How many business markets have you been to so far? How do you describe each one? What are their similarities? What are the items they offer? Did you enjoy your market visits?
People love markets for so many reasons, but the top reason why they keep visiting markets is experience. They want to see other people, seek opportunities for impromptu conversations, and the delight for local foods and products. This is what draws people back, again and again to their favorite markets. A great market must be carefully planned as a public gathering place and managed within a sustainable business structure.
Below are some of the qualities a market place must have for it to be successful.
- A successful market place should have the right vendors.
Right vendors mean that the products they offer are of good quality. They should be knowledgeable enough of the goods and products they sell. They should also be easy to approach, and have good service. After all good service makes people happy.
- A successful market place has the right location.
The location of the public market is very important. It should be visible and accessible to most people. It should have a well-managed parking. Effective parking requires management to ensure regular turnover of vehicles. It should have nearby amenities.
- A successful market place should have the right mission.
Right mission means that the market has clear goals for the business as a whole. It creates new opportunities for entrepreneurs to enter retailing at low cost. It helps nurtures its vendors providing support for farmers, immigrants, and entry level entrepreneurs.
- A successful market place has the right mix.
A market place is a place of diversity showcasing the different local heritage of the community. It should have a wide range of choices and selection providing the customers all their needs in one place.
- A successful market place has the right public spaces.
A market place is an oasis for some people. It should provide enough seating for rest, chitchat, and snacking. It can offer things to look at such as local crafts and different retail activity. A successful market place is welcoming and it is well maintained to keep public enjoyment and comfort.
- A successful market place has the right connections.
The market should be a symbol of community identity. It involves other organizations whose mission is to help the market grow. Markets and nearby stores should strive for mutual benefit to increase retail opportunity.
- A successful market has the right promotion.
A market place should hold product demos. It should also have proper promotion and the right market image. It can also be room for educational opportunities since you can learn a lot about agriculture, health, the community and the local culture present.
- A successful market provides the right value.
Lastly, a market place should sell quality products. It should give its customers quality experience when they visit. It helps boost the local economy therefore creating more local jobs for the people. Most importantly, a successful market provides a sense of community ownership to its customers.