Last month I was given the opportunity to attend the NAMM Trade show. This is one of the largest gatherings of the music industry with 2200 plus Exhibitors, 115,000 registrants from 130 countries and a buying power of over 11 billion dollars. NAMM is the place to be if one has a product to sell related to music and entertainment. The convention center was full of well-known brands and high-tech booths designed to demonstrate their latest products with the goal of generating new revenues.
But equally as important, there was also a strong representation from the small business community, each with a display of their own. They were there with hopes that by investing in the cost of exhibit space at NAMM, business would grow to new heights and profits. Watching foot traffic move through these booths, I wondered how much pre-show preparation or staging was done to capture interest in their products. Today’s markets require answers to important questions about a business whether at a trade show, in a store or office or some other networking event. And these questions should be first addressed in a business plan.
If I could have sat down with a few at the show and talk about their plan I’d given these recommendations.
- Prepare a background on the company to demonstrate its stability and potential for longevity. Business partners want to know that the company that they work with will be dependable and available in the future.
- Describe the product line showing plans for future development. Documenting this information in the business plan will make it easy to explain it to potential clients. Include compatibility there may be with related products. This is very important when dealing in the technical environment.
- Demonstrate the quality assurance plan so when talking to interested parties they understand what makes this product of high and lasting value. It will also show why it’s better than the competition.
- Document the services strategy in case a repair is needed. State who and where returns be handled and how long of a warranty will be available for the product.
- Explain the marketing plan so buyers can see growth potential. This is especially important when partnering with retail outlets.
Clearly, the business plan plays a key role in the staging your company for success. Be sure your plan is ready.