How Gen Alpha applies RM to Flea markets - The preparation stage
Fabian Bartnick
Revenue Management the right way | Founded 2 companies that optimize hotel & restaurant/bar profits through software, consulting & coaching | 50,000+ took my Revenue Management training
I am very fortunate that I have two kids, both Gen Alpha, 7 and 9 right now. For some bizarre reason they came up with idea of going to a Flea market. My dad response was: Sure, let me register and then rock and roll....well not with Gen Alpha...I was told it is not that easy as just going....
Papa, we can't just go. There is a lot to plan, research and prepare if we want to nail it!
Back when I was young we packed our stuff, put it in the boot of the car and off we went. Set up the table, put prices and let the show start. With Gen Alpha this had a few more steps and it reminded me of a mix of founding a start up and applying RM:
Important considerations (as I was told)
We have to nail the presentation
Not only do the toys need to look the part, they also need to make pictures of us playing with them and of course, be with other toys so the can be purchased together. Yup, we took pictures of all toys, printed out as our "sales material" with our back up on the ipad.
We have to make it easy
As I was told: "Simple pricing, no confusion, no lengthy sales talk. Easy Peasy."
领英推荐
We have to overcome the problem of "bitten" toys
"Papa, we have to find a solution for those. Nobody will buy my barbies with a bitten hand. We can either make up a story around how she injured herself rescuing someone or we package and upsell with another. Like half price."
Do we need a website? At which point I said no!
You think that was it??? Now, pricing!
Pricing was a tricky one to prepare as neither my kids nor myself knew how much we paid originally. So here is how the little ones tackled it:
Now that we had that out of the way we have labelled everything and they have between them chosen to make the 2nd hand available at 25% of the original price with a bag full of "upsell" items (bitten toys) to close the deal.
When we talked about the Why though re going in the first place I was informed with rolling eyes: "Of course we want to make money so we can buy other toys."
Gen Alpha - Digital natives - amazing usage of tech platforms and yet at the end of the day, curious kids that want to explore the real world and where technology is just an invisible part to compliment your real lives ambitions
Executive Master of Business Administration - MBA at Entrepreneurship Institute Malaysia
2 年So true but kinda lost the impromptuness that baby boomers is so used to. Like you said, pack up and go
Digital Transformation & AI Solutions | Hospitality Tech & Revenue Optimization | Project Management & Innovation
2 年Great story Fabian! thanks for sharing
Brand Strategy & Development- Hospitality Operations Management- Pre-Opening Hotels- Hotel Interior Design- FF&E and OS&E Hotel arrangements- Sustainability Champion- Revenue Optimization- F&B Consultant- AI Fan
2 年Inspiring story. Big difference between the old days and presence. Now we have to play it the smart way
Director of Performance & Strategy at Revstar Group
2 年I realise you’re pointing out the differences between the gens, but the apple doesn’t fall far from the tree Fabian!
Connecting Hospitality with Technology | Co-Founder ExploreTECH | Experienced with Hospitality and Travel Tech | Hospitality Distribution Expert
2 年How much money did your kids make? :) And what do they want to do with it?