Trade Show Tips and Tricks for Invoice Factoring Companies

Factoring Convention Trade ShowTrade Shows: the business necessary-evil that you either love or hate. Whichever camp you’re in, trade shows can be an indispensable asset to growing your factoring business (and also where pens and office gadgets go to die). They offer the ability to reach a wide range of potential customers and truly connect with people who can benefit from your services. However, not all trade show exhibitors are created equal.

Here are some ideas for having a successful trade show and how to convert the leads you meet!

1) Send your most outgoing people.

This seems like a no-brainer, but you’d be surprised at how many businesses don’t factor personality into who they send to a trade show. Even if your social butterfly isn’t necessarily in sales, marketing or PR, give them a crash course and send them with someone who is more knowledgeable. We all know trade shows are somewhat awkward and the hardest part is getting people to engage with you. If you put someone out there who feels comfortable making the first move, you are setting yourself up for success. Don’t wait for people to come to you – especially because people might not want to openly admit their business is having financial problems. Practice different ways to grab people’s attention to get them into your booth: “Hi! Do you want to enter to win our awesome prize?” for example, and then ask them what they do and about their business—people are generally eager to talk about themselves. Voila—now you can actively listen for pain points they’re having and how invoice factoring might help their business grow.

2) Bring twice as many business cards as you think you’ll need.

Again, this seems obvious, but there’s nothing worse than running out of business cards at a trade show. It looks unprofessional and comes across as being disorganized and unprepared. In this case, the old saying, “better safe than sorry,” is true. You probably won’t be taken very seriously if you have to write out your contact information and it’s more likely to get lost in the shuffle of trade show literature.

3) Lose the jargon.

Let’s be honest, invoice factoring isn’t the most well-known industry. If you start your conversation using terms specifically related to the field, most people are likely to pass or tell you they don’t need your services. Even using terms like, “broker,” “finance” or “cash advance” can freak people out. However, when you ask them if they have slow-paying customers, suddenly the lightbulb seems to go off; almost everyone has at least one ‘problem-child’ customer who refuses to pay their invoices on time. Additionally, business owners at trade shows have clients themselves who could use invoice factoring or loan products, so using casual conversation and terms to explain what invoice factoring is can help their business grow as well. As Albert Einstein said, “If you can‘t explain it to a six year old, you don’t understand it well enough.”

4) Perfect your pitch.

Recent data suggests that the average attention span in 2015 is 8.25 seconds, so knowing exactly how to sell your business or services is of utmost importance. Be able to explain what you’re offering briefly—especially since invoice factoring isn’t the most glamorous business. Keeping in mind the previous tip, you’re going to lose interest if you are rambling on or using insider vocabulary. Hint: people don’t necessarily care WHAT you sell—as long as it can solve their problem or be of value to their business.

5) Have a timely follow-up.

Trade shows can be hugely overwhelming and exhausting. For attendees and exhibitors alike, it can be difficult to remember everyone you spoke with. If you’re exhibiting, follow-up with all of the people you were able to get business cards from within 1-2 days. The event will still be fresh in their mind and a simple “thanks for connecting—we can help you get paid faster” email can jog their memory about who you are and what you’re offering.

6) Be extra personable.

While you’re at the tradeshow, be sure to ask for a business card and make a quick note on the back of it about your conversation. Then, when you follow up via email, include an anecdote or two from your conversation at the trade-show. Chances are they’ll be super impressed that you remembered them as an individual, and didn’t just send out a mass follow-up email. Your personal approach will stand-out among all of the other exhibitors flooding their inboxes. Be careful though—no one likes the company that won’t stop following up and you’re likely to be reported for spam or blacklisted if you continually badger people.

7) Offer them something!

Be the tradeshow gift that keeps on giving – whether it’s 10% off your product or a free download, offer value even after the show. We’ve all been there: trapped in a booth with a pushy salesperson, making you feel like you’re just a sales goal or uncomfortably pressured to buy their product right then and there. By offering something even after the event ends, it can be a small token of appreciation for taking the time to stop by and see what your business has to offer. It makes a lasting impression and can give you a long term ROI.

8) Get social!

It’s hard to escape social media nowadays, but using it at a tradeshow can gain even more awareness for your company and your brand. Most likely there will be a ‘trade show hashtag’ that you can use in all of your tweets/Facebook posts. Therefore, people can just click on/search for the hash tag to see everything that everyone is saying about the trade show. You can tweet photos of your booth so people can easily find you, pictures with contest winners, quotes from keynote speakers etc. Others at the trade show are likely to re-tweet or share your posts, and you can do the same for them. This creates a sense of community and comradery, in that you’re interested in sharing the overall experience of the trade show with both attendees and people who couldn’t make it, not just making sales pitches. This can also help you gain new followers of people who might not have been aware of your brand or social media account.

9) Get creative.

It can be hard to stand out at trade shows, but offering something other than pens or water bottles can be a great conversation starter. For example, at a recent trade show we attended, our booth neighbors offered small squeezable stress relief toys. They were a bit oddly shaped, so hardly anyone that passed could resist touching them or asking what they were. Although it was a complete accident, we couldn’t help but joke that they were marketing geniuses! It was simple, eye-catching and a great ice-breaker, i.e.: grade A trade show SWAG!

10) Have fun!

Trade shows don’t have to be torture. You get to get out of the office for a day or two and become living, breathing advocates for your brand. Since door-to-door sales are a thing of the past, trade shows are really one of the only environments that you can engage with and reach potential customers on such a wide-scale. People can easily pick up on body language and attitudes—they will be much more drawn to and remember people who are having a good time promoting themselves than those who look forced to be there!

About the Author: Factor Finders specializes in finding factoring companies that can fund difficult-to-place deals. Our services help other factoring brokers capitalize on commissions that might otherwise be lost.

If you have a prospective transaction that you cannot find a funder then contact us at FactorFinders.com. We’ll find the factor for you and split commissions 50-50.

Speak Your Mind

*