Top

3 Common Trade Show Buyer Mistakes

Trade show season may not be in full swing, but there is no better time to reflect on your trade show orders then in between shows. Looking back to your last orders placed while at trade shows, did you do a good job in effectively spending your OTB dollars? Have orders been received on-time and according to terms identified when your orders were placed? Are you happy with your vendor follow up and communication since the show?

Often, it’s hard to see through the trade show “chaos” while at the show. but after the show and before the next one is a great time to identify a strategy of how you can more effectively manage your trade show time, buying and overall experience. For starters, you want to avoid 3 mistakes that are common for buyers to make.

Mistake #1: SPENDING TOO MUCH / OVERBUYING

Vendors at trade shows have a responsibility to set terms, and retailers should respect this. What happens too often, though, is buyers overbuy as a result of the minimum orders set in place from vendors. Depending on your store size, the standard terms of a particular vendor simply may not be ideal for your store. It’s okay for you to ask if these can be altered – just do so with respect that every vendor will have their own flexibility, and some simply won’t bend the rules. Possible scenarios in which terms can be adjusted include:

1. When payment is due

2. Minimum orders

3. Cost of shipping

These three changes – even if just one is granted – can help reduce your total costs, and therefore allow you to better manage your OTB dollars.

Mistake #2: MAKING QUICK DECISIONS

Trade shows can be tricky to navigate sometimes, often being spread out among different exhibitor halls, convention centers or even just in one large room. But don’t let the size of a show intimidate you and push you into making quick decisions on making a purchase. Take the time to review show maps, booth details and other logistical factors of the show in advance, planning a stronger action plan to navigate the show. Schedule time to review the entire show floor and vendors you have identified in advance, as well as schedule time for the unexpected. Finally, plan time to actually write your orders – which means going back to select vendors you have had the chance to now identify as being ones you’d like to buy from. Remember, your goal here is to avoid making a quick decision simply due to trade show logistics. Typically, however, there are show specials when writing orders – so getting your orders placed at the show should still be a goal.

Mistake #3: NOT SETTING YOUR OWN TERMS

Vendors create terms to their benefit – not yours. Bring your own store purchase orders to the show that identify your store terms, making your purchasing a lot easier and more clear with the vendors you work with. You should be sure to create a purchase order that is standard to your general industry sector of buying, but have your store name, address, buying information, contact details and any special instructions on this form. Don’t forget any ID numbers that are necessary for buying, as well. These forms will save you time and help the vendor understand your preferred expectations, as well.

Remember, vendors at trade shows are there to sell. Retailers are there to both shop and buy – two very different things. In order to be effective in your trade show experience, take the time in advance to plan your goals, determine your OTB dollars and save some of your money for unexpected purchases both later in the season and at the show. Your reward? Stronger store inventory, increased sales and better cash flow.

Want to experience a trade show that caters to a variety of retail categories? The ASD Las Vegas Trade Show is the perfect destination to shop accessories, home goods, apparel, hardware, themed items, toys, novelty and much, much more. For a detailed overview of the ASD Show, visit www.asdonline.com.

Photo Credit: Tory Bolander, Founder & Designer of Curly Q accessories, was a first time exhibitor at the ASD Las Vegas Show in August 2012.

 

 

 


Comments

  • Brielle
    November 1, 2012

    I work for a pretty small business and we have decided to go to a few trade shows next year. Thanks so much for this information. I know that this can get us started. But I didn’t know about all the other information you provided. Thanks again!

Post a Comment

Disclaimer

This blog accepts forms of cash advertisements, sponsorship, paid insertions or other forms of compensations. While we may receive commissions when you click on some of our links and make purchases, this does not impact our reviews, comparisons, opinions or thought-leadership perspectives. Please note we also welcome contributed content and there may be links that are affiliate oriented within these contributions, as well. Retail Minded always aims to deliver trusted news, education and support for our readers.

Read More about our Privacy Policies

AS SEEN IN...

Retail Minded on Entrepreneur
Retail Minded on Fiverr
Retail Minded on Forbes
Retail Minded on Gift Shop
Retail Minded on LRG
Retail Minded on Museum and More
Retail Minded on NBC
Retail Minded on Party Paper
Retail Minded on today