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Offer a Win-Win Deal
While you may be tempted to reap more than you sow, attracting sponsorships requires a deal that is equally profitable for both parties. Money still doesn’t grow on trees, else you would have plenty of your own. Alas, they don’t and that is why you need sponsors! You need to provide them value for money. Tell your sponsors how the business transaction will help them garner more consumer exposure in the market.

Attract the Right Sponsors
If you are constantly being shown the door by all the sponsors you have approached so far, think again. Maybe you are approaching those sponsors who have nothing to do with absolutely anything that your event is about. All companies want to reach the maximum target market they can through your event. If you are trying to allure the wrong sponsors, you are not going to come back with a wad of cash in your hand. They will not even bother to tell you why you did not manage to get any sponsorship from them. If you are organizing a sophisticated business event, such as a trade show, you may try high-end automobile companies, business hotels, airlines and other industries that cater to business professionals and mainly concentrate on them as their target customers.

It’s in the Details
Present a clear and fair picture to your sponsors. You need to mention every detail regarding the event, expected outcome and what’s in it for the sponsors if they invest. Doing it right will ensure that you build a reputation for your company too. This is really advantageous in the long run and will make it easier for you, in future, to attract sponsorships. Being certain of your plans will help the sponsor show more faith in you. Here is a tip for you, draft a SWOT analysis for assistance for your sponsors. Also, exhibiting your USP will work in your favor. You must include all these aspects in your sponsorship proposal template.

Presentation Skills
Do remember that it is all about your brand image. It is another thing to sell a product that has not even been produced in the present. Your event is to take place at a future date. What you need is to be able to convince your prospective sponsors that it will be a hit with the attendees, and sponsoring it will be a smart investment for them with long-term benefits. To ensure this, you need good presentation skills to secure the confidence of your sponsors. Word of advice, never lose faith in the success of your event and always exude confidence. Read the rest of this entry »

First of all you need to remember that there are no surefire ways to come up with a successful name. More importantly, the name will only be a success if your products and services score well on quality and your sales are soaring. There are many examples of companies with ordinary or even lousy names that are faring well in the market. Similarly there are instances of companies with unique and well-thought names, which are not successful or down in the dumps.

Ways to Come up with Catchy Business Name

Every company name has a unique thought process that goes into the making of the name. The company name is often the brainchild of the company owner or creator and can be any name that the creator finds interesting and thinks is appropriate for the company. Here are some of the ways that people have used to come up with their business name.

Unique Words:

There are several company names which are unique words that are not necessarily related directly to the business arena or the profession.

Common Examples: Adobe, Apple, Amazon.

Keywords:

Some business names make use of words which directly give an idea about the business.

Common Examples: Pizza hut, Burger King,

Owner’s Name:

Several popular Businessmen have used their own name or in general any other names for their business.
Common Examples: Mercedes, Boeing, Cadillac, Chevrolet, Ferrari, Kawasaki, Kroger, Akai, Black and Decker, Tommy Hilfiger, Nestle

Acronyms:

Some business names make use of acronyms or short forms of one or several words. Read the rest of this entry »

The Envelope
A, B and C are 3 people who are bidding for an envelope. They were told that the envelope contains money. Finally, after observing, the envelope A, B and C bid, $10, $50, and $1, respectively. B won the auction as he was the highest bidder, and he opened the envelope just to realize that it contained a $1 bill! You can easily calculate the loss that B made, he was a victim of the winner’s curse.

The Coin
A, B and C went for another auction. This time a very old coin was up for grabs. Once they were done observing the coin, they were asked to bid. This time, A and C bid $50 and $100 respectively, but B bid $500! The coin now belonged to B. A and C were sure that B was a victim of the winner’s curse once again, but they did not know that B had contacts in an antique market outside the country, where the coin would fetch over $2000!

The Explanation

The first example clearly depicts the winner’s curse in a common value auction where the bidders have incomplete information, while the second case shows how the winner’s curse can be avoided if you possess complete information. You can easily infer from the above examples that, you can avoid winner’s curse if you have complete information about the valuation of the good being auctioned.

One thing that you should remember is, the value of a particular good is very subjective. Something that is priceless for you may be worthless for someone else. When your bid is driven by emotion rather than the need for monetary gains, you are immune to the winner’s curse! Thus, private value auctions are not affected by winner’s curse.

A way to avoid the winner’s curse even in the state of incomplete information, is to bid less than the value that you estimate (this technique is often used by intelligent bidders all over the world). By using this method, you reduce the chance of overestimating. It is also believed that the probability of overestimation increases with the number of the bidders, as, if one bidder overestimates, the others tend to follow.

Internal Communication
Internal communication is the type of communication in which interaction takes place within a corporate house. There are formal as well as informal channels of internal communication. Upward communication, downward communication and horizontal communication are considered to the the major types of internal communication.

Upward communication
In upward communication, the information is passed on from the junior level employees to the management of the company. This enables the employees to participate in the company’s business and policies and give their valuable inputs. This kind of communication can help the employees gain confidence, and understand the functioning of the organization better.

Downward Communication
On the contrary, in downward communication, the flow of information is from the top level management to the subordinates. This type of communication enables the organization benefit from the managerial expertize and experience of the top level management. However, the management should make sure that downward communication does not take away the employees freedom of expressing their views on certain aspects. So, giving some powers to the employees in spite of having downward communication is essential for growth of the organization.

Horizontal Communication
In the case of horizontal communication, we see an interaction and collaboration between people employed at the similar posts or communication between to departments or sections. This helps them get their queries solved and gain knowledge from their colleagues. Interaction between workers must be promoted by the top management for exchange of ideas and new concepts.

Before deciding upon the theme, you need to consider the following points:
•Budget of the client
•Total area to be used
•Product(s) to be advertised
•Target group
•The flexibility required in terms of themes and designs (This is useful when the exhibition or trade fair is held in different cities and therefore, would require portable displays.)
Planning for exhibit booth themes will require you to consider many elements to make the booth look as attractive as possible and also establish a connection between the company and the consumer. You can begin by thinking about the logo. A stand-alone board can be a useful addition that displays the logo on the board. The logo can be used creatively and repeatedly in the booth to establish the brand image. You can incorporate the logo on the clothing of the company representatives. The tablecloths placed on the table and the banners used can all display the logo. A logo-based theme will thus help to impress the name of the company on the minds of the viewers.

Color-coding can be used to successfully brand any company or product. Company representatives can wear clothing with colors used in the product or company logo. Similar colored jackets or even shirts are a good way of creating a unity and harmony in design. This can be matched with matching boards and displays in the booth. A simple idea such as balloons can also help to make an exhibit booth look interesting. The colors of the balloons can be chosen accordingly and this is bound to attract visitors.

You can even plan to have international themes for the trade show exhibit booths. This will also depend upon the product to be advertised. You can create a scene of an international location to attract many visitors to the booth. A beautiful set that is based on Italy such as a Venice scene with a gondola will only add to the beauty of the setting and attract visitors to take a look at the product being advertised.

Another option would be to plan an entire theme for the exhibition with innovative structures for the booth. Hollywood is one such popular theme. This can include the lights, posters or cutouts, the red carpet and even the famous Hollywood sidewalk for the flooring. Each booth can then be planned accordingly and can incorporate many such ideas based completely on Hollywood. The booths can include movie set props. Such themes are particularly useful to transform any ordinary area into a beautiful and lavish setting!

Is the product known locally and is competing with well-known brands? Well, then the booths can be given a local flavor in terms of design. If there is a festive occasion, it can be incorporated in the design along with important elements from that particular area. Using slogans in the local language or creating an atmosphere where locals can easily connect and identify with the brand, helps in brand promotion. Using such locally-relevant themes can also help to launch new products and make these acceptable amongst the people. Read the rest of this entry »