According to research by EE, pop-ups generated over £2.3 billion for the economy and there were approximately 10,500 stores located around the UK.
As a fairly new phenomenon, the growth of the pop-up sector has revitalised an otherwise flagging high street, which has fallen victim to the rise of e-commerce. So how can you use pop-ups in your plan to expand your business?
What is a pop-up?
A pop-up is a business that opens temporary stores in unexpected locations. They are intended to only operate for a short period of time, hopefully creating excitement and buzz around the brand.
These stores are beneficial to cities as vacant lots and derelict sites are given a new lease of life with new bars, cinemas, entertainment sites and restaurants springing up. It is great for young businesses who want to build up brand awareness and gauge popularity before they commit all their resources to a permanent space. Established businesses can also utilise the pop-up structure to help them in their expansion plans.
How can your business use one to expand?
A business can use temporary buildings for a number of reasons – they are useful if you need to bridge the gap during building works, to provide temporary additional space or if you require an exhibition or conference space. A temporary building can provide a business with a fast solution at a low cost.
If you’re hoping to expand your business by introducing a new product, or if you want to promote your brand, then a temporary pop-up space is a great way to test the market and create a buzz before you invest in a fixed, permanent building.
Just remember to consider the following factors:
- Location – where is your target market and how can you reach them?
- Publicity – due to the temporary nature of pop-ups, you need to create a buzz around yours. Make use of social media and advertising.
- Experience – your pop-up shop needs to impress the customer. Interactive features or special offers can enhance their experience and give them a good lasting memory of your brand.
- Capturing data – by gathering feedback and customer data, you will be able to have a guide of what works and what doesn’t, as well as develop new business ideas from the information.
The emergence of pop-ups can be utilised for expanding your business. It gives you a temporary, no-strings way to showcase your business or a new product. This way, you can gauge the market and develop your business plans accordingly, as well as promote your brand to new customers.