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by HEPACART on Feb 13, 2015
As Entrepreneur magazine put it "trade shows alone offer multiple opportunities for you to not only spot upcoming trends, but also to network with potential suppliers and hopefully find just the right product source." By coming face to face with many different suppliers, shows like Grainger 2015 give you a chance to start forging those new supplier relationships that are so important to keeping your business functioning, no matter what you do.
Do Your Research
No matter what your objective for attending a trade show, whether or not you meet that goal often comes down to preparation. This is true whether you are an exhibitor or just an attendee.
If you want to make new supplier relationships, you'll want to know which suppliers will actually be present. You can look at the provided supplier list to get an overview, but it's also a good idea to speak with colleagues and get their input and recommendations. If you can, have them take a look at the list of booths, too and see if they know of any connections they can help you to make.
Supplier research goes beyond maps and networking, too. Once you identify some key suppliers that you want to visit at Grainger 2015, you will want to be sure to research that company. Look at their website, download their catalog, and gather as much intelligence about deals and pricing as you can. That way you can go into the show armed with the information you need to make a mutually beneficial agreement. As you do your research, be sure you are spending the most time on those suppliers that are most essential to your business, as well.Bring Required Paperwork
If your company has standard agreements or other legal documentation that is necessary when negotiation with new suppliers, be sure to bring that with you, either on paper or in electronic format. Once you come to an agreement with a new supplier, you won't want to be struggling to find the right paperwork to close the deal. That documentation can also give you leverage in your negotiation since you will be able to point to standard terms where you do not have flexibility.
Always Negotiate
You may find your perfect supplier at Grainger 2015 and be ready to make a purchase from them on the spot. But that doesn't mean you should forget about negotiation altogether. Many suppliers offer trade show deals and discounts, so if those are not part of your initial discussion, be sure to ask. You also want to be sure you layout how the supplier relationship will progress at the end of the show. Are you making a one time purchase or entering into an ongoing contract? Which one makes the most sense for your business at this time?
And as with any business purchase, you should always keep in mind that the lowest upfront cost does not always end up being the cheapest in the long run. Be sure you are actually getting the most valuable deal over the course of the relationship.
Want even more negotiation tips and information about Grainger 2015? Download our free guide to the show.
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