When it comes to launching a pop-up for your small business, what’s the difference between a roaring success and a full-on flop?
The answer is: there’s no right answer.
How you measure success is 100% tailored to your individual project and depends on what you want to achieve. We Are Pop Up has put together these top tips on how to evaluate your pop-up and make the most of the experience for showcasing your independent brand.
Set out your aims
Right from the start your pop-up should have clear goals – these are often different for each project. Whether you are popping up in order to make as many sales as possible, to reach a certain number of Facebook followers or create a media storm in the local and national press, starting out with concrete aims allows you to judge whether each has been achieved at the end of your pop-up. Don’t panic if you don’t achieve everything you set out to in your original plan. Take the results into account and revise your intentions and methods for next time, building on what you have learned.
Budget and profit
You may decide to set targets around revenue from sales. To measure success against spending, track all the set-up costs of the project to see where you spent your money. Include the cost of your stock, the shop fit (furniture, fixtures, fittings), press and marketing (printing and distributing flyers, business cards), signage (vinyls, A-board), website, advertising, business rates, utility bills, insurance, wifi, refreshments and so on.
Now compare the costs with the income generated by your pop-up. That includes revenue from sales and any ticketed events, plus any funding from other businesses, public donations, sponsorship or perhaps grants from local authorities.
Even if your revenue isn’t greater than your expenditure, making a loss doesn’t necessarily count as a failure if a cash profit was not the aim of your pop-up. If your goal was to create a buzz, test a new business concept or access new audiences then profit will be a useful marker, but not necessarily the deciding factor for your pop-up’s success.
If you are setting out to make the maximum possible sales for your products, make sure you test, listen and iterate on your tactics to find out what works and what doesn’t. Try out different products in your shop and take note of how people interact with them. Which items are the strongest performers and which aren’t working? Use this information to inform your choices on selecting, rotating and shelving stock for this pop-up and in the future.
If you have an online shop alongside your pop-up, be sure to measure any uplift in sales online too. We Are Pop Up has seen brands enjoying an uplift in their online sales throughout their pop-up of 12-25% on average, which sustain and grow beyond the end of the pop-up.
Engage with your audience by speaking to customers before, during and after your pop-up. How did they hear about you? What do they think of your brand, pop-up, product range? Gather feedback, find out more about your audience and learn if their expectations have been met. Think about how you can maximise interaction with customers beyond the life of your pop-up by collecting email addresses in-store and sending follow-up mailers, offers and updates about what you are up to and what’s coming next.
Use qualitative data from your social media pages to measure your numbers, including likes on Facebook and Instagram, followers on Twitter and visitors to your website. How do these figures correlate with the activity and duration of your pop-up? Work out which social media posts resulted in the most engagement using analytics tools on each of your social media channels and be sure to use these techniques in the future.
One of the most important aspects about launching a pop-up is that it enables you to trial a new concept and grow your business in a low-risk and often low-cost way. It is an opportunity to experiment, so be bold and take chances. If you make mistakes, focus on what went wrong and turn it into a positive by learning how you can improve on the project next time.
Entrepreneurs and small businesses understand that failure is an important part of the creative process, so use the experience to make your next pop-up even better. And if your pop-up is a roaring success the first time you’ll more than ready to take on the next project, so get back in contact with We Are Pop Up and we will be on hand to take you to the next stage.