I think what I mean to say. It will not be a hookah in the technical sense. But dollars and cents wise? It will be a smaller niche market like hookah lounge. In fact my vape shop is across the street from a hookah lounge. When I got my lease 3 years ago they were scared I was going to steal business they came over we chatted. Our businesses did not overlap at all we are truly different enterprises and have completely different customers. But 3 years later they are busy as the day I opened and I am almost dead. So… LOL???
BMandonlineguy, I like your inputs in several of the blogs here at vapementors. Can I ask where are you located?
I will avoid being too specific, but it’s the Southern California area.
Have you talked with the business owner about doing a “vape night”? i have always thought that Hookah bars would benefit so much from switching to vaping. hookah is such a pain in the ■■■ to maintain, it’s a fire danger and it’s not even that great of an experience.
There are vape “hookah’s” that look and behave just like hookahs but use vape juice.
Why not try a special event where customers can try out one of these things, you provide the juice and we see how it goes.
If it goes well, you could get in there once a week maybe and maybe even convert his hookah bar into a full fledged vaping bar (the first of its kind I presume).
I don’t think this would be a conflict of interest at all. In fact i think it would be mutually beneficial.
Small town in northern Wisconsin here, average revenues are about 14k per month. We are growing, and the customer base is fairly loyal, but they don’t have a lot to work with in terms of a vape budget. Online is hurting us, badly, as we see so many people that either mix their own juice or pick up a bargain liquid online. Like many of the other folks here, I wish that online sales would go away… but have to think about the people that it would effect…the people that can’t really afford to drop an extra $100 a month with me that are keeping themselves off of smokes by buying cheaper juice online and visiting me once a month to see what’s new or pick up a bottle of premium juice as a treat.
I have to ask, are these just your opinions or have you thoroughly surveyed your customers to come to this conclusion?
It’s hard to interview everyone, but I have talked to most of them, especially if it’s a slow day I don’t have anything empirical to go off of, but can show you 100+ customers that are buying TFV8 coils (or similar) from me once in a while, but repeatedly. It seems like many of them get in a pinch because their coil is dead and their shipment hasn’t arrived yet so they need something to get them through for a day or two
Are you sending emails often? Are you reaching out on social? via SMS? The idea is to study their buying patterns so you can get in front of them right when they are looking to re-up.
AppCard does this automatically.
We are currently using Vend POS for our loyalty program and we have captured a lot of info. I just haven’t been able to use much of it yet. We do our best on social media, but we don’t know how well it is working.
I can help you with this type of strategy. It’s my specialty. Are you calculating these KPI’s?
Customer lifetime value
Churn (inventory and customer)
Average number of visits
honestly I don’t feel this subject is brought up and discuss enough. I concur with George from Extreme W. We have been in this business on 5th year, we’re one of the first shops and had gain quite recognition nationwide. We have alot of long time and loyal customers, but they all eventually fall back and purchase their necessities online now. Eventually we start losing them to online stores. We’re very competitive in pricing since we’re also the distributor. Even with that, online prices are again dollars above cost that continues to cut away loyal customers from BM at a fast pace. We do get alot of customer that comes in like George said, shipment hasn’t arrived and need a coil or a bottle of juice. You’ll only see that customer once in a few months or even worse just once.
We haven’t had our system in place long enough to calculate all of these KPI’s and don’t really know if many of them are of tremendous value to us as the market changes so much every few months. I can easily calculate out the gross number of visits per day/week/month, but why? Not trying to be combative, but would like some insight.
There are three ways to grow a business:
- Increase customers
- Increase per transaction revenue (or AOV)
- Increase frequency
If you double any of these, you double your business.
If you increase 2 of them by 50%, you double your business.
If you increase all three by 33%, you double your business.
The calculations that I mentioned above are essential to being able to understand these three principles and to affect change in them.
Have you heard the saying “What Gets Tracked Gets Managed”?
You can’t begin to understand where you are, appreciate where you came from, or aim for where you want to go, without knowing and tracking these numbers. They are the speedometer, Tachometer and Odometer of your business.
Listen to this game-changing interview from Jay Abraham and Tony Robbins. It changed my view of business completely. I wish I would have just watched this interview rather than getting an MBA…
i work with vape shop owners that do between 40-150K a month in revenue - i help get them funded so they can open more locations and expand
Very true. I have a vape shop (online and physical store) in Columbia, SC VapingZone- Vaping Store. Sometimes sale is just 200$ a day and sometimes it is upto $4000 per day.
Wow! That is quite a fluctuation. What is unique about your location that causes that?