CCI Entrepreneurship Curriculum Module 10b – Managing Intermediaries and Attending Tradeshows

Managing Intermediaries Profile of a good Intermediary It will be different for each product sector generally the right agent / distributor / retailer will; have excellent contacts within the market have a good track record in the product area have facilities and quality representatives in the field have no/few other direct competitors in his/her portfolio have good credit & financial facilities be a local person with a good understanding of the local business culture May include some or all of the following: galleries, heritage outlets, garden centres, department stores, interior design practises and independent (specialist) retailers

Managing Intermediaries Questions about the ‘middleman’ Who are their customers Who owns the organisation Other creative businesses represented Success Record Geographic coverage Premises Sales staff Their longer-term business objectives

Managing Intermediaries What will they want to know about you? Your creative / design credibility Your financial stability Administration interface Your product range Design approach features & benefits technical spec., service & warranty Production continuity Promotional Support Brochures & tech documents Trade promotional activity Your Customer base, trade references Sales technique The secret of your success....

Managing Intermediaries Your Goal in working with the intermediary... “ is to fight for an unfair share of the intermediary’s sales time. It is to take their sales force, marketing and sales management and motivate, cajole, bully, threaten, seduce and compromise them so as to take time from other products and to have it devoted to yours”

Managing Intermediaries 10 Steps to Motivate intermediaries Joint goal setting Set achievable targets Help them achieve the targets Provide feedback and support Train them Maintain frequent communication Pay commission on time Joint sales initiatives Send them new business referrals Be accessible and be precise

Managing Intermediaries Target Setting Question: What kind of sales targets do you have? For example: Sales volume or Values (£) Activity plans Customer contact targets New business development

Managing Intermediaries Target Setting Develop sales targets jointly with intermediaries Assess monthly, quarterly and annually, how you are performing relative to your objectives. Is your sales plan taking you where you want to go? Are you getting the right information?

Managing Intermediaries Monitor Sales Targets Don’t just monitor sales and profit performance. Everyone wants to know how they are doing relative to their own objectives. Remember that the sales planning process is ongoing – keep updating your plan. Update your sales action plan every 3 months, and your strategy every year. Involve your intermediaries in the monitoring process.

Attending Tradeshows Tradeshow Objectives What do you want to get from attending a Tradeshow/Showcase? Research Self Competitors Market Customer Care & Prospecting Build Personal Confidence, Experience and Knowledge Strategic Partners/Networking Recruit sales staff Branding, image, PR Sales Efficiency

Attending Tradeshows Which Tradeshow? m+a expodatabase http://www.expodatabase.com/ Eventseye http://www.eventseye.com/ Who’ll be attending? Who will be exhibiting?

Attending Tradeshows Budgeting Stand Costs Travel costs Accommodation and subsistence costs Product shipping costs Lost opportunity costs Return on Investment – long term investment

Attending Tradeshows Market Research Market test a new product Research Competitors Products Branding Packaging Pricing Trends analysis Colours, Finishes Designs Materials Retail Seminars at the Tradeshow

Attending Tradeshows Pre-show Appointment setting Build relationships with existing customers Make appointments, time, place, attendees Email / letter with invitation to buyers Analyse performance to date - decide tactics in advance How much have they sold, The product range Support supplied/required Forecast next years sales What’s new Prepare price updates New product/service development Promotion- support to encourage customers Support required in the future

Attending Tradeshows Customer Care & Prospecting Building a contact database Collect business cards from interested buyers Identify specific needs where possible-see below Buying Patterns Understanding buying patterns Relationship development Distribution Channels Agents, distributors, retailers

Attending Tradeshows On the stand Branding Displays Signage Corporate identity - colours, logos, consistency Image – creative, innovative, safe, secure, luxurious etc. Displays Lighting to maximise product, emphasise special pieces Packaging on display Packs- ranges New products Prices on or off the products?

Attending Tradeshows On the stand (cont’d) Props Security Display products to best effect Mannequins/busts etc. Avoid clutter Packaging Photographs of people Goodies / SWAG Competitions – business cards Screen displays / moving images Awards – show selections Security

Attending Tradeshows Post Tradeshow P1 - Enquiry follow-up (3 days max.) Sample preparation and despatch Marketing & Promotion Resource planning Revised Production lead times Materials ordering Order fulfilment Invoicing On-going business development

Attending Tradeshows Tips for Tradeshows On your stand Smile Look attentive and inviting Be active-standing, talking Be yourself Rehearse your openers Don’t ambush visitors Have materials to hand Don’t give visitors too much… it will limit opportunity to follow-up Arrange for lunch/comfort breaks cover Be aware of security of stock, orders forms, personal belongings Have a camera to take photos of import visitors to your stand- Ministers, Celebrities etc

Attending Tradeshows Tips for Tradeshows Plan Activity & Recording Arrange meetings with existing customers in advance, date, time, location Review your performance in advance Plan each days activities hourly, half daily Monitor activity and record transactions daily Back-up information daily Learn from others Take the opportunity to visit the show Take opportunity to network, build contacts

You are the most important thing on the stand! Attending Tradeshows Tips for Tradeshows Your appearance Dress smartly- comfortable, cool Wear comfortable shoes Wear your own products You are the most important thing on the stand!

Over to You! Complete the worksheet to set objectives for attending a tradeshow and identify suitable metrics and measurement tools!