events are always popular, understandably depending on your product
• Teach visitors about your product – get them using and becoming more comfortable with your offering
• Fundraise: supporting a cause will give people more insight into your values on top of bringing them into your store
• Have a giveaway, unveiling or opportunity to win your product

4. Generate more sales

At the end of the day, events will help you increase your revenue. When people enter your store, not only will they come to better know your brand, but they’ll come face to face with your product.

• Impulse buys:
  Run a promotion for the event. Limited time offers are an effective way to increase sales as the sense of urgency encourages people to act.
• Testing:
  Being able to test a product has a strong impact on purchase behavior. If customers have the chance to try out a product during an event, it increases the chances they’ll buy it.
• Product demo:
  It’s much easier to understand your customers’ perspective when you’re standing right in front of them, and cater the product demo to their needs.
• Build a relationship:
  If a customer enjoyed their experience, they’re more more likely to return. It just makes sense.

Whether your objective is to generate leads or make sales on the spot, events are a creative way to bring people into your store and introduce yourself to the community.