Better Together
Nurturing relationships at trade shows
By Kathleen McHugh -- Gifts and Dec, 2/1/2010 12:00:00 AM
The relationship between manufacturers and retailers is a thriving topic in business schools. Professors build models that describe how to strengthen them; graduate students crank out theses that analyze what makes them work; and scholarly journals print study after study about them and their impact. Yet in the specialty toy industry, one might argue that building strong vendor relationships is simpler than all that. For many, the old-fashioned face-to-face time they get at Toy Fair or at ASTRA’s Marketplace & Academy is an essential part of their business strategy.
“Every retailer has a different approach to business,” points out Bill Bordegon, National Sales Manager for manufacturer Toysmith. “We can get to know [a retailer] somewhat through phone and email conversations, but it’s far more effective to learn about your business in a few minutes of eyeball-to-eyeball time.”
Melissa Bernstein, co-CEO of toymaker Melissa & Doug, agrees: “Our underlying business philosophy is to partner with our customers,” says Bernstein. “We work side by side with retailers because our company will only grow if their businesses grow. Trade shows are great places to nurture those win-win relationships—especially at ASTRA, because the size of that show means we have more time with people there.”
Tips for growing relationships
What can retailers do at Toy Fair or ASTRA’s Marketplace & Academy to maximize relationship-building opportunities with vendors? Check out this advice from those who have gotten to know thousands of retailers over the years:
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Show up. Sure, there is a never-ending list of must-do’s competing for your time and dollars, but the real question is the cost of not attending. Even if you don’t need the show-only discounts and the profitable new ideas, strong relationships are priceless when you need manufacturers to stretch for you.
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Understand what you can accomplish at a manufacturer’s booth that you cannot get from a sales call, a website or a catalog. “When you walk into our booth, you are seeing our entire product line nicely merchandised so you can visualize what might work in your store,” says Bernstein. “You can see exact sizes, touch the product and play with it. This helps us have a productive conversation about how we can help you in merchandising or promotion. It’s a very efficient way to explore ways that we can support your business.”
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Carefully plan how you will use your time on the exhibit floor. The trade show equivalent of drive-bys will not help manufacturers understand your business better. Spending focused, quality time with each of your most important vendors will have a much greater impact. Bordegon suggests this strategy: Break your time on the floor into 15 minute increments and “schedule” your most important vendors first. Next, schedule vendors who have strengths in categories where you are weak. Finally, schedule visits to the top manufacturers in categories you are not carrying to start building relationships that will help you diversify. In sum: rifle, not shotgun, for more useful long-term relationships.
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Share your feedback and ideas with manufacturers. “In some ways, shows are as much about 'soft’ research and development as they are about writing orders,” says Chuck Schwartz, Vice President and General Manager of manufacturer Scratch-Art Co. “Our conversations with store owners help us understand what’s working and what’s not at retail beyond what we learn from sales numbers. We also get ideas on line extensions and what we can do to help retailers merchandise more effectively.” Schwartz’s message: His company listens to what you need…if you’re there to talk.
“Let’s remember that neither manufacturers nor retailers can be successful without the other,” urges Elaine Hackney, owner of BOING! JP’s Toy Shop in Boston. “In that sense, we are highly interdependent. Do you want your business to depend on someone you don’t even know?”
We would love your feedback!
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