As a brand new business owner, one of the hardest initial steps can be bringing awareness to your brand. Markets are the perfect way to expose people to your brand and really interact with your potential customer base. With that said, understanding the different types of markets and figuring out which one you need for your business is equally as important. Choosing the right type of market or show can help you save a lot of both work and money. So let's breakdown a few key differences. Feel free to keep reading or watch this quick video where I breakdown the major differences and give my own opinion on the best shows for new or experienced creators.
What Is A Market?
The word "market" is defined by Google as a "gathering of people for the purchase and sale of provisions, livestock, and other commodities". So "market" is often a blanket term used for most events where vendors are present to sell or network at a booth or table. Vending events can be both private or public, indoor, outdoor or a combo of both. These can include street markets, craft fairs, flea markets, expos or shows, festivals, and the list goes on.
Types Of Markets
There are several important terms thrown around in the market world so let's decipher those:
Trade Shows Versus Consumer Shows
A tradeshow is where businesses sell to other businesses at discounted wholesale prices. Simply put, manufacturers are networking with retailers who will then sell the product to consumers. These shows cost thousands of dollars to attend and attendees must be able to move hundreds to thousands of units at a time. This is not ideal for most home-businesses.
A consumer show is where products are sold directly to consumers at retail prices. These shows range from free to hundreds depending on several factors: exclusivity, length, expected turnout, location, et cetera.
Juried Versus Non-Juried Consumer Shows
The following chart details the major differences between a juried and non-juried market.
|Non-Juried Shows||Juried Shows|
No application process. Lower fees and donations may be expected.
|Must submit an application. Expect higher fees.|
|Vendor spaces are usually first come, first served.||Vendors are vetted to ensure a variety of product types and balanced competition.|
|Smaller, usually local events.||Larger heavily promoted events.|
|Local promotion if any.||Heavily promoted to increase turnout.|
Do Some Recon Before You Apply
If possible, its also a great idea to attend a market as a guest first before you apply to vend. You can get a feel for the type of crowd the event attracts and you can decide if that is the right customer for your business. We don't always have that luxury, so put on your sleuth cap and check their social media and other platforms to see what kind of turnout they had. Check if they were featured by any local news stations. If you know someone who attended or vended, get their feedback. Once you get a feel for the event and your concerns are addressed. Go ahead and apply. Good luck!
For my complete breakdown, recommendations for beginners, and personal preferences, watch the video above.
But Wait...There's More!
Choosing the right show is just the beginning, check out this post about everything you need to be a vendor at your first event >>here<<.