General Business and Finance Blog

Trade shows show promise as a “golden” marketing opportunity. Many business owners are stepping outside of the traditional box and investing in portable signage. Talking one-on-one with potential buyers provides an immediate gratification that is empowering. The trade shows makes highlighting business services or products easier. Plan AheadWorking trade shows requires some planning. If possible, visit the facility prior to selecting your booth. Walk through the facility looking for potential problems that would inhibit your success, such as:Food court: Although being located next to the food court could be beneficial, it creates a distraction. It’s difficult enough to interest a potential buyer in 3-minutes; you don’t need the sweet smell of cotton candy interrupting.Competition: Don’t be suckered into renting a booth that is right next to a competitor. Some people believe its quality that counts and are eager to take the challenge of competition. Accessibility: Ideally, your booth should be near the entrance or exit of the building, or the restrooms, or the main isle. Wherever there is an adequate flow of traffic.The location of your booth and the signage you use will have a direct result of your trade show success. Stay focus on the appearance of your site. Use a banner to display your company logo, web address, and phone number. It’s important you capture the attention of potential buyers with signage and color.Keep it short and simple, K. I. S. S. Use a secondary color to present information of importance. The two-tone color method adds depth and retains the attention of the reader and that’s a big advantage.Most booths are no more than a 9` by 5` area. So it is equally important that you make valuable use of the area. Eliminate any unnecessary clutter and keep things organized. It’s important that your potential buyer doesn’t become distracted.Offering a special is also a good way to bring more people to your booth. Use a tripod and display board to feature your special offer. Write clear and in large lettering. Be prepared to answer questions.Working a Business Trade ShowBusiness trade shows go hand in hand with network marketing. The primary purpose of this type of trade show is to draw the interest of other businesses. Your objective is to provide enough information for the other participants to promote your services or products by word of mouth or through passing literature.It’s common practice for business groups to exchange business cards and brochures at a business trade show. Each booth gives a 2 minute presentation to visitors, a free gift (ink pen, magnet, sticky notes, or eraser), and ask for the visitors literature. Professionals shake hands and begin asking questions.• How can I assist you?• What are the benefits of using your services or products?• Who is your target market?• How can potential buyers reach you?• Do you work outside of your area?Business trade shows are not limited to business owners. Most vendors will invite others that may profit from using the services or products of the network group. Finding a good booth, using the proper signage, and displaying a sample of your services or products are all-important elements of trade show marketing.Some believe network trade shows are more profitable. While others, think a trade show that deals directly with the consumer has more advantages. The secret to successfully marketing your business at a trade show lies in the tools you use. If you have a dynamic personality, make your next marketing strategy a trade show.

It is believed that exhibitions or trade fairs began almost 600 years before the birth of Christ. While no precise record is available, The book of Ezekiel (in the Bible) written in 588 BC, contains many references to merchants trading in a “multitude of the kinds of riches with silver, iron, tin and lead”. Ezekiel also talks about the city of Tyre which was an important center of trade and commerce.

There is also a close connection between fairs and religious celebrations and holy days. The word “feria” comes from the Latin meaning “holy day” and the term is still commonly used to describe what we might otherwise refer to as an exhibition or trade fair.

Today, Trade Shows & exhibitions provide a forum for companies to display and demonstrate their products to potential buyers who have a special interest in buying these products. The compacted time frame and concentrated location of trade shows are cost-effective for exhibiting companies and convenient for buyers.

Since the 1960s, Trade shows and exhibitions are extensively used as prominent part of marketing strategy. Their relative importance is reflected in their promotional expenditures. Larger amounts are spent each year on trade exhibitions than on magazine, radio, and out-door advertising.

The primary role of trade shows in the marketing strategy is that of a selling medium. Depending on the type of product being exhibited, selling activities can involve booking orders or developing leads for future sales. If show regulations permit, they can even involve selling products directly at the exhibit.

Exhibitions provide a natural and nearly perfect platform for the delivery of solutions to the buyers. More and more exhibition organizers are providing learning content, demonstration theaters, and consultative opportunities as important features of their events. More and more exhibiting companies are taking full advantage of these opportunities.

Trade shows also serve as vehicles for advertising and publicity. Exhibits can be very effective three-dimensional ads as well as collection points for names for direct-mail lists. They can also command the attention of the news media, which regularly cover shows in search of stories on new products and new approaches.

Participating companies can also accomplish non promotional marketing objectives at trade shows. Market research data can be collected from show visitors. Competitors’ offerings can be evaluated. And contacts can be made with potential suppliers and sales representatives.

Business-to-business trade shows – exhibitions in the areas of health care, computer products, electronics, advertising specialties, heavy equipment, agriculture, fashions, furniture, and toys -focus on goods and services within an industry or a specialized part of an industry. They are targeted to wholesalers and retailers with the intent of pushing products through the channel of distribution. Most attendees at these shows are actively looking for products and have the authority to buy. Consumer trade shows, like business-to-business expositions, also have an industry focus. They are different that they target the general public and, accordingly, are designed to stimulate end-user demand. The kinds of products exhibited at these open shows include autos, housewares, boats, antiques, and crafts.

Several trade show organizations provide information and assistance to exhibitors and those considering exhibiting. The Center for Exhibition Industry Research is an umbrella organization that represents the entire exhibition and convention field. It sponsors research on the effectiveness and cost-efficiency of trade shows and has a resource center and serves as a referral point for more specialized groups. The International Association of Exhibit Managers is the association of individuals within companies who are responsible for exhibit arrangements. Others, like the Healthcare Convention and Exhibitors Association, concentrate on the organization and promotion of shows for specific industries.

Select your top priority vendors prior to your arrival. All trade shows have websites listing the exhibitors. Research the product offerings of all, and have list of must visit booth numbers. Arrive with your trade show plan in hand. As an attendee on a mission, you will come away with a better understanding of the market.
Trade shows are a great way to meet manufacturers, touch and feel their products first hand, and place orders on the spot. Traveling to trade shows is a significant investment, but you can deduct the cost of your trip from the business. Trade shows are excellent for networking and learning from others in your industry.
Most business owners only visit trade shows within the U.S. If you are interested in placing large orders, look into trade shows overseas. China has become the factory of the world in the past few decades. Trade shows in various parts of China are becoming larger and more popular every year. The Canton Fair is one of the largest trade shows in mainland China with hundreds of thousands of attendees and tens of thousands of exhibitors. It is such a huge show that it has two phases, each one week long.
Manufacturers at Chinese trade shows expect larger orders than exhibitors at U.S. based trade shows. A huge international trade show is an exhilarating experience. It may be your best option to find an inexpensive manufacturer for your products. Be careful about protecting your product. Patent it before you take it to China for manufacturing. Make sure the factory understands that you have a protected product, and they are not permitted to make the same product for any other company. Taking the manufacturing of your product to an inexpensive overseas factory is risky business, so consider it carefully.
Every significant industry has some trade publications targeted manufacturers, wholesalers, distributors, and retailers. They are packed with sales advice, industry trends, business profiles, and advertisements. Many offer business directories that list suppliers and other key players. You’ll find information about industry events such as trade shows and conferences. You can even call the publication and ask for advice over the phone.

When it comes to successful business growth – one of the key differences that separates the successful business owners from the average ones…

Is what the business owner ‘works’ on – when they have employees.

I have noticed that the best business owners work on improving their employees…

Why? Well, so that the employees learn and then do certain tasks that the business owner used to do.

By doing this, the owner can remove themselves from the ‘day-to-day’ running of the business so that they can work on areas that can grow the business – and/or do the things they enjoy doing.

Like playing golf, going on holidays, spending time with their families.

On the other hand, the average business owner continues to work ‘in’ the business despite having employees. For a number of reasons the average business owner says that they don’t have the ‘time’ to improve their employees.

As a result, the employees lack the skills and/or the freedom to do the tasks that would free up the business owner from the day-to-day running of the business.

So guess what happens? The business remains dependent on the Business owner.

So the Business owner has to continue working.

Despite having employees, the business owner is still working a million hours… but the business never seems to grow to the levels that the business owner is hoping for – even though they’re working harder than they ever have.

Does this sound familiar?

Let’s explore how this happens.

The average business owner that wants to grow their business – but find it very hard to grow successfully… tends to do the following.

They have a business – and it’s growing. Early in the business it’s just the owner and maybe a few others. The business is growing, and the owner is working a million hours.

The average business owner knows that they should employ staff, but they put it off and put it off, until they can’t possibly cope with the workload anymore.

So they hire new staff at the last minute.

Usually the new person is employed in such a hurry that the business owner doesn’t have the time to train them. Because the business is so busy.

After all, the business owner has been working a million hours, so they’re probably feeling a bit stressed and overwhelmed.

They’re typically not feeling in control and calm – that’s for sure.

And the business owner usually doesn’t have a system to hire appropriately skilled or passionate people.

Because they don’t have a proven hiring system, the staff that are employed can often lie their way through interviews telling the owner that they do have skills – when they actually don’t.

You know how the story goes…

Anyway, a new person is hired.

But because the business is busy, and the business has no real induction or training system to get the new employees up to speed – the business owner continues to focus on doing the work themselves.

When the owner checks to see how the new employee is performing, they get disappointed because the new person doesn’t have the ‘skills’ or the initiative to do things properly.

So the business owner steps in to ‘do it themselves’ because they think that they can ‘save time’ by doing it themselves.

It’s at this time the business owner starts proving to themselves that ‘no-one can do it as good as me’.

And they are correct. Of course no-one can do it as good as them – because no one has taught the new employees properly.

So the average business owner continues to do the ‘day-to-day’ things, and take over from their staff when the staff aren’t doing the right things…

By continuing to do the work that the employees are suppose to do, the staff very quickly realize that the business owner will always ‘save the day’.

So they back off on their productivity, and their passion.

The staff quickly learn how to ‘hide’ in the business so that they just get by.

They become ‘clock watches’. They turn up to work, to watch the clock and as soon as it turns 5pm – they’re out of there.

And this hurts your customers. Because the customers of the business receive inconsistent levels of service.

The customers quickly begin to realize that if the business owner serves them – they may get extraordinary service.

And if the staff serves them – they’ll get inadequate service.

If the service is poor and inconsistent the customers will start to get annoyed. They’ll literally ask for the owner every time they come into the business. Because they know they’ll get the service they want.

And that’s a sign of a poorly trained team.

As a result the customers end up going somewhere else, the business suffers, the sales and profits dwindle – and the business owner blames it on the ‘staff’.

The business owner may then go into “see I told you I can’t find the right people’.

The average business owner has tried to grow the business, yet misses a few crucial things that makes them miss out on the rewards of a successful business.

The result is unhappy staff, unhappy customers, a business that barely makes any money – and an owner that works around the clock, stressed and overwhelmed for little or no return.

Well it doesn’t have to be that way!

You can quickly and easily turn this around, if you’re in this position, or even better you can completely avoid it by following my guidance.

Every great business owner that I know, that has successful business growth follow a number of specific steps to get them out of the situation I’ve just outlined.

And it’s crucial for the growth of your business too.

It’s wonderfully easy when you learn how to do it for your situation.

Let’s look at what the best business owners achieve by following these specific steps – and what you could possibly achieve by following my guidance.

Firstly – your staff will have the right skill sets and attitude to work in your business. Plus they’ll improve and grow rapidly (faster than you may think). This means that you can comfortably rely on them to get the ‘job-done’.

By focusing on getting the team up to the standard you can be assured that in a few weeks or months they’ll be at the point where you can depend on them.

They’ll be doing a great job and delivering consistent levels of service.

As a result you can now forget about having to ‘look over their shoulder’, or forget about having to ‘save the day’ like other average business owners.

Because your staff are now producing – you have freed yourself up from the day to day running of the business – so you can focus on ways to grow and improve your business.

And you can even spoil yourself with reduced work hours, time off and even holidays.

Imagine that?

Now, back to your staff.

Because they’re learning, growing and producing you’ll be happy with them and they’ll be happy with themselves – and of course they’ll be happy working for you.

And it’ll rub off on your customers.

Why?

Because your customers will get great consistent service from your entire business.

So what will this mean to your business?

For a start, your customers won’t always be asking for you, because they know your staff are consistent – so you won’t feel trapped.

Because of this consistency your customers will reward your business with their repeatable profitable custom, positive word of mouth and ongoing referrals to your business.

Now you’ll have a business where the team are growing and happy, your customers are happy and raving about you, and your financials are healthy and very profitable.

That’s right, your business will be profitable which means you’ll be making great money – and remember, your staff will be doing most of the work… so you’ll not only be making great money – you’ll also have ample free time.

Can you see, hear and feel what’s happening to your business?

Multi-millionaire business owners always tell me that the most important part of their growth – is good people. They’ll always hire people that know more and perform better than them on the certains task they are employed for.

People are one of your greatest assets as a business owner. And like any asset you need to invest in it to get returns.

Invest your time and your focus on growing your people to do better than you. That way you’ll have the time to grow your business.

On my one-on-one business coaching program I take my clients through this process step by step so that they can fast track their growth – with the safety and peace of mind knowing that they are following a process that has worked time and time again.

Copyright © 2007 by Casey Gollan. All Rights Reserved