Trade Fair

Definitions
•Trade Fair is a massive, stage-set, and usually regular trade event at which a large number of manufacturers from a particular industry present their products and show their capabilities to distributors, wholesalers, retailers, and end-users. Some trade fairs (like Hanover Book Fair) attract participants and visitors from all over the world and provide widespread interactions and exposure. Trade fairs are a popular means of sales promotion because their average cost of making a face to face contact is about 44percent of a personal sales visit

•A Trade Fair (trade show or expo) is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent trends and opportunities. Some trade fairs are open to the public, while others can only be attended by company representatives (members of the trade) and members of the press, therefore trade shows are classified as either "Public" or "Trade Only". They are held on a continuing basis in virtually all markets and normally attract companies from around the globe. For example, in the U.S. there are currently over 2500 trade shows held every year, and several online directories have been established to help organizers, attendees, and marketers identify appropriate events.

Trade fairs often involve a considerable marketing investment by participating companies. Costs include space rental, design and construction of trade show displays, telecommunications and networking, travel, accommodations, and promotional literature and items to give to attendees. In addition, costs are incurred at the show for services such as electrical, booth cleaning, internet services, and drayage (also known as material handling).

Consequently, cities often promote trade shows as a means of economic development.
Exhibitors attending the event are required to use an exhibitor manual or online exhibitor manual to order their required services and complete any necessary paperwork such as health and safety declarations.
An increasing number of trade fairs are happening online, and these events are called virtual tradeshows. They are increasing in popularity due to their relatively low cost and because there is no need to travel whether you are attending or exhibiting.

Advantages of a Trade Fair for A Business
Many businesses have found that a trade fair is the perfect solution in getting more customers in their business. This is because a trade fair is just another way to reach an entirely different audience. This is an audience that you would not be able to reach a majority of it were not for the trade fair.
If you're wondering why it is the trade fair reaches an entirely different audience, here are the advantages that will explain that to you:
•There is a completely different type of individual coming to the trade fair. There are individuals looking for brand new products, some looking for products to sell themselves, and others looking for companies to sell their products.
•You are given the opportunity to give things away. Giveaways are the best way to bring awareness about your product.
•You can have contests in which individuals can win items and they will never forget you for it. You can make the prize significant or very small. Either way, individuals love to win something.
•You can give away promotional items such as ink pens, notepads, stress balls, and so much more. Don't forget that people love free stuff no matter what it is.
•You can sell your products at a trade fair. This means that you can make some cash while you're showing off your product.
•You're able to give away literature about your company and your product in order to gain some interest. You can give away business cards and so much more.
•You can travel around to different trade fair in different regions in order to grow your exposure. You would be quite amazed how traveling around can make a huge difference.

The trade fair is something that many businesses cannot really survive without for the fact that so many individuals are reached. The key here is the exposure that is gotten by being at a trade fair. If you are in need of new products to sell or someone to sell your products, the trade fair is where you are going to do that. For businesses that rely on this for business, it is easy to see how the trade show will benefit immensely.

Personal Selling

Introduction

Definitions of Personal selling

•Personal Selling is oral communication with potential buyers of a product with the intention of making a sale. The personal selling may focus initially on developing a relationship with the potential buyer, but will always ultimately end with an attempt to "close the sale"
•Personal Selling is a promotional method in which one party (e.g., salesperson) uses skills and techniques for building personal relationships with another party (e.g., those involved in a purchase decision) that results in both parties obtaining value. In most cases the "value" for the salesperson is realized through the financial rewards of the sale while the customer’s "value" is realized from the benefits obtained by consuming the product. However, getting a customer to purchase a product is not always the objective of personal selling. For instance, selling may be used for the purpose of simply delivering information.
Because selling involves personal contact, this promotional method often occurs through face-to-face meetings or via a telephone conversation, though newer technologies allow contact to take place over the Internet including using video conferencing or text messaging (e.g., online chat)
Personal selling is one of the oldest forms of promotion. It involves the use of a sales force to support a push strategy (encouraging intermediaries to buy the product) or a pull strategy (where the role of the sales force may be limited to supporting retailers and providing after-sales service).

The personal selling process consists of the following steps:
•Prospecting: Prospecting refers to identifying and developing a list of potential clients. Sales people can seek the names of prospects from a variety of sources including trade shows, commercially-available databases or mail lists, company sales records and in-house databases, website registrations, public records, referrals, directories and a wide variety of other sources. Prospecting activities should be structured so that they identify only potential clients who fit the profile and are able, willing and authorized to buy the product or service. This activity is greatly enhanced today using websites with specially-coded pages optimized with key words so that prospects may easily find you when they search the web for certain key words related to your offering. Once prospecting is underway, it then is up to the sales professional to qualify those prospects to further identify likely customers and screen out poor leads. Modern websites can go along way in not only identifying potential prospects but also starting this qualification process.
•Pre-approach: Before engaging in the actual personal selling process, sales professionals first analyze all the information they have available to them about a prospect to understand as much about the prospect as possible. During the Pre-approach phase of the personal selling process, sales professionals try to understand the prospect's current needs, current use of brands and feelings about all available brands, as well as identify key decision makers, review account histories (if any), assess product needs, plan/create a sales presentation to address the identified and likely concerns of the prospect, and set call objectives. The sales professional also develops a preliminary overall strategy for the sales process during this phase, keeping in mind that the strategy may have to be refined as he or she learns more about the prospect.
•Approach: The approach is the actual contact the sales professional has with the prospect. This is the point of the selling process where the sales professional meets and greets the prospect, provides an introduction, establishes rapport that sets the foundation of the relationship, and asks open-ended questions to learn more about the prospect and his or her needs.
•Making the Presentation: During the presentation portion of the selling process, the sales professional tells that product "story" in a way that speaks directly to the identified needs and wants of the prospect. A highly customized presentation is the key component of this step. At this point in the process, prospects are often allowed to hold and/or inspect the product and the sales professional may also actually demonstrate the product. Audio visual presentations and/or slide presentations may be incorporated at this stage and this is usually when sales brochures or booklets are presented to the prospect. Sales professionals should strive to let the prospect do most of the talking during the presentation and address the needs of the prospect as fully as possible by showing that he or she truly understands and cares about the needs of the prospect.
•Overcoming Objections: Professional sales people seek out prospects' objections in order to try to address and overcome them. When prospects offer objections, it often signals that they need and want to hear more in order to make a fully-informed decision. If objections are not uncovered and identified, then sales professionals cannot effectively manage them. Uncovering objections, asking clarifying questions, and overcoming objections is a critical part of training for professional sellers and is a skill area that must be continually developed because there will always be objections. Trust me when I tell you that as soon as a sales professional finds a way to successfully handle "all" his or her prospects' objections, some prospect will find a new, unanticipated objection-- if for no other reason than to test the mettle of the sales person.
•Closing the Sale: Although technically "closing" a sale happens when products or services are delivered to the customer's satisfaction and payment is received, for the purposes of our discussion I will define closing as asking for the order and adequately addressing any final objections or obstacles. There are many closing techniques as well as many ways to ask trial closing questions. A trail question might take the form of, "Now that I've addressed your concerns, what other questions do you have that might impact your decision to purchase?" Closing does not always mean that the sales professional literally asks for the order, it could be asking the prospect how many they would like, what color they would prefer, when they would like to take delivery, etc. Too many sales professions are either weak or too aggressive when it comes to closing. If you are closing a sale, be sure to ask for the order. If the prospect gives an answer other than "yes", it may be a good opportunity to identify new objections and continue selling.
•Follow-up: Follow-up is an often overlooked but important part of the selling process. After an order is received, it is in the best interest of everyone involved for the sales person to follow-up with the prospect to make sure the product was received in the proper condition, at the right time, installed properly, proper training delivered, and that the entire process was acceptable to the customer. This is a critical step in creating customer satisfaction and building long-term relationships with customers. If the customer experienced any problems whatsoever, the sales professional can intervene and become a customer advocate to ensure 100% satisfaction. Diligent follow-up can also lead to uncovering new needs, additional purchases, and also referrals and testimonials which can be used as sales tools.

What are the Advantages of using Personal Selling
•Personal selling is a face-to-face activity; customers therefore obtain a relatively high degree of personal attention
•The sales message can be customised to meet the needs of the customer
•The two-way nature of the sales process allows the sales team to respond directly and promptly to customer questions and concerns
•Personal selling is a good way of getting across large amounts of technical or other complex product information
•The face-to-face sales meeting gives the sales force chance to demonstrate the product
•Frequent meetings between sales force and customer provide an opportunity to build good long-term relationships

Given that there are many advantages to personal selling, why do more businesses not maintain a direct sales force?

Main Disadvantages of using Personal Selling
The main disadvantage of personal selling is the cost of employing a sales force. Sales people are expensive. In addition to the basic pay package, a business needs to provide incentives to achieve sales (typically this is based on commission and/or bonus arrangements) and the equipment to make sales calls (car, travel and subsistence costs, mobile phone etc).
In addition, a sales person can only call on one customer at a time. This is not a cost-effective way of reaching a large audience.