PLEASE NOT ANOTHER TRADE SHOW!

 

by FRANK FARNSWORTH, Parle Jewelry Designs

[email protected]

 

 

Ever felt that way?  After 38 years on the “other side of the counter”, I must say I have. 

I remember the first time I walked into the JA Show at Javits center circa 1980: I was totally overwhelmed.  I can’t imagine the feeling a jeweler new to the Las Vegas Show today must have.  There are so many choices of products, services and vendors that working a trade show can be overwhelming!

As an exhibitor over the years I have experienced everything from roofs falling to samples not arriving!  More importantly, I have experienced a wonderful community of people who continue to brave airport agony, staff and family challenges at home to attend trade shows.

Why? 

Our answers are as varied as the independent business people that we are.  Most often the main reason is relationships.   I like to think of our industry as the “telephone” game we played as kids with two cans tied together and the string to “talk” over.  The cans represent us, the people, and the string is the jewelry.  It is the jewelry that links us together, that keeps us thinking, creating and talking.  However, the strength is not in the “string,” per say. Rather, it is in the people, the relationships.  The jewelry changes; the market changes; the relationships are the glue that holds us together.  As you go to your next trade show, consider how you can strengthen personal relationships with your colleagues and vendors.

Here is what you should consider as you plan for your next trade show.

 

Set Goals: Don’t try to do it all. Most buyers attend two or more trade shows every year so; pick a few important goals for the show. Write them down and share them with staff and other attendees.  Some of your goals might include:

 

Get educated: Trade shows today are about much more than buying inventory.  They are about educating yourself and your staff.   Life-long education is a key to success.  Learning about marketing, products, services and what is happening in our industry is vital to becoming and remaining successful. Make education part of your trade show experience. 

 

Include your staff: Reward your best staff members by taking them to a trade show.  This makes them part of the buying, gives them a better view of the complexities of merchandising and most importantly makes them active members of your team.  Have staff members call their best clients and “pre sell” items from their upcoming trade show visit. Are there special items in which the client is interested?  A call from the show floor to a client may be a very special experience. 

 

Get control of your Inventory: Run your inventory reports with images if possible.  Some vendors will help you by sending “Purchase History” reports before the show.  Mark items that need to be re-ordered and those that need to be stock balanced.  Review with your staff what new product mix they would like to see and what items they would like to see “go away”.  

 

Learn what’s new: Catch up on reading the trade magazines.  Be informed as to what is new and what is available in the market.  Review pre show material to arrive at a list of products and people you wish to see. 

 

Map it out: Make a list of those vendors you want to see and coordinate that list to the floor plan of the show. 

 

Here are some tips to help with the goals you have set:

 

Review inventory needs:  Inventory falls into two main categories: 1). Fast sellers that you have to replace:   These items should be reordered as sold. This will save you precious time at trade shows. 2). Items that are special. I call them “the frosting on the cake”. We all know that item: it was not on our buying list, but we fell in love with it. Usually we sell it the moment we return to the store.  Should you re-order it?  If the vendor is supportive and has a great stock balancing program, the answer is an easy “YES!” However, if the quality, color or vendors are not up to snuff then it is better to look for a new love.  

Among the greatest problems in our business is our greatest strength: We can sell anything!  Every jeweler I know has stories about items they bought off the street and resold at substantial profit.  So what should we stock?  Some categories are easier than others as they have a proven track record.  Usually, however, the items that are the most proven are “commoditized” (e.g., loose diamonds, gold chains, basic bridal). Therefore they have lower margins.  Most of your sales are “suggested sales”: a client comes into the store asking for ideas, and you lead them to an item that “fits”.  Consequently it is imperative that you only have in your cases items for which you and your staff are passionate.  Rather than buying to “fill a category”, buy because your expert eye sees value, and you have a passion for that item. This way you can communicate your passion to your staff and clients.  

 

Buy closeouts LAST:  Closeouts by name are someone else’s mistake.  The items are often returns from large chains or overstocks that did not sell.  We all know the adage “Buy low, sell high” is great but personally I would much rather pick from a vendors BEST items than their closeouts.  You sell luxury items and the quality and fresh design will outlast any price savings.  So save the “Closeout” budget for the end of the show and you might be surprised at all the fresh new stock that will be far more appealing to you, your staff, and your clients. 

 

Dealing with your vendors: (Ok, I am one, so you may want to take that into consideration as you read.) As a vendor I live my life on a playing field. The goals on either end of the field read:  “WE SOLD ALL OF YOUR PRODUCT!” and “WE HAVE EVERY PIECE LEFT!”  As vendors, we are here to serve you. Our main measure is how well our products have sold.  So please let us help you sell! The best question to ask a vendor is “What can you do to help us sell more of your products?”  A good vendor partner will be loaded with ideas.

 

Know the whole story: There are three questions on EVERY sale: 

 

“What is it?” 

“How much is it?” 

“Why is it that much?”

 

Your vendor needs to be able to give you an easy, straightforward answer so that you will be able to tell the story of your product.  This will help you sell our products far easier.

 

Be honest with your vendors.  If you are upset with our services or products, PLEASE tell us.  We cannot fix what we don’t know. Think of your vendor as a business partner.  If a vendor does not hold up their side of the “partnership” let them know, and if you do not see improvement change vendors.

 

We’re partners, after all: If we have given good service and have met your needs, then please treat us like partners. With fewer sales people on the road, you are working with more principals and staff members at trade shows.  This has pluses and minuses.  On the one hand, owners and staff probably have better product knowledge and are not as likely to be on a straight commission where the sale may be considered more important than the relationship.  On the other hand, a sales representative who has knowledge of your store and the local market can be very helpful.  Most jewelers today have plenty of vendors but not strong enough vendor relationships.  Partnering is the most important marketing tool, as  as jewelers who partner with their vendors have so much more to offer their clients. 

 

Try something different:  After you have met with the vendors in your plan, take the time to walk the show floor. Look for new display, product and marketing ideas for your store. Make a new friend or two.  No vendor is “forever,” and new relationships can bring new ideas and profit to your store.  Don’t ever be afraid to ask vendors about their products. Most of us love the opportunity to talk about our passion! 

 

We look forward to seeing you at the next trade show! 

 

As published in The retails Jeweler Magazine - Volume 2, Issue 3 - April/May 2011