Market Stall Evaluation- Market Series -Part 5

 
Welcome to Part 5 of Market Stall Series.

Part 1 to part 3 of the Market series we talked about how to prepare a market stall. Part 4 we talked about   the steps you need to do to follow up leads that you have generated during the market or a trade show events.

This week part 5 we are discussing about the post market event activities and the steps you need to take in order to evaluate your market event or a tradeshow. 

One of the most important post Market event activities is to conduct a post market analysis. By answering some basic questions you will identify things that will help you when planning future events. Some of the key questions to ask are:

• What went well?
• What did not work?
• Was the stall functional?
• Was the stall in the right location?
• Was this the right market event for my business?
• Did I meet the right people?
• What did I learn from others?
• What did I learn about the competition?
• What did wins from the show?
• What did you gain from the show?

At some point you will be able to call the effect of the market complete and measure your results against your initial objectives. This is when you have completely followed up all leads and closed all the business that has resulted directly from the market. If you kept good records of this activity, you should now be able to evaluate the effects of this particular market. After all, if you are going to put this much work and money into anything, don't you want to make sure that it's worth it?
 

Market ROI (Return on Investment)

Your follow-up process should be planned just as well as your pre-market planning. Consider that each market lead has a cost, a cost you have already spent. For example; If you spent $5000 on your market event and came away with 500 leads, then every lead cost you $10. If on average you convert 25% of those leads, then each new customer cost you $50. On the other hand, if you don't manage your trade show leads and 75% of them aren't followed up on quickly, your conversion can cost you four times as much $200? That's pricy!

Although ROI is one of the ways to measure your success, you should always consider the other benefits as well. These benefits can include establishing your brand, community awareness, educating the public and building new relationships, form alliances with other companies or joint venture with compliment businesses. You will have to do your own analysis on these non-monetary benefits.

How Much Business Did You Close?

 

What is the monetary benefit of the closed from your market event? You should measure in 1-month, 3-month, 6-month and 12-month increments when looking at the value of this business. If you have made your investment back in new business in the first month, you've done reasonably well. At the very least, you should have made your money back plus 50% by the end of three months. The six and twelve month measurements are to determine the long range profitability of any given market event. At some point, you have to determine that you cannot participate in every trade show that comes along. Therefore, it is imperative that you determine over the long run.

The above evaluation working extremely well if you are think of expand and growth your business to the next level. Particularly if you are planning to wholesale your products, this evaluation is a good habit to follow and get any market event like a trade show. Any customer who comes to your stall could be a retailer who is seeking new designer and something different to have in their stores. So give every customer full attention and listen to their needs and ask lots of open ended & probe questions to get they engaged in a conversation

Previous Posts on Market Series:

• How to prepare for a market stall- Market Stall Series Part 1
• How to prepare for a market stall -Marrket Stall Series Part 2
• How to prepare for a market stall -Marrket Stall Series Part 3

• Tips for Successful Trade Show/ Market Event Follow Up- Market Stall Series- Part 4

Tips for Successful Trade Show/ Market Event Follow Up- Market Stall Series- Part 4

Scoops Design At Life inStyle

Welcome to Market Stall Series- Part 4

Most of the effort that goes into a tradeshow or a market event is always the set up stage, we are so focused on the layout of the stand, the right product for the show and the best signage for the stand etc that by the time the show is over, you are all exhausted and proud you made it through the whole experience in one piece. The fact is, you are just half way through the overall experience, and it’s the last half “The Follow Up” process that really completes the whole event experience.

Whether you are planning a trade show or a market event these tips can help you execute the final task of your show and it is the most important task of all “The Follow Up” process.

Plan Ahead for Follow Up

Before you do the show plan on exactly what your method will be to follow up with prospects:

· Are you sending a letter?

· Phoning them?

· Emailing them?

A predetermined plan effectively forces you into a follow-up routine with little brain power expended.

Follow Up Immediately

“An excuse becomes an obstacle in your journey to success when it is made in place of your best effort...” - Bo Bennett

This section is where lots of stall holders fail to execute. They spent good money on the show and fail to follow up with their prospective clients. Why is this so you might ask?

From my coaching experience here are some of the reasons my clients come up with to avoid the follow up with their customers:

• People are too tired from the show to talk to me at the moment
• They just checked over 80 stands. They need time to digest the information.
• They have my product kit and I have already spent a good fifteen minutes chatting with them and if they are interested they’ll call me.
• I just finished the show and I need time to chill out and need to plan for the next market.
• I missed out two days of work and I must clear my inbox.

Do these sound familiar? I’m sure you can come up with even better ones. The fact is none of these statements are true. Making excuses are only ways to justify your own actions and it does not help you moving forward with your business.

The only way to get a good response is to follow up immediately while the prospects still remember you. The longer you wait the less likely you are to follow up, and the less likely your prospect will remember who you are and what you do. An initial contact sets you apart from everyone else at the show, your prospects will be impressed and appreciate you call.

Classify Your Leads and Follow Up Accordingly

Some clients do this by separating leads into A, B, and C leads, but I don’t know if that’s necessarily the best way. If I pass those off, my gut tells me that only the A leads are going to be called, and the B and C’s will never get a call.

It’s better to separate leads by actions. We break ours into the 4 categories:

1. Hot Leads

2. Warm Leads

3. Nurture Leads

4. Cold Leads

Hot leads are the A leads, who you’ve had a conversation with, are a good fit, and have a budget. They are keen to do business with you.

Warm leads are leads, which has demonstrated a true need for your product or service and has responded to your business pitch. Warm leads are much easier to convert to the next stage or at least willing to have a conversation about the product.

Nurture Leads are leads dependent on how qualified they are. Obviously they didn’t demonstrate as pressing a need as the Warm Leads, but they still warrant an info kit, or a simple letter to keep you in their mind. This will be less time consuming for you, but will create the touch that will leave your lasting impression with them.

Cold Leads are the disqualify leads. Leads that are going nowhere and they have no future prospect.

Have an Actionable Item for Turn Down’s

Obviously you want all your leads to immediately buy your product or service, but that isn’t realistic. There should be an alternative to purchase, such as a web cast, news letter, or other offering that will keep prospects engaged. You can develop automated, multi-touch marketing programs to continuously engage Nurture Leads and lead them through the pipeline. By nurturing these leads after the tradeshow is over, you’ll keep them around until they are ready to purchase.

The Fashion Exposed Trade Event 28-30 August 2011

Fashion Exposed returns to the Melbourne Exhibition Centre, this August  from Sunday 28th to Tuesday 30th August. 

Buyers, boutique owners and fashion industry types can register to visit Fashion Exposed Trade Event.

"For access to premium product, business links and fashion trends, Fashion Exposed is not to be missed. Along with the co-located Australian Shoe Fair, Bags & Accessories Fair and Premiere it comprises a unique twice yearly event in Sydney (February) and Melbourne (August) that sees the largest number of fashion businesses united under one roof.

With leading fashion businesses showcasing the latest brands in dedicated menswear, womenswear, intimate apparel / sleepwear, junior, streetwear and designer womenswear at Fashion Exposed, this is a must for buyers in search of premium quality fashion product. 

Fashion Exposed is an ideal opportunity to maximise your network of fashion wholesale suppliers and keep abreast with the latest industry trends"

Fashion Exposed

28-30 August 2011
Melbourne Exhibition Centre, Southbank

co-located with...

Bags & Accessories Fair  -  www.bagsaccessories.com.au

Australian Shoe Fair   -  www.australianshoefair.com

Also held alongside Fashion Exposed at the Royal Exhibition Building, Carlton from
28-30 August 2011 is Premiere:

Premiere - www.premiere.net.au

Source & Image :

http://www.fashionexposed.com