Golden Rules to Make Your Trade Show Investment a Success

Source: Global Fashion Management

Everyone is very keen to grow their business inthe US and believe that Trade Shows are a good way to achieve that goal. Thereare some pitfalls.

While working with different fashion companies,we meet many brands investing on a trade show in the US (Coterie, Collective,Childrens Club, D&A, Train, MAGIC, Atelier, WSA ) but too many of themreturn home unsatisfied often having lost time and money.

How can one avoid this disappointment in amarket which offers real opportunities to reach a $1M business and more evenin a time of crisis?

First and foremost, it is critical that youchoose a trade show that corresponds to the positioning of your brand andstrategy. This may sound easy but some companies still cant make it happen.

Make sure you get proper and relevantinformation and possibly visit the show to understand which type of productcategories ( fashion forward, contemporary, casual ..) and price point (designer, bridge, better ..) they work on and the buyers they attract.

A trade show will put together over 3 or 4 daysseveral dozens, hundreds or thousands of brands and on occasion gather togetherthe brands by type of universe (casual, outerwear, eveningwear, contemporary,juniors ). The objective is to get both the brands and the buyers to meet andnetwork. In theory, it is simple. The reality is that it isnt. Why? Because thebuyers do not have enough time to go through every aisle & every booth tolook at your brand.

What are the actions the brand must take tosuccessfully influence the buyer? The following points are important:

• The product. In a market as competitive as the US, the product only will not be sufficient to succeed. Many brands fail to present well the collection, fail to merchandise it well and/or fail to edit the collection. However, we agree that it is a key ingredient and it must appeal to the buyer.
  That being said, the buyer must have the opportunity to see the product.
  
  
• How to get noticed by the buyer. This is a key element instrumental to the future success of your brand. Many buyers have already taken many appointments and are left with little time to meet with new prospective brands.
  What is the solution? You must prepare the trade show you will be attending. You must contact the buyers ahead of time (mail and phone calls) and not only 2 weeks before they go on their buying trip so that you can be included in the appointment schedule.
  
  

Now, lets assume the buyer has seen your product and it appeals to him, you must ensure that the right conditions are offered and that both parties feel there is a mutual benefit.

• Give 30 days credit terms. Requesting a payment before delivery is ideal for the seller for many reasons. However, it prevents the buyer from placing an order and it makes it difficult for the buyer to commit to a large order. Cash before delivery is not a normal practice in the US if the buyer has credit. If you are in competition with other companies (and I doubt you are not), the buyer will prefer to buy from companies who offer him 30 days credit.
  
  If you do give 30 days credit to the buyer, how do you protect yourself against the risk of insolvency and non payment?
  
  The tools available are numerous:
  
  
• Set up an Application Form,
  
  
• Have an insurance company.
  
  You must therefore:
  
  
• Have a collection procedure, for all open invoices. This is the safest way to ensure you will be paid. Regarding the US, it is compulsory to have a local company to do the collection calls.