Are you willing to start a gifts business but don’t know where to begin with? Or have you already established your gift shop and are looking to increase your revenue and need a fresh perspective?
Whatever your situation, I’m sure you’ll find your way out if you carefully examine these 7 secrets which will unlock your gifts business dreams and boost your revenue to the next level.
Welcome to Kaivalya.me, let's begin!
7 Secrets For Guaranteed Success In Gifts Business
1) You Must Love Gifts!
When doing a gifts business, you’re going to spend countless months and years working your way up to success.
If you’re in for the long run, you need to make sure you love what you do. In this case, you must love gifts and selling them!
In fact, selling gifts is indeed the easier part of the gifts business. Coming into the entrepreneurial mindset and loving what you do is a far more difficult step.
If you’ve nailed this step, you’ve already killed 50% of your competition!
Moreover, it is extremely important that you, as the owner of a gifts business, understand the connection between gifts and emotions.
Knowing what your customer wants to make the person he’s going to gift feel is very important for the healthy functioning of your gift shop.
If you understand your customer’s demands, you’ll set a recurring client base and boost your revenue with a mere change in mindset!
2) What’s Your Gifting Focus?
Every gifts business needs a gifting focus. Picking a niche defines a customer base for you, dictates the products you’ll buy and sell, and determines the overall outlook of your gift shop.
Whether you’re focused on Christmas gift ideas or strive to be a Handmade Gift Shop, choosing a niche will help you get a better idea of what your gift shop, its inventory, and your vision should look like.
By picking the right focus, not only will you build your gifts business brand, you will also streamline your products line. It's a win-win!
Watch this short video on how to pick the right niche:
3) Determine Who You Want To Sell Gifts To
Everyone likes giving and receiving gifts. But what type of gifters will you want to come to your shop? That’s a necessary question
Don’t Underestimate The Importance Of This Step!
Choosing the right customer base narrows down your audience substantially. While this may seem counterproductive, it is in fact the way to go!
Amazon was a bookstore for over a decade! Only when small businesses get larger do they expand their customer base.
This allows them to remain focused and keep a small set of people happy. These people will recommend your gifts business to other people in the similar client group, and the cycle goes on.
Picking a customer base - the right customer base - at the beginning of your gifts business is quintessential. But we’re not asking you to narrow your thoughts.
Don’t Be Afraid To Think Outside The Box. Start Broad, Then Refine And Narrow.
This will give your business direction and keep your customers happy. It will make inventory management easy and maintain a great revenue. Its advantages are countless.
The best way to choose your customer base is to brainstorm who’ll be best served by your gifts business. You know what you’re going to sell, so think of to whom you would sell your gifts so that it benefits both, you and the customer, the best!
You’ll prevent wasting your resources on the wrong people, and you’ll serve the right customer base which can bring you revenue and them joy!
Read this post from Harvard Business Review on choosing the right customer.
4) Getting Your Gifts Sourced Rightly!
Before starting sourcing, you must ensure you get the paperwork done to avoid getting stuck into legal matters.
Ensure you have the resale certificate if applicable in your locality and make sure whatever you’re doing is well within the legal boundaries!
Next, you must come in contact with a multitude of wholesales. You must determine which manufacturers are making the highest quality gifts at the cheapest prices. Afterall, your gifts business wants to make profit and its customers happy at the same time!
Don’t worry if you’re unable to do this the right way (most people struggle here). But don’t join the herd, leverage on our expertise of over 5 years in the gift industry. Use our Free Audit and Consultation services, we’ll help you find the best manufacturers and wholesalers in no time!
That way, you’ll have a much higher profit margin than the ordinary gift shop, and you’ll also have a happy base of customers!
What’s more? The customers will keep coming back! They know you’re reliable and they’ll want to buy gifts from you and you only! Your products are a part of your brand. Keep them in check!
5) Outside The Box Thinking
Following the trend is a good thing, and it is necessary for a gifts business. However, to set yourself apart, you need to do more.
Apart from selling trending gift items in your gift shop, you need to come up with other innovative products which are either antiques or those which most people haven’t seen yet.
That way, you’re not a trend follower, but a trend setter!
You must have a fine sense of what the market will or won’t appreciate, because it determines whether you’ll have a higher revenue than the others or not.
If you do what others do, and you do that little bit extra, only then will the customers set your gifts business apart from the herd.
And only when you’re not a part of the herd are you a lion. Don’t be the sheep!
Thinking outside the box may not be as hard as most people claim it is.
For example, every quarter you could offer something unique such as a wall decoration gift that surprises your customers instantly by not only its newness but also its differentiation from the other gift shop brands.
That’s what more revenue sounds like!
6) Competition Search
It is imperative to know whose farm is next to yours. Except, you don’t have to be that friendly neighbor.
What that means is that you must know whose selling what, to whom, what’s that other gifts business got unique, why is that gift shop getting more customers, and have a nice competition search report ready.
That’s not to say you make ruthless and shrewd decisions, or do something illegal. But, you should know what you’re not doing and what others are. Try to cover up all you can within your focus area, and don’t let anyone stay above you!
If you need help, we’ve got you covered with our Free Audit and Consultation service. We’ll give you a detailed summary of your market, competitors, and what more could you do, what you shouldn’t do, among a myriad of other services.
This particular secret is only for those who want to win - NO MATTER WHAT. Ignore if you’re not that type of a gifts business owner.
7) Promotion and Over-Promotion
Advertising is extremely important. It lets people know who you are, where you are, how to contact you, what you do, what others think of you, and all the other details!
The modern customer will not find your gifts business walking down the street. You’ll need to stand out in your digital marketing to crush your competition.
Read this post from GoDaddy that’ll give you effective tips on how to get great digital marketing done for your gifts business.
However, note that you’re not a salesperson! You run a gift shop.
It’s easy to get carried away with promotion, and over-promotion leads to nothing but too much investment and too little returns.
If a user sees your ads three times, they’ll want to look into you. If they see your ad thirty times, they know you’re desperate and that’s the end of that!
And We’re Good!
Congratulations! You’ve just unlocked the 7 key secrets that’ll boost your gifts business revenue like never before!
Follow each of the points carefully, and there’s no stopping you!
However, it is of paramount importance that you nail each and every step! If you want to differentiate yourself from the rest and establish your gifts business as an industry standard, you’ll have to do more than just follow these points.
Go to their depth, identify the root cause which makes these so important, and get it all just in the right place!
And if you’re stuck (which you will mostly likely be), don’t stress! You could leverage on our experience of over five years in the gits industry. At Kaivalya.me, we have established a name in the gifts industry.
In January 2020, one of our clients made $52,799.53 in sales! With our expertise, even if you’re able to increase your sales by a mere 10% of that value, isn’t it still worth it?
If you’re that gifts business owner who wants to boost his revenue, check out our Free Audit and Consultation services now and see revenues you could only dream of coming to life!