Part 3 - Conducting Market Research on Shops and Market Stall Holders

Before setting up your own market stall, it is essential to conduct a bit of research and gain a better understanding of the market you are in. When attending your local market, pay attention to how vendors attract customers and the way they engage with them.

Don’t be limited to just your local market area, one effective way is by going online and searching other market stall holders that operate in similar niches or sectors. By doing so, you will be able to familiarise yourself with what is already out there and gain inspiration for your own stall. Not sure where to find them? Look for companies that organise the market events. If you’ve booked your next artisan market event you will already be in contact with one. Have a look at their list of traders on their website and who they have tagged in on their social media platforms. This is the perfect way to find your competition. Don’t just look at your local market organiser, there are many across the country.

When looking at other vendors, take note of their overall setup which they most often than not they post on Instagram, their branding strategies, product display stands, and any unique selling points they may have. Study their pricing strategies, promotions, and any reviews or feedback they may have received from customers. This information will provide valuable insights into what works well in the market and can help you craft your own successful strategy.

Remember not to limit yourself to just local stalls; expand your search nationally or even internationally through social media if relevant to your niche. By examining stalls outside your immediate area, you can identify emerging trends or innovative approaches that haven't reached your local market yet.

Researching other stalls online doesn't just mean looking at their websites or social media pages; it also involves exploring online forums or blogs where stall owners share tips and experiences. Engage with these platforms as they often provide valuable information on the challenges faced by market stall owners and the solutions adopted by successful ones.

Researching into other stall holders provides an opportunity not only to learn from their successes but also from their mistakes. By adopting a proactive approach and thoroughly investigating existing stalls in your sector before launching yours, you can gather invaluable knowledge that will assist in shaping a unique identity for your own market stall while ensuring a strong start in this competitive arena.