Trading Up: Getting the Most Out of Your Jewelry Trade Show

It is certainly true that trade shows can be influential, flexible and highly cost-effective business tools – if their services and benefits are fully utilized. Trade fairs – with hundreds, if not thousands of colleagues and competitors in attendance – can be significant wealth generators in their own right – both for the surrounding area businesses and establishments and for the participating individuals and companies.

Even with the modern amenities and conveniences of the Internet, things like video conferencing, satellite devices, Bluetooth and blackberries; nothing really comes close to good, old fashioned face-to-face contact.

As experts at Reed Exhibitions, a leading exhibition and conference organizer explain, alongside direct selling, advertising, direct mail and the Internet, trade events are a vital part of the marketing mix in developed markets such as Europe and the U.S. And in emerging markets, such as India for example, these events are a major stimulus for industrial and commercial development, as they contribute to driving the transfer of technology, boosting regional and national commerce and stimulating foreign investment in industry and infrastructure.

But, with all the networking and online marketing technology available, why should a diamond or jewelry company exhibit at all? And why should retailers spend time and money attending a trade show, when they can do business online or over the phone? The answer may be that exhibiting at or attending a trade show is not meant to replace other mediums of technology and networking, but rather to supplement them. Such is the importance of the trade show experience that according to the Center for Exhibition Industry Research (CEIR), business-to-business spending on trade shows and exhibitions comes in third – behind only advertising and promotional spending.

Michael Pollack, CEO of Denver-based Hyde Park Jewelers, a company that has been consistently attending major industry trade shows for 30 years, asserts that, “It’s imperative to be proactive about one’s business and adapt to the ever-changing markets. It is difficult to do so without being closely connected to the industry. Trade shows provide the best opportunity to maintain, expand and edit relationships.”

And for those with a small business just starting out, the same rules apply. Regardless of if you’re so small you have few or even no employees and feel that you do not have the time or the money to go to all the trouble of attending a show, the benefits of attending, especially one sponsored by vendors or industry associations, far outweigh any associated costs or other reasons not to attend. If anything, if you plan correctly and do your homework, you’ll have the opportunity to meet existing suppliers, network with others in your industry and investigate new projects and ideas.

1.
When deciding which trade shows to attend or exhibit at, choose the event that is best suited to the needs of your company and its development plans, instead of conforming the company’s needs to an arbitrarily chosen show. In this area, the importance of doing your research as to what the show’s target audience is and what kind of crowd you can expect to meet there cannot be overemphasized. If you expend time and energy in a venue that has little chance of delivering or containing your target audience, you’ve wasted that time and energy and won’t see a return on the investment. And, of course, the importance of researching and understanding exactly who your target audience is goes without saying.

In the process of making this decision, you should remember that it’s not only the big, international shows that are important. Although conceding that the product mix at regional events is typically less diverse than at the international shows, JCK Group Vice President Events Dave Bonaparte explains, “Smaller events are also important in the industry, because they give retailers who may not be able to travel the opportunity to see product in a secure environment.”

2.
So how do you actually make the most of the opportunity? Almost every industry member who has ever attended a show will emphasize that planning ahead and having a clear strategy of what you want to accomplish at the show is probably the most vital thing you can do to ensure success at a trade event. For example, are you attending the show as part of a PR plan and getting to know the market strategy or are you there specifically to buy and sell? Do you have specific goals such as a certain number of new contacts that you want to establish or a certain amount of goods you want to buy or sell?

Itzik Yakubov, president of the Israeli-based diamond manufacturer Yakubov Group Ltd, agrees and asserts that, “Having a strategic exhibit marketing and tactical plan of action is a critical starting point. To make trade shows a powerful dimension in our company’s overall marketing operation, there must be total alignment between the strategic marketing and our exhibit marketing plan. [This means that] it’s important to know and understand exactly what we wish to achieve from the show.”

Stuller’s director of public relations and trade shows, Steve MacDiarmid, says that, “In terms of getting the most from an exhibition, the most crucial thing is pre-planning and understanding what the goals are for the event.” He goes on to say that the next step is covering and executing what reaching that goal will require logistically – this can be anything from making sure that you have a copy of the deadlines for exhibitors from the show organizers to setting up shipping logistics for both product and exhibiting equipment with an armored courier and/or a commercial van or shipping service. “These events are very complex, and there will be glitches. If you have all your other ducks in a row beforehand, this will allow you to be more relaxed and have a clearer head during the show,” MacDiarmid suggests.

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You should provide for at least several months of planning before the show, and expect to spend several months engaged in various post-show follow-up activities. Bonaparte agrees, asserting that while the JCK Las Vegas show is a five-day event with a lot to offer itself, “Our biggest piece of advice for both exhibitors and retailers is to plan ahead for the event.” It is important to set clear goals so that you can follow up on them afterwards and get a clear picture of whether or not the show was successful and what you could improve on for the next time around.

4.
It has been said that the only thing that’s worse than people talking about you is people not talking about you. Publicity is priceless, making it incredibly important to publicize your presence at an event beforehand. This can be done by preparing press releases and product entries for catalogues to be distributed at the show and by mailing invitations to prospective customers and former contacts, letting them know you will be attending and giving them an incentive to visit your stand. One cost-free way of encouraging customers to come and visit is by adding your stand number at the bottom of every email you send out in the run up to the show.

As Yakubov explains, “A significant part of our marketing in general includes promotion: pre-show, at-show and post-show. Pre-show: sending the message about our show activity to our clients and through our regular advertising channels using direct mail, broadcast faxes, advertising, PR, sponsorship and the Internet as possible ways to reach [our] target audience; at-show: right design and location, giveaways, efficient staff, brochures and after show: follow up by direct marketing methods such as telephone or emails.”

5.
As any good sales manager will confirm, following up on sales leads and contacts in a timely manner is crucial to sealing the deal, but this process should begin before the show starts – with preparing a system prior to the event for following up with clients after the show, quickly and efficiently. Vigorously pursuing any leads you generate and tracking them after the exhibition is something for which you must be prepared. Business fair experts will tell you that enquiries generated at these events have a great conversion rate, that is, of course, if you’re prepared to convert them.

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Although flying by the seat of your pants and letting the wind take you where it will is one way to do it, for retailers, it is highly recommended to make appointments with vendors before the show. In this way, you can hope to avoid any scheduling difficulties and ensure that you meet everyone you intend to. And of course, there will always be time to meet new contacts. As Michael Pollack comments, “The difference [between a so-so exhibition and an extraordinary one] has everything to do with preparation. It is important to determine in advance what the goals are for the show: New products and trends, negotiating merchandising agreements, negotiating marketing agreements, etc.” For a smaller company with limited funds, this is especially relevant for maximizing their potential visibility at a show, as Pollack explains. “[A small business] should pre-book as many appointments as possible and offer compelling reasons why a retailer will want to establish a relationship with the company,” he advises.

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It may sound like a no-brainer, but, for an exhibitor, your stand display matters – immensely. For customers who don’t live in the area of your store, your trade show booth may be the only chance they’ll have to personally and physically encounter you and your product – and the only chance you’ll have to tell them why they should do business with you. Especially for new and potential customers, with whom you are making a very important first impression, what they see, touch and feel at your booth will impact how they see your company.

Pollack reflected from some of his experiences that, as a retailer attending the show to meet and arrange purchasing agreements with suppliers, he observed that some exhibitors’ stands weren’t designed to accommodate the needs of their business. “Generally, we have several staff members at an appointment. Many vendors do not have adequate space to accommodate group size and product presentations.”

MacDiarmid explains that stand design, while not his top priority, is an important aspect, as it projects the corporate image of the company visually. “The booth layout must be functional,” he says first of all. “We adapt our stand design to our different product [and target] needs.” Although these factors may not directly affect business in the short term, it’s something people will remember, especially if it happens often and becomes a theme of an exhibitor’s stand environment.

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For newcomers to the trade show scene, one possibility is to outsource the responsibility of appointing a reputable stand designer to an experienced supplier. It is also recommended to check out stand packages, which will comprise space, a modular stand/pipe setup and drape, lighting, and furniture. It’s important to understand that, although a shell stand and drape can cost less than a page of trade magazine advertising, in the end, you may need to spend at least the same amount on equipping, manning and promoting the stand.

Keep in mind that stands featuring new products are a major attraction for both buyers and the media – who are always on the lookout for “the next best thing” and many of whom attend exhibitions for the express purpose of seeing what’s new on the diamond and jewelry scene. In addition, if you’re a retailer, you should consciously allocate time to both addressing existing opportunities and exploring new ones, according to Pollack.

9.
What goes along with this is what Bruce Coltin, director of sales and marketing for the Manufacturing Jewelers and Suppliers of America, says is one of the most important things to remember about exhibiting – and one of the things that most companies don’t do. “I think the single biggest mistake that companies make is not having the right personnel at their booths. The right person is engaging and draws people into the booth. Most people you see at shows sit in their booths and don’t seem very interested in being there,” he says.

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During the show, having an efficient system for handling customer inquiries will save you time in the long run and help you stay in constant contact with potential and repeat customers. One option is to have a form on which stand staff can record visitor contact and enquiry details for follow up.

The experts at Reed recommend thinking “exhibition presence,” as opposed to “exhibition stand.” If you spend your entire budget on the stand, this means that you won’t have anything left over for promotion, staff training and follow-up activities to convert leads into sales.

Any trade journalist will tell you about the importance of having a solid press kit containing clear information about your company. Take advantage of the free publicity editorial coverage can offer you, and be sure to circulate the kit in good time to the exhibition’s public relations staff and general industry trade press. While regular contact with customers shows that you care, regular contact with the press demonstrates that promoting your business and marketing toward success is important to you.

11.
Once the show is over, don’t wait for the dust to settle. Your follow-up process, which should have begun with preparation before the show, should continue the moment you return to the office. You could even get started earlier by sending an initial list of contacts to follow up on to your staff back at the office. It’s important to not let your sales staff – or yourself – make the mistake of contacting trade show leads months after the show. Call them while they’re still hot, and make sure your sales staff members are given extra time and impetus to follow up on every single relevant lead within weeks of the show.

MacDiarmid also talks about the importance of following up with your exhibition staff – trying to pinpoint what went well, what did not go well and what can be changed for future events. “Show follow-up is very important,” agrees MJSA’s Coltin, “and something that most companies don’t do – mostly because they don’t have a comprehensive preparation or follow-up plan set up in the first place.”

You’ll want to track how the show went by utilizing a sales reporting system – to decide if the show was a success for you or not in terms of sales. If you’re not there to sell, did you reach your goal for the number of contacts you wanted? Some of the ways in which you can measure how the show went include calculating the value of sales achieved, the number of leads you got, the cost of the exhibition versus the number or value of useful contacts, the number of new contacts made and the levels of consumer, market and press awareness of your company and its presence at the show. After measuring your results, it’s important to evaluate the overall performance of your exhibition team and of the show organizers.

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All of this information can be organized into a post-show report, with which you can prepare for future shows by analyzing what went right and what could have been improved upon. This will save you time and money in the future – for the next time around.