Make Your Vape Shop More Profitable With These 3 Insanely Actionable Tips
If you’re like most vape shop owners, you probably started a vape shop because you took up vaping yourself, became passionate about it and wanted to spread that passion to other smokers. If you’re being completely honest about it, though, you probably also started a vape shop because you learned how incredibly profitable the vaping industry can be. Too bad no one told you how difficult it is to actually see those profits when you run a brick-and-mortar business. You need some tips that can help you run your operation lean and mean. These 3 tips can increase your vape shop’s profits right now.
Buy Dead Inventory From Your Distributors
Do you have a little investment capital to play with? Contact your distributors and tell them to call you when they’re about to discontinue an e-liquid line. Tell them that you’ll buy their entire stock if they quote you a good price. Habitual e-liquid buyers care about what’s new and interesting. If an e-liquid line is new to them, it doesn’t matter that your distributor considers it dead inventory. Using this technique, you can buy entire collections of e-liquid at below your usual wholesale price.
Start a Customer Referral Program
Referred business is often the best business. If you’re doing a great job, your customers are already telling their friends about your vape shop – so why not incentivize the process? When an existing customer refers a new customer who buys a product and adds his or her phone number and email address to your marketing list, give the existing customer a generous single-use coupon or some bonus loyalty points.
Upgrade Your POS System
Have you seen those fancy new tablet-based POS systems popping up at your local coffee shops and other small businesses? Those POS systems aren’t just popular because they’re easy to set up; they’re also popular because they’re smarter than the POS system you’re using now. A modern POS system can link your sales to your inventory. It can tell you what your most popular products are and when it’s time to reorder them. It can also manage your customer reward program automatically and tell you who your best customers are. You can even link a modern POS system to an online marketing platform and use it to send email and text messages directly to your customers. A good POS system will pay for itself very quickly by turbocharging your vape shop’s efficiency.