How to Maximize Profit on the Spinner Craze
The Fidget Spinner craze has been, well... Crazy. It seemed to come on so fast and with such abundance. Our shops were not necessarily the first stores in our markets to carry them but we have been trying to catch up and really maximize long term and short term profits on this fad. Here are a few things we have put into place:
- Carry the better quality plastic spinners - with solid bearings (we got ours from the guys at Elevate Supply) and promote that yours spin longer than the cheaper alternatives. We did some YouTube and FB video spots showing the differences in the bearing. We are currently selling them for $8.99 but this helps easily overcome the objections for your customers who say they can get them for $1 online or $5 elsewhere.
- Start carrying and promoting the new LED and metal spinner varieties - we sell these for $14.99 or $19.99 and word will spread you have the best quality and variety,
- Put out yard signs at the stores where you can. At one of our stores, we have a high traffic road out front and another road for businesses in the back and we have signs in both places. They are very simple signs that any sign shop or business card place online can make for you - it just says Fidget Spinners (with picture) and a large arrow towards our store.
- Market via social - we have done some videos and used a provided video from Elevate to Boost awareness that we carry them at our local stores. Also, we have seen some success within the FB Buy/Sell groups also. Giveaways always attract a lot of attention also.
- This should go without saying for anyone doing business with your store but can be forgotten on a quick fidget spinner sales transaction: try to capture every customer's contact info in your POS system. Their mobile # and their email could be very helpful for you in re-marketing for other promotions or crazes that come about in the future.
- What else can you sell people and create a valued customer with? Whether it is repairs, accessories or devices - make them aware of what else you specialize in or can offer them. For us, timing worked very well in that we came across some buying opportunities for broken iPads that we could fix up and sell at very low prices. If you turn a $9 spinner sale into a $197 iPad 4 sale that is really maximizing revenue on your increased store traffic. We have also made some of these devices available to other shops via our site - see http://www.primetechtools.com/Devices_c_66.html for more info.
Most importantly - have some fun with it to help become known in your community as more than just a repair shop!