Running A Successful Business In A Fluctuating Economy

With the economy fluctuating these days, making a profit from businesses has become considerably harder. This is even more so for small/medium scale businesses that do not have the financial stability to weather the storm. How then can these small businesses not only survive but also thrive? What can the owners do about it? The following tips might be helpful in running a business in a fluctuating economy.

Leverage on existing clients

Existing clients and customers are an important key to surviving a fluctuating economy. They are a means of generating steady income while incurring minimal costs in the process of finding a new customer.

Focus on the existing clients. Tailor your products to their needs. This will give you much more sales opportunities. You might also want to build customer loyalty. Look for cost-effective rewards to endear these customers to your business. Remember, however, that the quality of products/services offered is the major selling point, so focus on improving their quality to retain clients.

Cut down unnecessary costs


In order to stay afloat, it is necessary to be wary about spending on trivial or unwanted items. Be sure to do regular analysis to determine what products sell better and which does not, and then refrain from stocking up on products that do not give any real value of sorts.

Review your inventory management practices. Could there be a way to get your wares at a cheaper rate without reducing the quality? Can you get shipping alternatives that are efficient yet cost-effective? You are under no obligation to stick to the one supplier, be ready to explore other options.

Be different from competitors


However important old clients are, you are always going to need new ones to boost income. Thus, you need to research your competitors. If you are going to stand out in order to gain new clients, you are going to have to do things differently from your competitors.

Find out how they operate and look for ways to better their processes. Identify opportunities to entice prospective customers into becoming your customers.

Focus on core competencies

While it is encouraged to diversify, it will serve you far better to focus your attention on goods/services you excel at. Diversification just for the sake of it is generally a waste of time and resources. It can damage your core business by taking money and time away from what you do best and could possibly ruin your reputation.
Focus your attention on your core competencies. Any diversification should be well-calculated to achieve a particular purpose.

Do more marketing


When trying to cut costs, most businesses first slash marketing costs, at times dropping it altogether. This is the wrong approach. In times of economic fluctuations, consumers are usually restless and are looking for new options to purchase from. This provides a perfect opportunity to put your business in their faces. So don’t stop marketing. If possible, up the ante and do more marketing.

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Mar 20

How to Attract The Media To Your Stand At Trade Shows

The main objective of exhibiting your business at trade shows is capturing leads to acquiring new business and brand awareness. However, attracting the media to your stand is certainly the best way to achieve such objective, but how do you achieve this?

Prepare Media Kit

To get the media to talk about your products, the first thing to do is to provide them with valuable contents. Unless your company is very famous or your news incredibly powerful, journalists won’t spend time searching for information and material to talk about you. You must provide them with everything, make it easy for them.

REGISTER TO ATTEND

What should my Media Kit contain?

A good Media Kit contains the following information:

  • Company introduction
  • Company factsheet (figures, facts, graphs – key elements about your business that make it worth talking about)
  • Company timeline (your historic, major dates and milestones)
  • Major products / services / innovations introduction
  • Bio of the founder / CEO / key employees
  • High-resolution Photos and Logos (a good article always comes with a photo, if you don’t provide it, you risk losing control over your content or losing the article altogether)

The strategy is to always provide something very short to give a quick overview with links to find out, make it easy to grasp your documents within seconds, don’t lose your reader in pages of text.

Build your story

Most companies have no story to tell, hence no PR coverage.

Unless you have some incredible innovation to share or an internationally famous brand, why would people talk about you?

You need to have a story that will captivate your audience.

The story can be about your company and what it stands for or about your CEO or founder on his own journey or unique personality.

VISITOR INFORMATION

Make use of PR (Press Release)

Write a Press Release announcing that you will be exhibiting at the show. Make it bold. Use your story as the backbone of your release and add some suspense into it. Talk about innovation, announcement, exclusive information, etc.

If your press release is boring, don’t even bother publishing it. It would have no impact and would only waste your time. Write something worth reading that makes people (and media) want to come pay you a visit.

Once written, publish your PR and relay it through your own networks (website, Social Media, blog, newsletter, etc.), send it to journalists within your network and invite your partners to help you spread it.

Prepare Question & Answer Forms

You did everything right and some journalists stop by your booth, well done!

Then what?

They start talking to your staff. Your team members have been trained for capturing leads and educating visitors, but do they have a clue on how to handle media? Most probably not.

You will certainly ask them to direct journalists to you, but what if you’re not here or the journalist has no time to wait?

Prepare a Q&A sheet for internal purpose. This sheet should contain the top 10 questions you expect journalists to ask about your business and the “correct” answers your staff should be giving.

Use this document to standardize your numbers (you don’t want a person to claim a number and another one say something different) and make sure everyone is on the same page. Distribute this Q&A document and tell your team to read it and memorize it carefully

YOU ARE READY FOR THE TRADESHOW

HIGHLIGHTS OF TOSSE2018

May 23

BMHS wins Wowbii 2.2M Naira Worth Interactive Board at TOSSE-Edumark Webinar

With great joy, the Baptist Model High School (BMHS), Isolo received a 2.2 million naira 65-inch Wowbii Interactive touchscreen board from Wowbii Interactive for being punctual at a webinar recently organized by the Total School Support Seminar & Exhibition (TOSSE).

The webinar tagged “Technology in Schools: Our Fears! Our Pains! Our Desire” organized by TOSSE in partnership with Wowbii Interactive was held on Friday 12th of May, 2023.

The webinar started at 6pm, however, a staff of BMHS, Mrs. Rebecca Simeon-Charles had joined the program a few minutes before 6pm. At the end of the program, the CEO of Wowbii, Mrs. Olabisi Akinpelu asked who was the first person to join the webinar. Without prior knowledge of what was about to happen, the staff from BMHS, who was the first to join the Zoom program responded. And then, the prize for punctuality was announced. This came as a surprise to everyone present at the meeting.

Mrs Rebecca Simeon-Charles (the first person to join in on the webinar).
Mrs. Olabisi Akinpelu (CEO, Wowbii) congratulating Mrs Rebecca Simeon-Charles.
Mrs. Yinka Ogunde congratulating Mrs Rebecca Simeon-Charles.

The presentation of the Wowbii Interactive Board took place on the 16th of May, 2023 and present was the Convener of the Total School Support Seminar & Exhibition (TOSSE) Mrs. Yinka Ogunde & her team, The CEO of Wowbii Interactive, Mrs. Olabisi Akinpelu & her team and the Administrator and staff of Baptist Model High School, Reverend Omotosho (The Head of School), Mrs. Olamide Aasa (The Principal), Mrs. Rebecca Simeon-Charles, other staff members, and a few students.

Students of BMHS.

Mrs. Olabisi Akinpelu, while presenting the Wowbii Interactive Board says it comes with a 2-year standard warranty and the Teachers will be provided with support & training on its usage for the period of 2 years.
She commended Mrs. Yinka Ogunde for providing the platform to impact the education industry. She also extended her appreciation to her Boss, the Founder of Wowbii Interactive, Mr. Gbolahan Olayomi for his drive and will to contribute to the Education Sector and applauded the school representative, Mrs. Simeon-Charles for joining the meeting early and staying till the end.

Reverend Omotosho (The Head of the School) and Mrs. Aasa (The Principal) also praised Mrs. Simeon-Charles for representing the school well and winning the prize for the school. Stating that they are not surprised she made it early enough to the webinar, as she is dutiful and diligent in her assignments.

When asked to speak, Mrs. Simeon-Charles with so much excitement, expressed her gratitude to the school authorities and said she was faced with challenges that could have hindered her from connecting to the program. However, she saw it as an opportunity to make sacrifices for the school. She advised her fellow teachers to always make themselves available for any program they are sent to, and not to be carried away when they face challenges.

Exhibitions stands at TOSSE
May 30

5 Steps to attract more customers to your exhibitions booth

It is said that to be outstanding, one must do things differently. This is a trait in any business/organization that is currently dominating the market, especially when it comes to exhibitions.

Perhaps, your business or organization has been exhibiting at events and have not seen the desired results on your investment there. Then it is time for a change.

As organisers of the biggest trade show in Africa with over 7000 attendees, we have listed 5 steps to help your business/organization attract more potential customers to your booth at exhibitions.

Exhibitions at TOSSE

If you want to get a good return on your investment, then you must be able to separate yourself from the crowd of other exhibitors at the event by attracting the majority of the traffic to your booth. Below are the steps to help you achieve that.

Steps to help you attract customers to your exhibition booth

  1. Create a buzz factor: One feedback every marketing executive would like to hear from customers at exhibitions is that they saw their stand and patronized them at the event. One way to maximize this is to create a social media buzz even before the exhibition day. Use your social media pages to tell your audience that you will be part of a particular exhibition and begin to warm your prospects up by showing them irresistible offers and packages you have prepared for them at the exhibitions. This way, you have aroused their interest, and they will be on the lookout for your exhibition booth at the event.
  2. Use mini-influencers: You may wonder what this means? This is basically getting your best customers or people around you with a strong following both online and offline to promote your presence at the exhibition. Remember, this is a 5-step list and they are to be followed semantically. You will be getting a customer or good friend to post something like this: “(name of product/service) has helped me develop myself in so many ways. They will be at (exhibition name), make sure you check out their stand at the exhibition”. Remember, nothing travels faster than word of mouth whether online or offline. With these testimonials, you are beginning to build the interest in your booth.
  3. Pre-event Follow-up: Before a tradeshow starts, usually, there would be a buzz weeks before and depending on the magnitude of the exhibition, people may have been posting their attendance confirmations online or offline, and this is another goldmine where you can trap leads from. One easy way to do that is to simply follow the hashtag on social media e.g #TOSSE2022, and see all the posts of people who have signaled their interest, and begin to filter them to see those that fit your customer description. Then send them personal invites and materials to educate them about your products to show that you want to see them in your booth at the exhibition.
  4. Get inbound traffic: Note that we are talking about doing things differently to attract potential customers to your booth. One of the traditional things done at exhibitions is that exhibitors get one of their staff to distribute their flyers or brochures to the attendees. This still works, but there is something better, which is using challenges, contests, giveaways, mystery games and other ideas that naturally calls people attention. People love freebies, and these kinds of things, hence increasing the amount of leads you are getting into your booth and that also increases your chances of converting them while they are inside.
  5. Post-event Follow-up: Remember, you are trying to get them to make a decision and it may not necessarily be at the exhibition, so you must follow them all through the decision making process. Get their social media handles and thoroughly check up on them to see how your products and services can help them, lookout for their needs, celebrate them on their special days and build a relationship afterwards, and you will have some become lifetime customers of your business/organization.

These are 5 steps which when followed will bring a vast amount of traffic who are potential leads that can become your customers. It may sound like a lot of work, but if you want to make sales and achieve your goals as an exhibitor, you must be ready to do this.

Don’t forget to also check out our article on how to improve your Brand presence at exhibitions.