Page 77 - enLIGHTenment December 2016

On the Mark

arises and causes an appointment run over; or was due to a full category shi or if the piece is

budgeting time to scout for new trends, prod-
standing alone in its results.
uct categories, and display ideas.
Having current information is the key to having

Go to every oor in the Trade Mart,
constructive, collaborative conversations about
World Trade Center, and the Market Hall many issues that are important to merchants and

across the street; you never know where vendors alike, such as terms, discounts, and co-op

you will nd items that are fun or that can
programs.
give you a super-high margin on a product The historical data you want to review – and

line that has been hiding from you. Finding new be er yet, have at hand – includes sales gures,
and innovative products helps distinguish your
inventory, category, and vendor performance.

store from your local and digital competition. Having this information ready to study at market

“When you continue to buy the same prod-
provides you with the resources to make decisions
ucts, a new trend will never be found.”
that are well-informed and based on fact. Not to

mention that your vendor partners will know you
there’S an aPP for that
are a professional who takes your business seri-

Every part of our lives has felt the impact of ously when you are prepared.

the digital revolution and going to market is no
di erent. The LIGHTOVATION and DMC smart- BudGet

phone apps make your market trip interactive. A critical component to every market trip is your
With the addition of new showrooms and the budget. How much will you spend?

relocation of others, it can be daunting trying to You must set a budgeted amount for each of the

nd where your showroom of choice may be.
product categories you carry; then within each of
With easy-to-use oor plans as part of the the categories, set a percentage of the budget to

app, you can nd the exhibitors you want to buy at each vendor. Having an overall “open to
see plus the scheduled presentations and buy” gure is also helpful. This information will let

educational events. This digital tool is great for you shi your resources around if an opportunity
“When you
enhancing your personal productivity, too. If you comes up.
want to be super-e cient, you can create a daily I like to include a budget line item for each category
continue
personal agenda with the app.
called Unexpected. Having this category will mentally
An important part of going market is seeing prepare you to jump out of your box. You may nd
to buy
and interacting with industry friends, and the an accessory item or a category killer that you go wild
the same
app lets you know who is in a endance at the over — and now you have the budget for it.
show. A feature I nd very useful is the capacity Once that budget is set, do not spend more
products, a
to have a public discussion on a topic or have than what you have assigned. There is always time
a private conversation with a friend or trusted to review and reallocate funds or increase the
new trend
resource.
budget once you return to your store.

will never Now, what happens if you can’t a end mar- There is one other critical component that must
ket? Believe it or not, downloading the app can be budgeted for: space. In brick and mortar show-

be found.”
be a great resource for people who can’t a end. rooms, space is nite and costly for both display
With more than 500 active users, there are and in the warehouse. With consumers’ desire to

plenty of conversations, pictures of product, have a curated look to the merchandise they see,

and merchandising ideas that are shared on the knowing and planning the number of items you
activity and photo feeds. This lets you be partial show and hold is smart business.

participant at market, even from afar.
vendorS or PartnerS

winnerS and loSerS
Market is a good time to bridge the gap between

Review sales statistics of your product cat- suppliers who are merely vendors and those who
egories and speci c items. When looking at are your true partners. My decades-old de nition

the performance of an item alone, it is hard to of a supplier is one who sells a product to a mer-
discern if an item’s superb or poor performance
chant and nothing more than that. The product is

DeceMber 2016 | enLIGHTenment Magazine 75