The International Premium Cigar & Pipe Retailers (IPCPR) annual trade show is only days away, and we’re looking forward to the opportunity to meet many of our retail partners. Trade shows offer retailers and wholesalers a great chance to increase margins, see new products for the first time, meet with vendors face-to-face and expand networks and relations in the industry. In this month’s Retailer Corner we offer our partners advice on how to maximize  the IPCPR experience this year.

Before leaving for the trade show,  consider creating a budget for yourself and the business so you don’t overspend on product. Regardless of size, many retailers and buyers come to the trade show with a fixed budget. It’s good practice to bring an inventory recap and movement report with you to make buying easier, and to help stay within your budget.

Second, is trade show deals. For the most part, vendors at IPCPR offer their best annual deals and discounts here. These deals offer an opportunity to save money, increase your profit margin, and increase return-on-investment (ROI). However, before you buy heavy on any particular deal, ask yourself two things: 1) How much time will it take to sell through this product? and 2) Does my trade show budget allow me to take advantage of this deal? If it will take you a year to sell through the product, you might want to reconsider buying on deal as it might tie up your money for too long. Generally, you should buy deals on products that turn fast and increase profit margins significantly. If you’re only saving 10% on a deal, then you potentially may not see enough savings to justify buying heavy.

One of the most exciting things at the trade show are items recently released or displayed for the public for the first time. There’s always a lot of buzz on the cigar websites and among adult consumers about these products. Some  adult consumers will even know about these products before you arrive at the show, so if you can gauge their interest ahead of time it will make buying easier. Knowing what products your adult consumers would enjoy makes buying newly released products much easier for you. Generally, on trade show releases I wouldn’t suggest overbuying, but it’s important to bring a good mix of these items into your store. In other words, maybe it would be best to only buy a couple facings of a new item to try out in your store instead of buying four or five. Before leaving for the show, survey your available shelf space, so you know ahead of time how many new releases you can fit on your shelf.

Lastly, trade shows aren’t only about getting deals on products. They also offer other important opportunities. Definitely attend the seminars and Lunchtime Learning Series sessions so you can learn ways to improve your business and to gain insight about the future of the industry. Take some time to meet with other people in the industry to learn from them, and form relationships that can be mutually beneficial. Pick the brains of the marketing and sales people who can help you create a strategy for improving and expanding your business.

We hope  this newest edition of the Retailer Corner has helped you prepare for the upcoming IPCPR trade show. Please be sure to come see us. We will be at booth #2326, with some fantastic deals and newly released products available to help your business.