A Monthly Column
Covering the Concerns & Issues of Engravers
Impulse Markets
The strength of the impulse buy is dependant on the desirability and uniqueness of the product.
Building your business in the slow times
Many engravers find that their business is cyclical. There are times that they are very busy, and times when it is extremely slow. So how can you avoid this cycle and grow your business when times are slow?
One idea is to look at "impulse markets." When we think about impulse buying, we often think about the checkout line display at the local corner store or super market. The consumer is given the opportunity to buy, and are compelled because of the nature of the product and its placement in the store. These markets can also be fulfilled by products that are highly personalized, which present an emotional "on the spot" purchase opportunity at an event or show. The strength of the impulse buy, is that it does not tend be effected by price; rather it is dependant on the desirability and uniqueness of the product.
A great example of an industry that is very receptive to the impulse selling model is the pet industry. Last year alone, North Americans bought more than $7 billion in trinkets, toys and personalised items for their small companions. Many of them where impulse buys and sold with a whopping 300 to 400 % market up.
In the US, there are more than 2000 pet shows, trade events and competitions each year. Many of these are local events, with trade show table (or booth) spaces costing between $20 -$100 dollars. Many of these events drive attendance anywhere from a few hundred to several thousand excited pet owners.
On average, pet owners will pay higher prices than they otherwise would at a tradeshow. Largely, this is for the convenience of getting personalized items, like pet collars or cages, which pet owners take home to remember the event that they participated in with their pet.
So, how can you take advantage of this burgeoning market? It is very easy. Choose one or two very portable engravers, your PC/laptop (with engraving software), perhaps a scanner or a digital camera, lots of pet type clipart, a sample chart or book showing all your clipart/font type, and things you can engrave on. You are now ready to sell your impulse items. Create a few samples for the show, and you should be well on your way.
Remember, the more unique the item, the more likely that you will be able to increase your profit margin. Take the standard dog tags and cat tags, but also take plaques that you can engrave with a photo of the pet. Or purchase some bowls and dishes that you can engrave on.
Last but not least: Of cat and dog owners, who do you consider to spend the most on their animal? Well, the answer is that both types of owners spend that same, but there are twice as many cats than there are dogs in the US. So bring a few more Cat items if you are at a mixed show just to handle the volumes.
Now that you have products and some marketing stuff how do you find the shows? Below is a list of links to find pets shows in your area. Good Luck and good selling.
Look at the following calendar or events pages. I’m not affiliated with any of these places, but they are good places to start.
If you want to find even more places for tradeshows and events, then do a search at either www.google.com or www.yahoo.com. Use your state / province with key words like “pet events,” “dog shows,” or “cat shows.”
Cat Fancy Magazine
http://www.catfancy.com
Dog Fancy Magazine
http://www.dogfancy.com
Official TICA Show Calendar
http://home.flash.net/~debreed/calendar.htm
HH Backer Pet Trade Show Company
http://www.hhbacker.com/hhbacker/x06tradeshow.asp
PetGroomer.com
http://www.petgroomer.com/Guides/grooming_trade_shows.htm
American Kennels Club
http://www.akc.org/index.cfm?nav_area=homepage
Fanciers Club
http://www.fanciers.com/clubs.html
Pet Breeders Association
http://www.petbreedersnmore.com/calendar.html
