Maybe it is the youthful desires in us all. Maybe it is a callback to days reminiscing on the Easter Bunny, or the fact that people love to give and receive gifts. For a wide collection of reasons, gift baskets basket spoonfuls of potential- potential money, potential happiness, and potential longevity.
Gift baskets are gaining in popularity. As gift cards become a bit taboo, middle and upper class individuals are finding the variety witnessed in gift baskets is unrivaled. Often times, it is simply the word of mouth that is allowing the gift basket strategy to flourish. If you are to receive a gift basket, you surely remember how fantastic it likely felt and will, in turn, give a gift basket as a gift in the future.
People attach to gift baskets because they show creativity. They are popular, but not overtly so. They are not so well spread that every individual is purchasing one, like something such as a gift card to a miscellaneous store. This keeps the exclusivity of them rather leveled, and keeps prices higher for those wanting to explore this revenue stream. This popularity balance makes the gift basket industry in its current state, the perfect climate.
Gift baskets are, in their purest form, the most customizable gift you can give. As a person buying a gift, you can likely find a business than can provide a wide collection of products at a reasonable cost, and bundle them up for giving. The creativity aspect is significant, but the ease of variety and basketing custom products is extremely important to a customer looking to give this as a gift. They want a high class, creative, and ultimately, useful gift. These all blend to create the perfect storm that is gift baskets.
The gift basket industry forks into two differing strategies and ways to promote. With a smaller budget, you may find yourself at a loss on where to begin. You will be limited to retail shopping. When a customer makes an order, they will typically have two choices. One is to completely customize the gift basket, choosing from a wide list of products often provided by you which they can choose from. These are more expensive as you handpick the items and packaging, but also become more valued as the choices are specific to the client. The other choice is the standard package. For example, a customer could choose the “Body package.” This could potentially be a gift basket filled with lotion, body wash, hand soap, and cleansing oil. It could be a collection thematically tied to body wash. As well, this is a collection you ideally already have prepared, thus saving you time.
Also consider packaging baskets with holiday themes. Perhaps a “birthday” or “baby shower” basket can focus the customer to a specific theme they can attach to. Many individuals buy gift baskets for a specific event. Keep that in mind as you explore packaging.
Also follow trends. The organic health food industry is booming with potential. Perhaps a basket of organic health food options would be splendid. You can always take this further and build your business around this idea. Perhaps various versions of the health food package, if the first one is successful. You may even take this route fully and strictly create health food baskets. This niche can be fantastic in making yourself stand above competitors. Follow trends as you explore the confines of the gift basket industry.
The examples provided above are just one way to create standard packages. The idea is that a customer has a choice on which route to take, and depending on the level and demographic of your business, this will determine your course early on. It will be difficult to create many custom packages. Perhaps early on in the business, offer impeccable business packages that cannot be rivaled. Be creative and fascinating, and create packages that appeal to different types (the man package, the corporate package, etc…) As well, very early on as you start the business, you may only be able to afford a single gift basket. Perhaps taking a completely customizable route is just as appealing as purchasing for that single customer is all you may be able to do. After that gift basket, you begin another, and then two, and then three, all in effort to snowball the gift basket business until you can supply prepackaged baskets.
Despite this, your business will likely be rooted by retail sales. Obtain your product through retail outlets early on, then moving to larger wholesale orders as you obtain the quantity of orders to substantiate doing so. Wholesale is buying I bulk, and will save you money. But without accommodating the quantity of orders, you may end up with extra product that isn’t moving, and a financial burden.
The art of promoting a gift basket business is a difficult task to follow. Rudimentary social media can be effective, but may not be enough to substantiate initial success. Fortunately, the gift basket business is peculiarly intimate. Your best strategy is to explore the world of networking. Always have business cards and pamphlets handy that detail your options as well images of products and baskets.
Do not forget to allow the marketing to do itself. What I mean by this is marketing on the products themselves. If someone was to receive a gift from you, they will likely be satisfied (because it is your gift basket, of course). They should be able to contact you directly for your business. Ion the basket itself, provide your phone number and name, as well as a physical address if you are working from an office location outside your home. This way, every basket produced for giving has a bread trail for those customers to potentially contact you.
Though contrary to what you may believe, a gift basket business can begin with the smallest of budgets. All you need is that first gift basket with a healthy profit. With those funds, you can create another, until you are offering vast arrays of custom options and quality product diversity. Do not be overwhelmed by preconceived notions of the business. An office is not necessary, nor is fancy equipment to devise a basket. All that is necessary is some supplies to create the basket and the product itself. With a crafty hand, you can create limitless creations with only a few dollars and some stimulating ideas. Your marketing budget, though necessary, can be small based on the structure of the business. Gift basket businesses rely on word of mouth strongly, a way to save on marketing by properly interacting with customers before, during, and after a sale.
Word of mouth is your greatest asset. Individuals who receive a basket are apt to provide one for someone else. As the influx of gift baskets grow, so does the competition. Make sure you are offering more than competitive prices without undervaluing yourself. Doing so would be costly as customers may see you as the ‘cheap alternative” as opposed to the high class choice you deserve to be. Gift baskets are growing in popularity. Assess the market, assess your budget and the customizability of your line, and step into gift baskets with gung-ho and focus of the truest entrepreneur.