Should business owners exhibit at events? 8 tips...

To exhibit or not to exhibit...

I'm often asked whether exhibiting at an event is a good idea for a business-owner and, as is often the case, the answer is "it depends".  Having a stand at an exhibition can be expensive and, even when it's not, it's a big chunk out of your day or weekend, so you need to make sure it's worthwhile.

Here are my 8 top tips to consider before you commit: 

Before the exhibition: 

 

1. Be selective. 

Don't just take any opportunity to have a stand at an event.  You need to do your homework and ask the organiser the following questions (at least):

• Who do they expect the event to appeal to?
• Who will they be targeting/inviting?
• How will they be promoting the event - where, when and how often?
• How many people do they expect to attend?
• How many exhibitor stands are they offering?
• What facilities will they have for each stand?
• Is there an opportunity for you to also present?

Unless you're incredibly lucky, expos are pretty hit and miss.  Even if people seem really interested on the day, it's unlikely you'll hear from most of them again.  So don't waste your valuable time, energy and money on exhibitions that don't specifically cater to your target market and where the organisation of the event isn't top notch.

2. Be prepared.

This may sound obvious but it's surprising how many business owners leave their exhibition planning to the last minute - and not only is it stressful, but it usually shows... You'll have limited space so think about the decoration and props you want to use as part of your display.  Set it up at home or in the office to see how it looks - don't just hope for the best on the day.  Once it's set up the way you like, take a photo so you can easily replicate it on the day.

Write a comprehensive list of all the things you want to take with you on the day and check it off as you pack your car the night before.  Don't forget incidentals like sticky tape, blu-tac, scissors, snacks etc.

Choose the main message about your business that you want to be able to get across to people who visit your stand.  In many cases you will only have a few minutes, maybe even seconds, to engage people so you don't have time to fluff around!  This is where your positioning statement is really important.

Think carefully about what you want to have as a giveaway at your stand.  A gimmicky gift is fun and will often grab attention, but doesn't necessarily make you memorable afterward.  You should also make sure you give away something that the attendees will value.  Something that makes them think about your business afterward and want to learn more about you.  A great idea in this age of information is to actually give away some of your intellectual property.  Given you're only exhibiting to your target market and of course you know all the WIIFMs (what's in it for me) your business offers them, you should be able to come up with an article, fact sheet or video that's content driven and valuable to them.  This positions you as an expert, which is what they're really looking for. 

At the event:  

3. You are your brand.

On the day, remember that you're representing your business brand, so make sure you dress and behave in a way that's consistent with your business message.

4. Ask questions.

One of the biggest mistakes exhibitors make is talking too much about themselves and their business.  This is completely understandable given the financial and time investment you've made for this stand, but is in fact the wrong approach.  Remember it's all about the potential client or customer, so you need to be an "information getter" rather than an "information giver".  Ask lots of questions and take a genuine interest in the people you're talking to and you won't have to bring up your business at all - they'll ask you about it!  And because you've taken a few minutes to get to know them, you'll be able to talk about your business specifically in relation to how it can help them.

Oh, and don't forget to take the time to talk to other exhibitors.  Even if they're not your target market, they're clearly targeting the same market as you are, so there might be some awesome collaboration opportunities you can explore.

5. Get details!!!!

I can't stress this enough - you need to make sure you get the details of as many attendees as possible for your database.  This is the most important purpose of exhibiting at an event.  Opportunities to do business at the actual event are limited and even if you do reasonably well, when offset against the cost of exhibiting (including your time before and during the event) in most cases the result is still fairly minimal.

The value is in your "follow-up" - a critical point most exhibitors completely miss and then wonder why it "didn't work".

A great way to get details is to offer a prize.  Make it something that's valuable to your target market and don't necessarily make it anything related to your product or service.  You may prefer to ask people to join your mailing list, which is fine so long as you let them know exactly what they can expect from this service. 

After the event: 

The advantage of an exhibition is that you get to put yourself and your "wares" in front of a large group of people.  Furthermore, they're often like-minded people.  On the negative side, there's a lot of other "stuff" going on so you usually only get a short time with potential customers or clients.  There are other shiny things to distract them...

6. Keep your promises.

If you've promised to contact someone personally then you must do that and do it quickly.  Most people will give you a grace period of a week, after that they're starting to wonder about your reliability and business efficiency.  Not to mention they've started going cold on your product or service anyway.

7. Get in touch but with respect.

If you collected contact details "in bulk" (ie. business cards, written list) then my strong advice is low gradient contact.  What I mean by that is that you absolutely shouldn't start bombarding people with pushy sales calls, emails or letters.  I recommend a series of increasing gradient steps, letting people progress along at their own pace.  You need to sell philosophy and methodology before you engage a new client or customer.

Take it easy.  If there's mutual benefit and the fit is right, it'll happen.  If you're contacting someone that hasn't specifically asked you to call/email/mail them, you need to respect their boundaries.

8. Don't waste the opportunity.

Many years ago I attended an expo that I spent a lot of time preparing for and then worked hard over two days to meet people and to build our database with their details.  The prize was terrific and expensive - a weekend away at Heritage Golf Course - and I collected hundreds of attendee details.  I was so pleased with myself.  But guess what I did when I got back to the office?  Ummmmmm - nothing!  I never followed up!  After all that hard work and great result, I never added the names to our database and I never got in touch with any of those potential clients.  What a complete waste of time and money.  It was about 15 years ago, but I'm still kicking myself.

Whatever you do, make sure you add the details to your database and make contact within a week.  Don't miss or waste a great opportunity by procrastinating.  And of course, if you're using email (a nice inexpensive option) don't forget to include the unsubscribe option (and don't feel bad when anyone does unsubscribe, it just means your information is not for them and they're cleaning up your database for you).

Hopefully that gives you some direction for when you're next presented with an opportunity to exhibit at an event.  Follow my 8 tips and you'll be able to make sensible decisions about where you choose to exhibit and make it a super success when you do!

If you'd like to hear more of what I have to say on the matter, click here for a recording of my most recent "You & Your Business" radio segment on 98.1FM Radio Eastern.

Talk soon,

Caren

PS. Please don't keep me a secret.  If you know someone who'd enjoy this or find it useful, pass it on!

 

What should investors be doing in 2013?

Today’s my first day back in the office since Christmas, and I’m pondering two important issues:

1. Why did I come back on a Thursday instead of just giving myself an extra two days break?

2. What was I thinking coming back on my birthday???!!!!

Interestingly, the financial world didn’t stand still while I was away. In fact it was quite busy!

Have you taken a look at our sharemarket lately? It’s trotting along quite nicely and putting a smile on the faces of lots of Aussie investors.

You may recall me griping last year about the US market’s record breaking returns compared to Australia’s lacklustre efforts, well it seems I was heard. I didn’t realise I had that much influence. I suspected, but wasn’t sure…

At its all-time peak in November 2007, the ASX All Ordinaries index reached 6,854 points. During the Global Financial Crisis (GFC) it fell as low as 3,091 points (a fall of 55%) on 10 March 2009. Yesterday it closed at 4,940, almost at that elusive 5,000, and a 59% recovery since the bottom…

This news also bodes well for the economy in general, because sharemarket recovery is usually one of the first signs of pending economic improvement.

Now, I’m often accused of being a bit of a Pollyanna by my family and friends, but when it comes to the sharemarket I’m realistic. There are fundamentals that even someone as optimistic as I am can’t ignore.

A few of the most important include:

• NO ONE can 100% accurately predict future sharemarket performance;

• The sharemarket IS NOT rational;

• Risk is an inherent part of sharemarket investment, and if it wasn’t, there’d be no point investing because that’s where the reward stems from;

• From inception, the sharemarket has ALWAYS returned to a higher point than its original peak, but no one can predict how long it will take;

• Sharemarket investment is a long-term commitment, and when you experience something as unexpected and unprecedented as the Global Financial Crisis, it may be longer than you originally anticipated.

There’s also no doubt that we’re living in an era where investor psychology is impacting the performance of the sharemarket more greatly than we’ve ever experienced. This is largely due to the almost instantaneous access investors have to information via the internet and media.

Unfortunately this information is not always understood or interpreted correctly and therefore the market is prone to over-react to what is, or is perceived to be, bad news. This isn’t going to change anytime soon, so we need to be prepared for market volatility even when it’s illogical.

I read an entertaining article in the Age last week by Marcus Padley who claimed that his new year's resolution was to stop occasionally and ask, "Is what I am reading, watching, listening to or doing, necessary, worthwhile or a waste of my time?" It made me laugh out loud, but I digress…

My point is that while our favourite economist, Felix Stephen, is forecasting a 7 year bull run from the end of this year (he’s also forecasting a correction and high volatility by this April), markets are quite literally unpredictable.

I would love to tell you that this recent market rally will continue, but I can’t. No one can. What I can tell you is that the investment philosophy of “set and forget” which worked in the early noughties has become somewhat redundant in this current environment.

So what do I think investors should be doing in 2013? I’m glad you asked.

1. Getting financial and market information from your Financial Adviser not the media. I’m not suggesting you shouldn’t take an interest in current affairs, but also make sure you get perspective that’s relevant to your personal circumstances, and without the scaremongering;

2. If you’re not reviewing your investment portfolio you should be; and if it hasn’t been formally reviewed in the past few years then it’s definitely time because changes almost certainly need to be made to reflect the current environment.

3. Don’t rely on “set and forget”, this just isn’t a sensible strategy in this post-GFC climate. One of The Hendrie Group’s primary focuses since the GFC has been sourcing strategies that include tactical decisions, and this should be a priority for investors.

4. If you’re thinking about retirement in the next few years then you should be getting advice NOW. Don’t wait until it’s too late to implement really effective strategies that might add thousands or tens of thousands to your retirement nest egg.

Hope you’ve enjoyed my birthday musings.

Talk soon,
Caren

Keeping fit financially...

So with the lovely weather last weekend, I started thinking about Summer. And that got me thinking about the beach and bathers, which lead to my annual resolve to get fit. It’s probably something that crosses all our minds at some point, but I wonder how often we think about our “financial fitness”.
And just like physical fitness, age plays a significant part in financial fitness. One of the reasons that all Australians need a financial plan, and have it regularly checked and updated, is that our needs change throughout life.

Financial plans should recognise a number of aspects, including current income; income prospects; lifestyle; expectations; and very importantly, age.

At the risk of stereotyping in the extreme (I don’t care, I’m allowed), I’ve put together some thoughts and tips for different stages in life.

20s
You’re young, you’re independent and you’re about to set spending habits that are likely to stick with you for the rest of your life. At this stage in life, retirement planning is probably the furthest thing from your mind. It’s all about having what you want and having it now.

If you’re single, have little or no debts and wish to one day own your own home, this is one of the most important periods in your life because it’s about the only time when savings are discretionary. Many 20-somethings may think saving is a dirty word, but this is the time you need to set a budget and stick to it. If you get into good financial habits at this stage they will last the rest of your life.

Top Tips for the 20s
• Set a budget and stick to it
• Start saving a small amount each month for a home deposit
• Take out income protection insurance
• Direct a percentage of all salary increases into savings
• Make minimum superannuation contributions
• Set your superannuation approach for the long term by investing in quality growth assets

30s
This is the time you’re supposed to get serious about your life and your finances. It’s a high commitment decade with many paying off a mortgage, starting a family and working hard. It’s also the time when you start to realise you must begin to seriously plan for the future if you haven’t already.

It’s the time when finances may start to get tight as commitments increase. It’s very important at this time in your life to avoid a high consumption lifestyle in an attempt to “keep up with the Joneses.”

Important considerations include life and income insurance, investing for growth, possibly saving for children’s education and buying or upgrading the home. Earning capacity often increases considerably from that of your 20s. For people without children this can mean you are well equipped to invest for the long term as well as to meet short term needs. But it can be the time to set a solid foundation for their future financial security.

Top Tips for the 30s
• Don’t get into the habit of spending all your income
• Set up an “emergency fund” to see you through if times are tough in the business
• Focus on mortgage reduction – don’t let debt stay at the same level or grow
• Make sure you have adequate insurance and a will
• Diversify investments
• Set a savings plan in place for children’s education
• If you don’t already have a Financial Planner, it’s time to get one
• Stick to a budget and avoid taking on debt to pay for luxuries, even though it’s easy to access loans.

40s
Many people in their 40s have paid off, or are close to paying off, their mortgage. This, coupled with the fact that for some it’s the time children start to leave the nest, can mean that the 40s are a period of greater financial freedom. The 40s is also often a peak earning period but it’s important not to counter these benefits by also making it your peak “spending period”.

Often, for the first time in their life, as people turn 40 they start to become aware that retirement is not so far away after all and the need to plan for it becomes more pressing. It’s the time to start really focusing on retirement savings if you are to have a comfortable retirement lifestyle. The minimum superannuation contribution will not be enough.

Top Tips for the 40s
• Increase life, disability and income insurance
• Increase super contributions
• Continue to build a diversified share portfolio
• Continue mortgage reduction strategies
• Reduce lifestyle debt, such as the mortgage, so that you can consider using equity in your home to diversify into other investments

50s
For many this is a period of major lifestyle change. Possible career uncertainty and impending retirement can have major financial and emotional effects. Many people’s dream becomes early retirement. However most people can expect another 10-15 years work and then another 15-20 years in retirement and, after working hard for years, you should be able to enjoy the fruits of your labour. The question is, at your present rate of savings, can you afford to fund the style of retirement living you would like? If not, there is still time to do something about it.

Generally, this is a decade of low financial commitments, high earning capacity and a time when you should be able to commit the maximum available income to your investments.

Top Tips for the 50s
• Add to your investment portfolio and continue to top up your super
• Maintain income insurance but focus less on life insurance
• Consider risk in relationship to your investment portfolio
• Make sure your will and power of attorney is up to date

60s
It’s time to sit back and enjoy the pay-off from years of hard work and financial diligence. More than ever this is a time when financial decisions are heavily influenced by lifestyle aspirations – perhaps you want to start travelling the world or spend your days soaking up the sun. However you may still need to fund 20 years or more of living. At this time of life many people also consider moving to a smaller home. It’s important to start re-positioning investments and assets for income rather than financial growth (but not to the exclusion of growth!). You’ve worked hard for your money long enough, so now you can enjoy the fact that it’s working hard for you.

Ideally, debt should be eliminated at this point and all large purchases, such as a new car, should be financed debt-free.


Top Tips for the 60s
• Continue boosting super entitlements until you retire
• Look at the variety of income streams available and consider what suits you
• Ensure you have investigated all entitlements such as pension options
• Review investments, still maintaining some growth assets to help fund a long retirement
• Consider eliminating or reducing life and income insurance but maintain health insurance
• Enjoy life to its fullest!

Obviously, I’ve made lots of generalisations as part of this post, but I hope it’s been a bit of fun and that there’s been a few good tips you can use or pass on.

Talk soon,
C