Between the ATA Trade Show, buying group shows and other industry events, there’s a good chance you’ve spent some time on the road over the last month or two. Now that you’re back in the shop and looking ahead to spring, it’s time to think about how you can make the most of the time and effort you just put in over the winter months—because with some intentional planning and action, you can generate a positive return on that investment.
Let’s take it in two parts: first, reviewing trade show transactions and connections and second, making a plan for the year ahead.
You should have a record of all the orders placed during the various shows. Now is the time to compile all of those transactions in one place and make sure you’re getting the right product on your shelves at the right time of year. Make sure to note the payment terms of each order as well so you can get ahead of any due dates that might hinder cash flow.
In addition to placing orders, you likely spent some time networking with potential business partners and peers while attending shows. Many of us gather business cards or contact information and then throw them on the desk to sort through later. Before long, we forget who these people were and why we were trying to connect. Instead, when you return from the show, make a list or a spreadsheet of people you’d like to reconnect with and the reason. Even if you don’t get in touch within a few weeks, you’ll have that list at the ready when the opportunity comes. Remember that those connections were likely not just with vendors or customers but also with peers and those who offer business support. While you may not have an immediate reason to get in touch, keeping open lines of communication makes it much easier when a need does arise.
Once you’ve got a good handle on everything that happened during your show attendance, it’s time to take it all into account and begin planning for the year ahead. Think about how you can take advantage of your early orders and ship dates to generate foot traffic and increased sales. For example, if you jumped on a show special for a new line of arrows, schedule a social media video spotlighting them during the week before their expected arrival, and then consider running a sales promotion encouraging customers to stock up. This strategy allows you to quickly turn new inventory, generating profits while freeing up funds to reinvest in additional stock.
Planning for the year doesn’t always have to revolve around selling new products. You can also identify times when some increased cash on hand could help fuel your business in a leaner sales period. This is when you might want to get creative with product bundles or offer some deep discounts to unload aged inventory. Remember, while nobody likes to lose money on a product, keeping old inventory on your shelf costs you money each month, ties up cash and gives customers the impression that your store always has the same products on the shelf.
Beyond inventory, think about ways you can utilize connections you made at shows to benefit your customers and business throughout the year. Did you get contact information from a youth archery organization like NASP® or S3DA? Get in touch with local coaches to determine when they hold major tournaments so you can advertise to those competitors with products and services. Think about sales reps you spoke with that have name recognition within the archery community. Perhaps they would be willing to schedule a product demonstration at your store.
No matter why you attend industry shows in the first quarter of the year, you’ll get the most out of them only if you make certain to thoroughly review your experience afterward, take advantage of the connections you’ve made, and use all of that information to make a solid plan for the year ahead.
Looking for other opportunities to grow your business or plan for the year ahead? Check out the ATA Learning Center for content on business operations, marketing, and more.
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