NEED IT AND WANT IT NOW!
A lot has been said about the impact Steve Jobs of Apple fame has had on the world through his smart devices and how communication has not just changed, but been transformed.
The major impact is knowledge and information available at the tap of a mobile phone, ipad or computer keyboard. New products and prices can be sourced from multiple outlets in under a minute – it’s basically instant information.
This translates into two major factors;
Firstly, buyers – whether trade or consumer – are very aware of the pricing, latest models, features etc. They research, they know what they want, how it works and the general rundown of it.
Secondly, if a buyer wants something, they know that they can get it shipped to their preferred address within a few days and save on the retail outlet price.
So what’s my point?
To compete today, particularly at an event, you need to not only be across the pricing, but the major issue is having the STOCK to sell there and then.
Over the first five months of shows this year I have been very surprised by how many exhibitors are simply not carrying the stock to sell. I get that things are tough and it’s a balancing act of outlay, cash flow and return BUT if you don’t have stuff to sell there and then, you can forget about cash flow and return!
Buyers have changed their behaviour – they know they can get what they want quickly and cheaply. So if you’re going to compete with online rivals, it has to be on service, education, back up support, knowledge and having product to supply there and then. Events also involve a lot of impulse buying, but this can only occur for you if you have the stock to sell there and then.
Exhibitions stir emotions and a lot of buying is based on being caught up in the atmosphere of the moment. If you tell customers you will need to mail a product to them as you don’t have it there, the chance of a sale diminishes!
Yep, you can do ‘we will send it out to you post free if you pay in full now’, and depending on the market segment this may save the sale in 70% of cases, then lead to another problem and opportunity!
The problem is the administration and mucking around you need to do after the event – and the hope it arrives undamaged etc, where if you had it at the show, the transaction would have been completed. Your focus needs to be following up all the leads and additional post-event sales, not servicing sales you have already made!
The flip side of the opportunity is making the most of the situation and seeing if you can add and up sell.
Include a list of other things they may like as well as including a small gift that acknowledges their understanding, it doesn’t have to be a huge cost and could be as simple as a lollies, product or a discount voucher for the next time they buy. You are acknowledging they have been understanding by waiting, this goes a long way. Include your web address and any other material that will keep them in contact with you and has your name front and centre.
IN A NUT SHELL:
Remember we all want it and need it as soon as possible, so ensure you have the range to sell. Often the result you get is more likely dictated by you having it to buy in the first place.
See you on the floor.
