Business Information for Entrepreneurs by an Entrepreneur

Have you ever gone the mall to window shop, and ended up buying something that caught your eye? Something about that product must have motivated you to buy it.

Motivational triggers are the key that opens minds and creates a desire for a particular product.

Status Symbols

Advertisers use this trigger very effectively by positioning their products in such a way so that people might think that buying the product will enhance their life in some way or the other. People are compelled to think that their life is a failure if they do not possess a particular brand of mobile phone, or if they don't have the most popular brand of jeans.

Money or time saving ideas are also very popular. In this marketing strategy, products are positioned in such a way that implies that people who buy them will save money or time or both.

Popular models and film stars are also used to promote products tempting people to think that they too want the product if their idol has it or is promoting it.

Market Repositioning

The downside is that many times, people end up buying products that they really do not need or are unable to use after purchase. Smart companies also reposition their products so as to activate different areas of the customer's mind.

For example, a mobile phone with basic features is marketed as a life necessity - but higher end models are sold implying that the product will make customers' lives more successful.

Activating your customers' emotional triggers isn't hard- but it will take some thought and work on your part. By following the examples above, you can make sure that your products and services will always be in demand.

Every small business owner has to communicate with their suppliers and customers to get the best deals for their business.

If you don't know how to negotiation effectively, you will lose a LOT of money..it's as simple as that.

Know Your Products and Services

You should know what you are talking about when discussing your products and services. When you're trying to convince potential customers to make a purchase, it is imperative that your product knowledge is solid and you think logically.

When you know your products and how they compare to the competitions', you will be in a better position to negotiate.

Know Your Customers and Suppliers

It is also wise to research the people you are dealing with, be it your suppliers or prospective customers. Knowing how much to negotiate depends on how well you know them.

There are some customers who habitually negotiate prices, whether they are fair or not. Knowing this information in advance will enable you to quote an increased price, which you can lower later during the negotiation. This will keep that particular customer happy and your bottom line safe in terms of profits.

When dealing with new customers or suppliers, observe them carefully. You can learn a lot by just watching their expressions and body movements.

Keep Your Options Open

Keep your options and your mind open while negotiating. If you cannot negotiate on price, then try to negotiate on delivery or payment terms. Talk precisely, so that there are no misunderstandings later. Especially with suppliers, try to get free delivery or increased payment or credit terms.

Communicate

When negotiating with your customers, talk softly and do not take negotiations personally. It's part of the business culture. Be firm, but gentle when you cannot negotiate any further.

The better your negotiating skills are, the better chance your chances are of getting the best deals for your small business — that's why you can't afford to wait another day to improve them!

Taking part in a trade show is like telling your business' life story to a stranger in a couple of minutes. You have very little time to convince your prospective customers to make a purchase or at least interest them into meeting you or contacting you again.

The following ideas will help you make the most of your time at tradeshows.

Size Matters

Even if you have a small booth, ensure that all your banners and posters are written in huge letters. Since customers will be some distance away from your booth, anything in small letters will not be readable and will not attract any attention. Use sensible colors and clear fonts.

Also have your best staff ready to explain to customers about your products. Invite your regular customers well in advance to the tradeshow - this is a good way of keeping in touch with them.

Encourage them to bring their friends, relatives and business associates to the show as well.

Gifts for a Lasting Impression

Have gifts and mementos related to your products to give to prospective customers. For example, if you are selling cars, have a small miniature car which can be used as a paperweight, and give it along with a key chain and pen with your company's details on it. That way, you will have at least one item that will always be in front of your prospective customer.

Attend to customer questions and inquiries with a smile. You can also announce a special discount for customers who purchase items at the trade show. Take details of your prospective customers who visit your booth, and send them thank you cards afterwards. Following up after the tradeshow is equally important in converting prospects into regular customers.

Try out the above ideas to increase your tradeshow sales. If customers like what they see, then they will reward you with their business.