Vape shops represent a potentially lucrative business model for entrepreneurs willing to work hard, be creative, and incentivize loyal customers. Even so, competition is fiercer than ever. Fortunately, there are things you can do to bypass your rivals and please your clientele while padding your profit margins.
1. Set up the right infrastructure.
Did you know that vape shops require special payment processing? Because of the nature and reputation of the industry, the numerous regulations it must follow, and the perceived chances of increased fraud and customer chargebacks, conventional payment companies will not take you on as a client. Instead, you need to obtain a high risk merchant account.
Be sure that the one you choose is run by a company with specific experience in the vaping industry. Additionally, it should have relationships with numerous banks, ensuring that your transactions can always be processed securely and quickly. With the right purchasing infrastructure in place, customers’ checkout experience will be smooth and trouble-free, encouraging repeat sales.
2. Launch a rewards program.
Whether you have a physical store or sell online, you can use your point of sale system’s customer relationship management tools to build a highly effective incentive program. Every time someone makes a purchase, you can punch their paper or virtual card. This will eventually entitle them to free or discounted items. On your end, it provides you with valuable insights into shopping behaviors that you can use to improve your marketing even more.
3. Put stickers to work for you.
Stickers bring out the child in all of us. And when they are embossed with QR codes, they can promote your shop and direct web traffic to your page. Affix stickers to merchandise packaging or on store displays, and put virtual QR-coded ones on your social media pages. Advertising that’s fun and free: What’s not to love?
4. Harness the power of word-of-mouth marketing.
People are much more likely to purchase from an unfamiliar store or website if someone they know and trust has already done so. Incentivize your current customers to refer their friends, family and social contacts by rewarding them with free products, discounts, and extra punches on their loyalty card.
5. Offer a deal of the month.
It’s always a challenge to keep your social media page and marketing campaigns fresh. Introducing a different product each month that is specially priced is a great way to familiarize customers with your full range of vapes and accessories. It also keeps people interested in your store, motivating them to check out what’s new when the calendar switches over.
6. Work with an influencer.
Even micro-influencers who are locally popular can bring throngs of people into your shop or onto your site. Some are happy to tout your store in exchange for merchandise, but even those who want to be paid are probably within your budget. Provide them with a discount code that they can include on their post for an additional wallop.
As conventional cigarettes become less popular, more and more people of all ages are embracing vaping. As long as you are motivated, nimble and willing to work hard to spread the word about your brand, your shop can ride the wave of this trend and bring in robust sales.
