Tips to Help Retailers Prepare for a Trade Show

Attending a trade show is an exciting opportunity where retailers can discover new brands, build relationships, and make important purchasing decisions for the upcoming season. 

However, to make the most of your time at the show, it’s essential to come prepared with a well-thought-out buying plan. This plan will help guide your decisions and ensure you stay within your budget while maximizing product turnover and profitability. 

Here are five tips to prepare you for your next show. 

1. Complete Your Open-to-Buy (OTB) Plan in Advance

Your Open-to-Buy (OTB) is one of the most critical components of your buying plan. It represents the amount of inventory you can purchase based on sales forecasts, current stock, and budget limitations. 

Completing your OTB ahead of the show ensures you stay on track with your financial goals and avoid overbuying.

• Calculate OTB Budget: Understand how much budget you have for new purchases. This should be based on your projected sales for the upcoming season minus the inventory you already have.
• Review Price Point Levels: Break down your available OTB by price point. Knowing what you need at each price level will help you select products that match your customer’s spending habits.
• Plan with Flexibility: Build a small cushion into your OTB to accommodate any surprise vendors or new must-have products that catch your eye at the show.

2. Use the Show Floor Plan to Optimize Your Buying Plan

Before the show, it’s a good idea to familiarize yourself with the display floor plan. Use the floor layout in conjunction with your OTB to maximize both your time and budget.

• Plot Key Vendors: Identify the vendors you need to visit based on your top-performing brands, emerging trends, and new relationships you want to cultivate.
• Optimize Your Time: Plan your route around the floor to ensure you spend time with priority vendors first. Don’t forget to leave room in your schedule for new or interesting booths.
• Analyze Fixture Count: Assess your current shop layout and fixture count to determine how much space you can dedicate to new products. Consider where new vendors will fit within your store’s current setup to ensure a cohesive display.

3. Bring Key Metrics to the Show

Knowing your numbers is crucial when evaluating new vendors and deciding how much product to order. Be sure to bring the following metrics to help you make informed decisions:

• Turnover Rates: Your inventory turn rate (how quickly products sell) is a key indicator of how much inventory to purchase. Look at your shop’s prior season turnover rates and set turnover goals for the upcoming season. This will help you avoid overstocking or under-purchasing.
• Top-Performing Vendors: Bring data on your top-performing vendors from the last two seasons. This will allow you to make more informed decisions on whether to reorder products, increase orders, or look for complementary vendors.
• Sales by Category: Break down your sales by product category to ensure you are stocking enough of the high-demand items. For example, if apparel is a top seller, you may want to allocate more of your OTB to that category.

4. Schedule Appointments in Advance

To maximize efficiency, schedule appointments with your key vendors before the show begins. This ensures that you get quality one-on-one time to review products, negotiate terms, and discuss any updates or special offers.

• Plan Around Peak Times: Avoid peak show times, such as early mornings or lunch hours, when vendors are busiest. Scheduling your appointments during less hectic times will allow for more focused conversations.
• Bring Data to the Table: Come to each appointment with your OTB figures, turnover rates, and vendor performance data. Vendors will appreciate your preparedness and it will help streamline the decision-making process.
• Be Open to New Vendors: While pre-scheduled meetings are important, leave some room for spontaneous discovery. A flexible schedule allows you to explore new brands and potential partnerships that you might not have anticipated.

5. Vendor Performance Review

It’s important to evaluate how each vendor has performed in your shop in the past before making new commitments. Use the following insights to guide your buying decisions:

• Prior Two Seasons of Vendor Performance: Review sales, returns, and customer feedback for each vendor you are considering. Consistent performers should likely get more space, while under performers may need to be phased out.
• New Vendor Considerations: When considering new vendors, evaluate their ability to offer special orders, one-off products, or flexible pricing that align with your store’s needs.

Attending trade shows like the PGA Show is an invaluable opportunity to refresh your product lineup and strengthen vendor relationships.

By preparing your buying plan in advance, knowing your key metrics, and scheduling meetings strategically, you’ll be better equipped to make decisions that optimize your shop’s inventory, turnover, and profitability.

Before you head to the show, download our new vendor meeting checklist to ensure you’re fully prepared to make the most of your time with vendors.