Attending Trade FairsAttending Trade Fairs

A Guide for Domestic and International EventsA Guide for Domestic and International Eventswritten bywritten by

The Center for Simulated Business Services at The Center for Simulated Business Services at Mercer County Community CollegeMercer County Community College

What Are Practice Firm Trade Fairs?What Are Practice Firm Trade Fairs?

A marketing/sales eventA marketing/sales event Event sponsored by a specific Event sponsored by a specific

countrycountry Real events where firms buy and sell Real events where firms buy and sell

simulated products and servicessimulated products and services Real people, at a real locationReal people, at a real location

Who Can Attend a Trade Fair?Who Can Attend a Trade Fair?

A firm that holds membership in a A firm that holds membership in a recognized central office either recognized central office either within the U.S. or Internationallywithin the U.S. or Internationally

Maintains membership in EUROPEN Maintains membership in EUROPEN (the worldwide association of (the worldwide association of practice firms) through its central practice firms) through its central office membershipoffice membership

The general public—(visitors) can The general public—(visitors) can attend the trade fairattend the trade fair

Why Attend a Trade Fair?Why Attend a Trade Fair? Access to potential customersAccess to potential customers

• New opportunitiesNew opportunities• Potential buyers come to youPotential buyers come to you

Three-Dimensional SellingThree-Dimensional Selling• Show actual productShow actual product

One-stop ShoppingOne-stop Shopping• A temporary shopping mallA temporary shopping mall• Presence of competitors encourages the buying processPresence of competitors encourages the buying process

Testing New ProductsTesting New Products• Provides “reading” on the marketability of a new Provides “reading” on the marketability of a new

product product Competitive BoostCompetitive Boost

• Small businesses have an “edge”—the personal touchSmall businesses have an “edge”—the personal touch

Trade Fair PlanningTrade Fair Planning What are the specific objectives of the trade fair?What are the specific objectives of the trade fair? Are you introducing a new product or service?Are you introducing a new product or service? Are you “shinning up” the firm image? If so, what Are you “shinning up” the firm image? If so, what

image?image? Do you want to meet new customers?Do you want to meet new customers? Are you interested in direct sales?Are you interested in direct sales? Do you want to build a mailing list?Do you want to build a mailing list? Can your success in achieving these goals be Can your success in achieving these goals be

measured?measured? Who is your target market?Who is your target market?

Trade Fair PlanningTrade Fair Planning Set goals and objectivesSet goals and objectives Budget planning (real dollars)Budget planning (real dollars)

• trade fair registration/boothtrade fair registration/booth• travel coststravel costs• ““give aways”give aways”• booth decoration/suppliesbooth decoration/supplies• clothes of staff attending (uniform shirt, tie, etc.)clothes of staff attending (uniform shirt, tie, etc.)

Target market identificationTarget market identification Choosing display productsChoosing display products Advertising and promotion plansAdvertising and promotion plans Coordination of company personnelCoordination of company personnel Determination of show staff and sizeDetermination of show staff and size Staff responsibilities and scheduleStaff responsibilities and schedule Follow upFollow up

Forecasting SalesForecasting Sales

Actual sales (dollars and quantity)Actual sales (dollars and quantity) Average sales per customerAverage sales per customer Sales to existing customersSales to existing customers Sales to new customersSales to new customers Sales per product/serviceSales per product/service Sales over a period of time following Sales over a period of time following

the trade fairthe trade fair

Preparing the StaffPreparing the Staff Review the objectives of your participationReview the objectives of your participation Familiarize everyone with products/services, Familiarize everyone with products/services,

price, tax issues, delivery, and paymentprice, tax issues, delivery, and payment Learn some basic salesmanship skillsLearn some basic salesmanship skills Make a set schedule for the “booth” Make a set schedule for the “booth”

representatives as well as the “walk the floor” representatives as well as the “walk the floor” representativesrepresentatives

Schedule lunch for all participantsSchedule lunch for all participants Make assignments for booth set up—who will do Make assignments for booth set up—who will do

what?what? Make assignments for booth break downMake assignments for booth break down Make assignments for follow upMake assignments for follow up

Pre Trade Fair Preparation—Pre Trade Fair Preparation—Beyond the Booth . . .Beyond the Booth . . .

Contact firms that you believe will be Contact firms that you believe will be attending the fairattending the fair

Send out email and snail mail fliers Send out email and snail mail fliers Put something up on your websitePut something up on your website Give a “free something” for Give a “free something” for

responding to you before the trade responding to you before the trade fairfair

Special Considerations in the Special Considerations in the “Simulated” IBPF World“Simulated” IBPF World

Who will be purchasing?Who will be purchasing?• Employees of the other firms as Employees of the other firms as

“consumers”“consumers”• The other firms as “business-to-The other firms as “business-to-

business”business”• The public—visitors, teachers, etc. who The public—visitors, teachers, etc. who

will attend the fairwill attend the fair

How will everyone pay?How will everyone pay? Practice firms will use their electronic bank Practice firms will use their electronic bank

account to pay. Make sure you have the account account to pay. Make sure you have the account number and bank affiliation.number and bank affiliation.

Students of the firms will use their personal bank Students of the firms will use their personal bank accounts. Make sure each firm attendee has accounts. Make sure each firm attendee has bank number, balance, and bank affiliation with bank number, balance, and bank affiliation with them at the fair.them at the fair.

Guests and visitors to the fair will have “checks.” Guests and visitors to the fair will have “checks.” You should consider these sales as cash, and You should consider these sales as cash, and assume they are carrying the product/service assume they are carrying the product/service with them. There will be no need to invoice them with them. There will be no need to invoice them later.later.

Note: You may begin to see the use of credit Note: You may begin to see the use of credit cards very soon at trade fairs.cards very soon at trade fairs.

How Do We Keep TrackHow Do We Keep Track Organization is the key . . .Organization is the key . . .

• Every sale and how the customer pays must be trackedEvery sale and how the customer pays must be tracked• Get complete contact information from the buyer, i.e., Get complete contact information from the buyer, i.e.,

Their firmTheir firm Bank account and bank affiliation or check number Bank account and bank affiliation or check number

(guest/visitor)(guest/visitor) Email address, fax number, telephone numberEmail address, fax number, telephone number Create a form to gather all of this informationCreate a form to gather all of this information

• Give each customer some type of receipt and maintain a Give each customer some type of receipt and maintain a copy for the firm’s recordscopy for the firm’s records

• Keep receipts for every purchase your firm makes as Keep receipts for every purchase your firm makes as well as for every purchase your employees make—you well as for every purchase your employees make—you will receive invoices later—so you need to keep track of will receive invoices later—so you need to keep track of what you bought.what you bought.

What Do We Do with the Checks?What Do We Do with the Checks?

Record them accurately with each sale, Record them accurately with each sale, i.e., check number and sale/order numberi.e., check number and sale/order number

Complete a deposit slip (provided by the Complete a deposit slip (provided by the fair organizers) and deposit in the fair fair organizers) and deposit in the fair bank before leavingbank before leaving

Remember these are “cash and carry” Remember these are “cash and carry” ordersorders

The deposit will be made to your company The deposit will be made to your company bank account after the fairbank account after the fair

Helpful HintsHelpful Hints Make labels for your firm and for each employee Make labels for your firm and for each employee

attending the fair for ease in relaying contact attending the fair for ease in relaying contact information:information:

Firm NameFirm NameEmployee NameEmployee NameAddressAddressEmailEmailTelephoneTelephoneFaxFaxBank Account NumberBank Account NumberBank AffiliationBank Affiliation

Create a flier to distribute at the fair as a “hook” Create a flier to distribute at the fair as a “hook” to get customers to visit your boothto get customers to visit your booth

Special Consideration for an Special Consideration for an International Trade FairInternational Trade Fair

Start earlyStart early Contact the Central Office of the country you are going toContact the Central Office of the country you are going to Contact CSBS to let us know so that we can help in the Contact CSBS to let us know so that we can help in the

processprocess Study the country business culture and social culture well in Study the country business culture and social culture well in

advanceadvance Understand the currencyUnderstand the currency Have your product prices translated into the foreign Have your product prices translated into the foreign

currencycurrency Make your travel and hotel plansMake your travel and hotel plans Make arrangements to transport/ship all of your materials Make arrangements to transport/ship all of your materials

Note: it is better to bring with you than to shipNote: it is better to bring with you than to ship

After the Fair . . .After the Fair . . . With accurate records and organization, the follow-up With accurate records and organization, the follow-up

should be quite easyshould be quite easy Invoice all customers who will pay with electronic accounts Invoice all customers who will pay with electronic accounts

immediately upon your returnimmediately upon your return Not really necessary to invoice those who paid by check—Not really necessary to invoice those who paid by check—

remember they were the “cash and carry” customersremember they were the “cash and carry” customers Check for the deposit in your company account that you Check for the deposit in your company account that you

made at the fairmade at the fair Make sure all employees in your firm pay for what they Make sure all employees in your firm pay for what they

purchased at the fair—they should have their own recordspurchased at the fair—they should have their own records Make sure your firm pays for what they purchased at the Make sure your firm pays for what they purchased at the

fairfair Analyze your salesAnalyze your sales Follow up with the “customers” you met at the fairFollow up with the “customers” you met at the fair