Attending International Trade Shows
Don't you hate it when this happens? Another retailer, maybe in the same city as you, suddenly starts stocking "It", the one ‘must-have' item new moms are clamoring for. Not only don't you have "It", until "It" appeared on your competitor's shelves, you didn't even know "It" existed.
So where did your competitor find "It"? Chances are they went to a trade show – but not just any trade show. Savvy independent retailers are traveling overseas in record numbers to see what's available at international trade expositions.
Before you jet down to the airport and grab the next flight, there are some things you need to know. You're not just flying to a new location, you're headed to a completely new business culture where many things are done differently. Very differently! Here are four key points you need to know about attending international trade shows:
Things Move Slower
Americans rush everything. We come from the land of fast food, one hour photo stands, and instant messaging. In the business world, this translates into quick decisions, abbreviated conversations, and a full-steam ahead management style. That doesn't work overseas. Rather, you'll find that there is a greater emphasis on relationship building. Foreign companies are especially wary of being burned by the unknown, and hesitate before making any type of commitment. It may take hours or even days to hammer out a deal, with every point of the contract subject to discussion. Be prepared.
Manners Count
Many international exhibits feature hospitality suites, conference rooms, and secluded areas designed for quiet conversation. This emphasis on social interaction makes your behavior and manners of paramount importance. How you conduct yourself in these ‘informal' settings will influence a company's decision to do business with you. Research the culture of the country you're traveling to before you reach the show. Many Europeans are far more formal than Americans are. This includes use of first names, body language, and mealtime etiquette. While writing on a business card is a common practice here, many cultures view the practice as insulting.
Marketing Strategies Differ
Although all mothers love their children, not all customers shop the same way. Retailers in another country will present their products in a fashion designed to appeal to their target audience. This may mean emphasizing product features that are not as important or even noteworthy to American consumers. For example, Asian infant products are often marketed with an emphasis on improving the quality of life for the family as a whole, or for the mother. Seldom, if ever, will you see an ad featuring a Father with an infant, or an infant alone. Don't rely on the marketing messages you are being presented with. View exhibits with a critical eye. How would this product appeal to your consumer base?
Understanding is Key
To get the most out of an international trade show, you'll need to proactively pursue understanding. One advantage of the protracted conversations integral to foreign trade is that you will have numerous opportunities to ask questions. If you don't understand a certain aspect of the products and services on display, feel free to ask. Take notes. If you don't speak the language, consider hiring an interpreter from show services. This service is available for a fee at most major shows, and can be invaluable in forming new business relationships.
Attending international trade shows gives you a global perspective on new products and services. Keep an eye out for emerging trends, innovative new packaging and presentations, and who knows? You might be coming home with the latest "It" item yourself!