Attending trade shows as a buyer
This Article was posted on 04.02.11 in Growth
Whether you plan to attend local or international trade shows, you’ll be investing a lot of money for a few days of selective networking. It is important to do your initial research and leg work to make sure you attend the right show to get the best return on your investment. You’ll also want to plan and prepare well for the event to make the most of the few days at the show.
Three or so days of walking a trade show might sound like a lot, but if you allow about an hour per meeting, you’ll only be able to talk to a limited number of potential suppliers in the time available. This means the time you spend choosing the right trade show and preparing to attend it is as important, if not more important, than the actual time you spend attending the show.
Choosing the right show
It makes sense to cherry-pick the show(s) you plan to attend so that you get a good return on your investment. This means you should stop before spending a small fortune on registration, flights, and accommodation to attend the first show that catches your attention. Rather, take the time to investigate shows that are of potential interest, and find the best show to meet your business needs.
Research the shows that are of potential interest
Ask your industry association for a list of trade shows that might be of interest. They will probably also be able to recommend which shows are the most worthwhile or relevant to your needs. Industry colleagues will also be able to give you feedback based on their experiences. It is worthwhile sounding out a few sources to create a shortlist of potential trade shows that you would like to attend.
Contact the organisers of the trade shows on your shortlist and ask them for information about the show. The particular focus of the show and the number and quality of exhibitors, the dates, and the location and cost, will all play a part in your deciding which show is likely to provide the best returns for your business.
Know your goals
Before you attend a show you need to be able to answer the following questions. Your answers will help you select the right shows to attend and guide how you plan and prepare for them:
- Why are you going?
- What do you want to accomplish?
- Is this the right show for your objectives?
- Will you be able to follow-up on contacts in time to maximise on your investment?
If you’re wanting to source new stock for Christmas, a show in late October or November is likely to be too late for you to place orders for the current Christmas season, for example.
Plan ahead
Planning ahead is the key to making the most of trade shows.
Logistics
Finalise travel bookings and accommodation well in advance to avoid any last minute hassles and stress. Your time at the trade show will be jam-packed and stressful enough without adding travel issues to your list of concerns.
Prepare anything you want to take with you well in advance. Your list is likely to include:
- Business cards (these often run out, so take more than you think you’ll need).
- Business portfolio.
- Notepad and pen (plus spare pens).
- Electronic communication gadgets like a mobile phone, or laptop.
- A printout of your important meetings and contact details in case you lose you PDA or mobile connections.
Communication while you are away from the office is likely to be important to you, so remember to plan your communication logistics before you leave. Ensure that your accommodation has Internet access or find out about wireless access at the venue. Source a local pay-as-you-go SIM card for your mobile phone or make sure that your roaming option is activated. You don’t want to waste valuable time at the trade show sorting out communication issues.
Plan your show time
Use the show’s exhibitor guide to plan your time at the show. Research potential suppliers, find out where they are located, and plan your days at the show. If possible, schedule meetings with suppliers or key people. This will help ensure that you achieve what you hope to from your time at the show. Other show visitors will be doing the same, so make appointments well in advance to ensure you get the time and attention of the people who could prove to be important to your business.
It is also a good idea to study the floor plan of the show. This will identify areas with exhibitors that you are potentially interested in, and areas of less interest. You’d want to spend more time walking halls that have exhibitors of potential relevance to your business rather than walking the whole exhibition area flat.
At the trade show
Make the most of the networking opportunities at the trade show. You don’t need to be limited to show hours. Think creatively and schedule working breakfast meetings or networking dinners to ensure you meet and talk to key people. You could also plan to put on an evening function to increase your chances of meeting and networking with the right people.
Network with other buyers
Networking with other buyers could save you a lot of time and heartache. Chances are that if you do not compete directly in their market, they will be able and willing to provide you with valuable leads or feedback. For example, they might tell you which supplier they use or give valuable feedback about the quality of service of a company on your short list.
Other tips
- It is a good idea to walk the exhibition in reverse. You’ll probably notice stands or products that did not catch your attention from the other direction.
- It is important to write comprehensive notes after every meeting. If you leave this to the end of the day, you will not remember all the useful details from each meeting.
- Pack comfortable walking shoes. You’re going to spend several days on your feet, walking between stalls and exhibitions. Comfortable shoes will make this a lot easier.
Keep your goals in mind
It is easy to get swept up by a good sales pitch or get sidetracked by an exciting new gadget that wasn’t on your show “shopping list”. So before you place an order at the show, stop for a minute to make sure it was on the list of things you were looking for.
If you are looking for new suppliers, you will find it easier if you draw up a supplier qualifying checklist. This will list all the elements you need a supplier to meet concerning quality control, capacity, price, and more. You might, for example, decide that all your suppliers need to be eco-friendly. Using your checklist will stop you wasting time chatting to suppliers who ultimately don’t meet your criteria.
Set a budget
You’re likely to encounter a number of tempting discounts and trade offers at the shows – most of which will only be valid for the show period. The potential savings these deals offer could tempt you to spend more than you planned. It is important to set a budget and remember that there is a limit on the number of orders you can place at the show. This has important implications for your cash flow.
Remember that there are several reasons for attending the show, and scouting for current good deals is only one of them. You’re also looking to keep abreast of industry trends and make contact with suppliers and other key industry players, with a view to setting up longer-term relationships. You don’t have to place orders straight away, even if the deals are tempting. You should be able to negotiate other deals and terms when you are ready to place an order.
After the trade show
What you do after the show is almost as important as the planning you put into the show. You should schedule time to:
- Update your database and capture the contact details and other relevant information of the new people you met.
- Send out a personalised follow-up communication to everyone you met. A standardised email with a personalised greeting is probably the quickest way to do this. It helps establish email contact, shows a level of efficiency and attention to detail, and makes it easier to communicate in the future.
- Record any orders you place and when delivery is expected.
- Diarise when you agreed to contact people or follow-up on developments, and make sure you do follow-up.
You don’t want to miss out on opportunities as a result of not following up on leads and contacts.
Next Steps
- Research the trade shows that are relevant to your industry and select the show(s) that would best suit your business needs.
- Complete a Trade Show checklist to work out your expenses and everything you will need to do in relation to your staff, equipment, travel plans, and stock.
- Complete a Trade Show Arrival and Departure checklist before leaving home and before setting up your stall at the show.
- Keep a record of who you met at the trade show and follow-up with a communication a week after the show to open the line of communication.
Content provided by The Small Business Company
