Is the reason behind running a business to provide services? Maybe. It could also be to help those who cannot help themselves. Partly true. Running a business to create a network? You could not be more wrong. A network of contacts is needed BEFORE starting a business. What is the main purpose of running a business? It is none other than the basic reality in economics: to make money.
Every business and organization shares one profit-oriented goal. They would abandon anything that does not bring money. Even items that cost money are also to be questioned. The likelihood of continuing a business that does not incur profit but only covers costs in a long run should be decided by top management and stakeholders. Money is the most important factor that keeps a business going.
Another sensitive issue in business is in order to make profit, cost should be saved as much as possible. This means acquiring the lowest price for the best quality in the market. What is needed to achieve this is extreme benchmarking, constant surveying and most important is a person with a good business sense.
The third area of importance is marketing. Marketing creates demand for your product. Good marketing starts before the product is even created by identifying the need, what features are desired, and what market niches are prime candidates. Then after the product is created, marketing creates your story and messages that you want specific customer segments to hear and understand about how your product helps solve their problem.
An ideal place to start marketing your product is a tradeshow. Not only do your products get marketed to a large crowd related to your industry, you also get to save cost by doing the promoting yourself. Don’t go for an expensive large booth if you’ve just started; choose the low cost type of exhibit displays instead. There are many to choose from and your product will still get noticed without you spending more than you can afford.
A tradeshow is comprised of various competitors, suppliers, and customers in your industry and it’s all about image really. What attracts potential customers depends on how much exposure they have of your product the first time. A banner stand is an inexpensive way to market. Incorporating graphics into a banner is as important as having a stand that will not fly away with the breeze or a fan.
The signs and displays have to show a clear message to potential customers apart from the marketing team. Do not create a situation where people are more interested in the display rather than the product. Over doing the display may take the focus away from the product. A personalized printed table display for example can fit well with beads and other smaller items. Creating a good display may not require a huge sum of money or time.
The way to attract people is to use your imagination and creativity. Similar to a banner stand, a popup display is another cost effective way to market at tradeshows. They are easy to ship and the container many times can be converted to a small table in front of the display to hold literature and other information about your product.
To invest in a large permanent booth in a tradeshow is unwise, especially for new businesses as dollars can be better spent elsewhere. The smart thing to do is to get a portable trade show display booth. Not only is it easy to be moved and transported, it is also cheaper and can be assembled at any spot.
Make profits, save costs and think wisely before you do anything are the core of every business. Though an outstanding business may depend on more factors, these are the core principles to remember when building your business.