Vaping continues to be on the rise in the United States, and plenty of entrepreneurs are looking for ways to make a name for themselves in this lucrative sector. If you’re one of them, follow these recommendations to get your accessories, vaporizers, and vape oils noticed by customers.
1. Understand the challenges.
In spite of the potential for success in this industry, you need to be fully aware of the pitfalls. For one thing, you will be selling a product that, while it may be safer than standard cigarettes, is not 100% risk-free. For that reason, the U.S. and many other countries have put legislation in place to regulate the sales of vape products and accessories.
Consequently, you must fully understand the laws that are in place. These govern the manufacturing, advertising, and promoting of the products you sell.
2. Understand the added costs.
Like it or not, vape retailers have been placed in the “high-risk business” category by the financial industry. This is because of health concerns associated with the products, as well as the high percentage of young people who use them.
As an up-and-coming vape seller, it is in your best interests to find a high risk payment processor with experience in the vaping industry. Although you can expect to pay higher per-transaction fees and undergo potentially more scrutiny while applying for your merchant account, you should be secure in the knowledge that your processing company understands the ins and outs of your specialized retail niche.
3. Market your products.
Implementing a strong marketing campaign is crucial if you are to succeed in the vaping sector. It is essential in making your store visible to the consumers you want to reach and in demonstrating your credibility as a legitimate and trustworthy seller.
In addition to promoting your products, you also need to be clear about the things you cannot say under any circumstances in your promotional advertising. These include making:
- Ads targeting anyone less than 21.
- Any health claims, even for products that are usually thought of as having medicinal properties.
- Any claims about product safety.
- Misleading statements about the ingredients in your products.
- Claims that your products will help consumers to stop smoking.
Additionally, you will need to display a warning that occupies 20% of your advertising space stating that nicotine is an addictive substance.
4. Cement your brand identity.
Above all else, your top priority in setting up a legal, legitimate vaping store is to define your brand. Doing so defines what sets you apart from the thousands of other businesses that are marketing similar products. Once you fully understand the image and philosophy you want to portray, you can incorporate it into every facet of your business.
5. Get ready to market your store.
Before you launch your business, perhaps with the help of an expert marketing consultant, there are a few other steps you should take to lay your foundation for success. These include the following.
- Conduct local and global analysis of the industry. This is how you will find your niche, analyze risks, and concoct your business strategy.
- Thoroughly examine your competitors to determine what they are doing right and wrong, how they are marketing their products, and what their pricing is. This information will help you to find ways to differentiate your store and brand.
- Learn who your target customers are. This should include their shopping habits, pain points, preferences, reasons for choosing vaping products, etc.
With these building blocks in place, you’ll be ready to move forward toward your eventual vaping business launch. Just remember that no matter what point of sale system or payment processor you choose, you always need to remain fully transparent to customers and regulators alike. With this as your highest priority, you can do what it takes to set your brand apart and succeed in this potentially lucrative sector.
