Archive for July, 2010

A Recipe For Trade Show Success!!!

Thursday, July 8th, 2010

If you’re a foodie like me (not to mention a huge pop culture fan) than you are no doubt following along with two of the best cooking shows to hit the airwaves in decades. I’m talking about The Next Food Network Star and Top Chef both taking place on separate networks each and every week. Each show features a group of chefs competing in a variety of cooking contests designed to weed out the best and send home the rest. If you look beyond the competition and focus on the basics of the cooking though, you may be surprised to find lessons that relate directly to trade show success. Below is a recipe for a successful trade show and it starts with knowing what you want your end result to be. Like cooking you need to have a loose idea as to what you are making. What do you want your display to accomplish? Do you have a specific design in mind?

1 Dose of Preparation- What type of display works best for your product? Would a literature display be best or do your needs point more towards a computer kiosk? Indoor or outdoor? Pop up or environmentally friendly? What design best matches the types of events you attend? Who are you marketing to and what gets their attention the most?

1 Dash of Creativity- The use of color is a great way to get a persons attention. Try to be unique while at the same time don’t be too extreme as to alienate yourself from other vendors.

1 lb of Follow Through- Make sure you keep up the relationships you make while at an event. The moment you return from a trade show, shoot out an email or call your new contact just to thank them for taking the time to speak to you.

1 Ounce of Prevention- Know what it is about your product that discourages people and come to an event prepared to offer solutions to their concerns. If a customer is concerned about the cost tell them you understand, that others you spoken to have also felt the same way, and that you were able to help them through the use of a payment plan.

Mix With Special Ingredient- Every great chef knows that to truly be successful you must take the ordinary and turn it into the extraordinary. A kiosk is not a kiosk when it features a custom logo along with your companies name emblazoned in the center. By taking the idea of a trade show display and molding it to fit your idea of what the customer is looking for, you are essentially giving them something they are familiar with yet have never seen before.

Like the perfect recipe, the key to a successful trade show exhibit is repetition. Don’t be afraid to try new things and make changes until you achieve a display that fits your needs and creates buzz amongst customers.

Dear Trade Show Diary…..

Monday, July 5th, 2010

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Did you know many companies will borrow from the bank each month based on projected receivables? Furthermore supplies, production schedules, material costs, and labor all require a certain amount of forecasting in order to know what to expect from the coming month so that the company is not caught off guard by an expense or decrease in business that may change the shape of the budget. Projecting what is about to happen next requires a certain amount of looking back at recent trends and looking forward in an attempt to identify upcoming obstacles or new opportunities. Trade shows in particular offer some special challenges when it comes to forecasting, but the process is just as important. One way to accurately predict the expenses, visitor turnout, revenue, and overall success of an event is to keep a diary.

For most people the word diary probably brings to mind thoughts of little girls writing in pink notebooks they keep under their mattresses, but in fact everyone keeps a diary of some sort. Every time you balance your checkbook you are making an entry into a diary. Whenever you log how much mileage you put on your car so you can be reimbursed by your company you are keeping a diary. Even this blog could be considered a diary all about trade show tips, events, and custom displays. Keeping a trade show diary of your own may just the key to success you have been looking for. The next time you’re at a trade show take a moment to step back from your exhibit and write down what you see. What has been your biggest selling item so far? How many people have come by and what was their demographic? Was there anything about your kiosk that did flow right with the rest your setup? Were you a good fit with the vendors around you? Could you have done anything better? At the end of the event make notes about the number of contacts you made and be sure to follow-up with them at a later time. By answering these questions not only are you gaining insight into how well you are operating, but more to the point you are keepping a log that can be used at other events to help determine what works and what doesn’t.

In business forecasting is not an exact science, but whether you like doing it or not you can’t deny the results. Paying attention to recent trends and adjusting your finances accordingly could be one of the smartest business moves you will ever make. The next time you are walking out the door on your way to an event, grab a notebook and remember to make notes afterward. Trust me you’ll thank yourself later.

How Much Are You Getting For Your Investment?

Friday, July 2nd, 2010

In terms of trade shows there are basically two types of events. The first being a situation where you bring a specific amount of inventory, setup at a location previously selected to get the most attention from visitors, take out a calculator, and sell sell sell. The second involves bringing very little in terms of inventory (except for promotional items such as pens, key-chains, business cards, etc…), requires a much greater knowledge of what is being promoted, and relies heavily on product demonstration whether it be through actually showing how something works or how an investment can make life easier (an exhibit featuring an insurance company would be an example of this). It’s the later that I want to focus on today mainly because the determination as to whether the event was a success or not often can’t be made till weeks or even months down the road simply because you’re there to take orders and build relationships not unload merchandise.

This idea of delayed income is called Return On Investment or ROI and is really quite easy to figure out once you know the steps.

1)While at your next event offer those you come into contact with an incentive for ordering. This incentive could be a gift or a discount, something that will make them feel they are getting a good deal by following your instructions. Make sure they understand that in order to take advantage of the promotion they must reference a specific code. This way you can track how the sale was generated.

2)Once you know sales generated, total up all your expenses associated with the trade show. Include the cost of labor, food, travel, etc…

3)Now take the amount you made (the value in dollars of sales that referenced the promotional code you asked customers to use) and divide that number by the total expenses.

4) Finally take this last number and multiply it by 100 to get the percentage returned to you from your investment (ROI)

It’s very common that the full impact of a trade show is not felt for months or maybe even a year after the event has taken place. Regardless of whether or not you are selling tons of inventory at one time or get your sales through the use of connections made at the event, finding out how much profit you made is a huge tool to have at your disposal. Not only will this help you calculate how successful an event was, but it can also be used to forecast similar events to come.