Like county fairs, shoppers come and go, says business growth and development consultant Gordon Hecht, writing for US trade magazine Your Source News – your store might not get more than one chance to turn a shopper into a customer, so your ‘elevator pitch’ has to count …
As I write, it’s autumn in the Midwest. That means football, raking leaves, and street fairs. This past weekend we enjoyed all three, including BurgFest in our small Missouri town.
If you’ve never been to a local Midwest fair, here’s what you’re missing. Car shows, carnival rides, healthy food choices. Mostly dipped in hot lard, sprayed with more lard, and then rolled in sugar. Added to that are vendors – crafts, books, toys, water softeners and insurance
It’s great exposure for those vendors. The fair brought about 3500 people in. More selling opportunities in 12 hours than your shop may see in a year. Unlike your shop, there is little chance of getting a returning shopper, AKA a ‘be-back’. Vendors have one chance to meet, greet, and close the deal.
But it may not be so different than traditional retail. Word on the street is shoppers are going to 1.5 stores before making a decision. That means, if they walk out of your store, they are likely to purchase at the next retailer they visit.
We bought kettle corn, homemade root beer, and ice cream at BurgFest. We also bought one durable item for more dough than I ever spent at a fair. It came about because of a great elevator pitch. If you hadn’t heard of it, an elevator pitch is a 30-second conversation you have with a prospect to entice them to learn more about your goods and services. Let me tell you about it.
Because it was Football Saturday, my everlovin’ bride and I were sporting jerseys of our favourite college team, the Ohio State Buckeyes. We wandered past the various vendor booths until a young man working in a tent shouted, “Hey Buckeyes, welcome to Missouri!” We exchanged hellos. He asked us what the connection was between us and Ohio. We chatted a bit. He then said that he was a student at the local college. He introduced us to two more students, all undergrads pursuing business and marketing degrees.
I mentioned that I also studied business and marketing, not at Ohio State, but rather at my alma mater, Tumbleweed Tech. One student, a co-ed, said that she heard that ol’ Tumbleweed was a great school, and she’d like to visit it someday.
Next, they told me what they were doing at the fair. They were fulfilling a requirement to form a business that aided our small community. They designed an all-weather blanket with straps and a handle. It can be easily rolled and carried, lightweight, rain-proof, and extra warm. All profits go to the local food bank, which services families and kids who are in a rough patch.
The third student let us know their product has three purposes. First, to help them learn about business with practical knowledge, the second was giving back to our town, and third, if we decided not to purchase the blanket, we could donate to the food fund and still help kids. He pointed to a glass container brimming with notes.
We agreed to purchase the blanket, but I did not have enough greenbacks in my wallet. No worries, we were told. They took Apple Pay, Google Pay, Venmo, bank cards, and cheques. I had never used the first three methods. They never used the last one. I handed over my plastic card – they waved it over a wireless reader, and we were on our way.
Retailers and RSAs who base their business on returning shoppers (which are different from returning customers – shoppers have no loyalty, but customers can become loyal raving fans, so always engage your previous clients/customers to become repeat buyers) have a dark future. It was reported that the Be-Back Bus broke down on the freeway and everyone is stranded. Today’s competitive world, coupled with declining store traffic and scarce discretionary dollars, makes first-time closing a must.
It starts with a great greeting. Our student looked for a way to engage us. He sought common ground to encourage conversation. The next step was to introduce us to his classmates, turning us from prospect to friend. The co-ed found something to compliment us on, building trust.
They told us their mission statement. Learn about business, serve the community, and provide a useful and convenient product. They closed with two buying options – purchase the blanket or make a donation. The glass container was full of midsize bills, giving the impression that ‘everyone was doing it’ and that George Washington’s portrait had no place with Lincoln, Hamilton and Jackson already taking up space.
No cash, no problem. These Gen Z-ers rarely pay with bills. Venmo, Apple or Google Pay are ingrained in them. If you don’t have these options, you’ll lose them pronto.
Start today by crafting your elevator pitch – 30 seconds that will make or break your business. Tell shoppers your mission, how you will make their world better. Add in the story about why you and the goods you sell are unique. Give multiple buying options to buy and collect the funds.
Adolescents would say, “It’s not fair.” There will be winners and losers. Because in our business, the fair packed up and left town.
This article was originally published by Your Source News. Gordon can be reached at [email protected].
Pictured: Suffern Street Fair, New York State (photo courtesy Shutterstock/Brian Logan Photography
