| Idea #2 - More thoughts about attending PMA 2010
Last week we printed part of an exchange between Bill McCurry and a new dealer. Let's define what we mean by a new dealer: he had worked in the industry for several years and opened in a location that had formerly been occupied by a camera store that ceased operations.
Here's more of McCurry's response:
Looking at Anaheim as only a trade show will get you fed, but it won't make you strong, it won't equip you for all the challenges that lay ahead . . .
Your idea that you can see everything at PMA in one day also makes the assumption that a person can intelligently determine the products and services that will be successful for 2010 and beyond just by walking the trade show floor - Suggest you consider a dramatically different approach . . . to continue the buffet analogy, start with the appetizers and finish with dessert . . . something like this . . .
Make no mistake, the trade show needs your attention - there is too much to see for one person. That's one reason why the "Hot Picks" event is important.
The trade show has large and small booths . . . it used to be that most small retailers found all their margin ideas at the small booths along the back walls. That truism still is valid. It's also critical to check out the big booths - these are where the R&D money and the consumer momentum are . . . You need to know what's happening and who your future partners should be.
While on the trade show floor don't overlook other ways to educate yourself. There are numerous "Shoot Outs" where you can see (and vote) on what various vendors are offering. You may not be in the market today but who knows what can happen between now and next PMA . . . so take advantage of these to familiarize yourself with where your company could go . . .
Which also brings up one of the sleepers of the show. Professional Picture Framers (PPFA) always has their framing competition. This is a "must-see" - allow at least 15 minutes if not an hour to look at how creative genius can totally change your perspective. The process is that the top framers in the US each get the same piece of artwork and can frame it anyway they want . . . You won't believe how one single piece of art can have so many personalities just based on how it is framed. It's worth going to Anaheim just to let your mind explore this area alone. Mind boggling.
Are there good deals at PMA? The short answer is "yes". It depends on if you need what the vendor is offering.
You are a new retailer and as such you possibly need more new product lines. Without question you can probably get some incentive if you are face to face with a new vendor and they see you as a new client. Much more effective to do this face to face than over the phone.
With existing vendors it is likewise possible to get deals by just asking. You never know until you ask.
As stated last week, I've lost a lot of money over the years letting my emotion drive purchasing decisions on a trade show floor.
I'd suggest you say something like this to the vendor, "My open-to-buy is full up right now. I possibly could cancel some other tentative orders to free up some open-to-buy cash for you. If I could get you an order within a week of me arriving home, could you extend XYZ concession to me?"
It's important that you let the vendor know you are a disciplined buyer and you're looking for an incentive to buy more than you otherwise would. Also important to know your place in the food chain. If your order barely qualifies for free freight it's not likely you'll get thousands in marketing funds . . . But it's all relative . . . if you got a half dozen items as free goods to run a contest, that's more than you otherwise would have.
There is a school of thought that you don't give the vendor a specific request, you just ask for an incentive and see what they offer. While there is no hard and fast rule on this, it may serve you better to ask for specific dollars/product to support your first year grand opening events. A vague "give me something" is easy to turn down - a specific request for a specific purpose may be harder to decline. Be sensitive to the vendor's needs and keep your options open. Consider what the vendor needs and what they will get in exchange for the concession you're seeking.
Vendor cooperation is always easier to get at a trade show that over the phone or email. Also it's easier to get toward the end of the show rather than at the very beginning.
Call to action: Next week we'll have some more on how to get the most out of a trade show, and we'd really like your input. Both questions and answers.
Just going to trade shows and educational sessions is a big investment in the growth of your business, so spread your thoughts on how to get your money's worth! |
When I stopped in at the supermarket this morning, the check out clerk asked "Are you Mr. Chris? I have to come see you." I get that a lot.
