After an EXPO the recovery phase is kind of hectic too. Took the whole day off last Tuesday and yesterday I had to go around settling the payments and stuff.
Just like to share with you guys what we went through….
Perhaps these are the mistakes that we made that you can learn from..
1) Not understanding the Consumer mindset..
2) Being in the wrong place for the wrong product.
3) Capital Intensive.
Initially we only needed to do Advertising and Promotion via Flyers during that event. But given the chance to have a booth at a very discounted price, I asked myself why not?
So we opened a booth promoting OSMS CallBack Cards (www.eazycalls.net) and Abang Abu’s books.
Mistake No1: Not understanding the Consumer mindset..
This was the gravest mistake that we made. Initially we thought that the people that would come for the EXPO would be those that would want to look into new products, to learn about money management (Abang Abu’s books) and wish to know more about savings.
We were totally wrong… Most of the consumers that went down there were either looking for clothes or food and for some they went down only for the talks and shows. Majority were just passing through.
Very few were interested in Technology products and new media stuff that we were promoting.
So that brings me to the next point.
Mistake No2: Being in the wrong place for the wrong product..
The nature of our business. Well firstly Islamicevents.sg is an online portal and we didn’t exactly hit our targeted marketed correctly. All the three services that we had require extensive explaination before people could really understand it.
We could have thought of having to sell products that only requires little explainations with fast transactions and products which people really need. Hmmm.
Mistake No3: Capital Intensive
Fortunately for us, Fadzrun and I had forsee the worst case scenarios. We did manage to capture a few loans before the EXPO in case sales target were not met but we made quite a lot of judgemental errors too. Due to the factors above, we made quite significant losses.
For that 4 days we made too little sales to cover the costs of our expenditure, therefore making losses which amounts to 1-2 projects to offset it.
Mistake No4: Let’s stick to one niche at a time..
Having one booth with three services could kill you. There are times that we did not know what to promote even though it gives the visitors some variety to choose from.
Lessons to learn..
Ok so before we embark on having a booth at EXPO or anywhere, it is important to know and study the characteristics of people coming and the other businesses that’s there. Its hard to get this information before hand but roughly from EXPO to EXPO we could have learn this.
Besides having products with heavy information and explaination. Perhaps we need to have products which are easy to sell where they can buy it off the shelves but related to our niche. This would help in paying for the expenses.
Perhaps we could have totally sold of the booth to another vendor and take a small portion to keep our stores.
Nasi dah jadi bubur… Let’s learn from it and move on..