Greetings! I hope this is not a bad time but I wanted to provide you with a more concrete idea with regards to my initial letter sent to you concerning the Special Gift Basket venture that brought up with you. Christie and I are anxiously awaiting your kind approval for the proposed business and I think it would be better to provide you an overview of how feasible this business venture is for both our benefits.
Here is an outline of what outlook is for the personalized special gifts shop to be put up.
Short Term Goals
Target a break even point in the initial month of operation and expect profits and returns thereafter.
Capture the Market Attention and Build Product Awareness through distribution of promotional flyers and leaflets
Offer unique and attractive designs that are unavailable in other stores or places to serve as the store’s market identity and brand recall for consumers who can see the shop.
Expand the shop’s product roster to other personalized consumer items. This can help especially for special occasions that require a certain number of items to serve as giveaways.
Provide a homely atmosphere for continuously endorsing customers. To help customers feel more at home, the best way is to make the place comfy and cozy as possible. People may come and just browse through the novelty items, but this can be used as a marketing tool as well. People who see a shop filled with people will surely gain curiosity and lure them in to check out what the shop has to offer.
Provide feedback forms. It is best to know to hear from customers. Suggestions and feedback from actual experiences can help the shop improve and give back other ideas that may help the shop grow larger in terms of identity and of course profit.
Long Term Goals
Capture the corporate industry. Bulk purchases will help in improving the projected revenue of the shop. Relying on single transaction purchases alone will not help in realizing the expected rate of returns for the company hence; branching out towards the companies looking for unique promotional tools and designs is something that will help achieve such returns.
Provide Special Made to Order items. Customers have different ways of defining art, and their designs will surely be varied. Allowing them to freely design their items will make it more flexible for them, especially when it comes to giveaways for special occasions.
Expand and Branch out. After some time, people will surely want to find other branches available to where it is more convenient for them to go to. Expecting a larger influx of customers, one shop alone cannot handle the demand and waiting time is surely something that no person would want to experience outside of having to purposely go to the shop to buy a certain item.
Establish Shop/ Product Awareness
Once opened, a simple ribbon cutting and small activity can help the shop start on the right foot. Costs can be maintained at a minimal by serving drinks cocktails and small tokens to special people that can grace the occasion.
Negotiate and Establish Partnership referrals with existing tenants of the mall that are related to the business venture.
To create a mood of homeliness, it would be best to strike small solicitation support in the form of referrals or placement of endorsement media such as posters or flyers towards existing shops for the sake of establishing shop awareness in the mall.
Discount Coupons, Flyers and Leaflet distribution.
For the first few months, providing special discounts on selected items and distributing flyers and leaflets so that people will know how to get to the shop will help in establishing presence and existence in the area. Word of mouth shall ensue from there, something that will be good for the shop in the end.
Pricing and Discounting Schemes.
Nothing attracts a person more other than a good price and special discounts. People are cost conscious and this covers even the people who are financially-able. Good prices bring in more customers and what the more if discounts on selected items are offered. This is only for the first couple of months to establish a modest customer base.
Offer simple but attractive designed novelties.
The whole purpose of the business is to provide something different. Items outside the usual other items that are available within the mall area, designs are the next best thing to attract the customers towards the shop.
Offer a “You Design, We Make” scheme for customers.
Not all the good designs come from one or two heads. Designs come in different packages and allowing the customers the freedom to make their own designs on the items will definitely be an attraction for them. Pricing will of course depend on the depth of the design, something that will be subject to bargaining to close out the deal.