Doing Market Research at a Tradeshow

I've just attended the 35th Winter Fancy Food show, one of the best places to find trend data for the cost of getting into the tradeshow. (The cost for the Fancy Food show was $35).

When you plan to do market research, create a plan before you go. Think about the questions for which you need answers. Write them out, and be sure they are open-ended, not questions which can be answered with a yes or no. Top up your business cards.
When you're at the tradeshow, don't forget to grab all the information you can find. At the Fancy Food show, I was able to get several copies of industry trade magazines, a newspaper, and sign up for an electronic newsletter when I got back to my office.

Most importantly, never break the cardinal rule: Do Not get in the way of a potential sale! Wait until the booth is not busy. If, while you are talking to the person, a prospect approaches, step aside. You can quickly ask if you can call them later, trade business cards and move on.

Between talking to various conversations, take a moment to make notes about what you learned so it's fresh. Then, when you get back to your office, fill your notes in so you don't forget anything.

San Francisco Fancy Food Show

I just attended the Fancy Food Show in San Francisco. I spoke with many entrepreneurs, just brief conversations. Here are some of them:

• Leah of Mrs. A's Famous Salsa Buena, a teacher, who was encouraged to start her company by her high school class.


• Hattem, who is bringing the U.S. the healthful and delicious fava bean


• Mathieu, co-founder of Alter Eco, which makes an amazing (one of my personal Best in Show choices!) Dark Quinoa chocolate bar. (Quinoa is pronounced "keen-wah".)


• Geline of Italian Heritage Foods, who's title on her business card is "Mamma" (love that), is introducing amazingly delicious frozen Italian crepes.


• Kari, of Kari's Malva Pudding - an incrediby delicious South African dessert, and Nelson Mandela's favorite.

Watch this space for their stories, as well as information on food trends.

Facebook Strong: College-Aged Still Love It

A few days ago, I had a discussion with a colleague who has an 8-year-old daughter -- just a few years away from being a tween. We were talking about what age groups like Facebook, and which still like MySpace. Yesterday, this study popped up in my email box (how does that happen?!?).

Facebook Only Social Network That Matters Among College Students
(may load slow, but worth the 20-second wait)

The OTHER Social Media Sites

I taught the first class of the four-week Start your Own Business class at the Ren. Center. Great class, really looking forward to seeing how everyone develops their business ideas.

Next week we'll be talking about how to find where your customers hang out. One area I want to bring up is that there are lots of social media sites BEYOND Facebook.

For example, I like to cook every now and again. Foodbuzz is a social media site focusing on - yep - foodies. I cruised on over to that site when I'm in creative cooking mode. Another site I just heard about is Tip'd, "a community for financial news, ideas, and tips." I'll be checking that out too.

These sites don't have the same overall traffic as Facebook or MySpace. But what they do have is users highly interested in food or finance. If that's your market, that's where you want to be, above being on general social media sites. They also provide an inexpensive, powerful way to increase your understanding of your customers.

Go find your social media sites. Then let us know where you like to hang out.

Lululemon: Learning thru Downward Dog

I like to use stories that illustrate the techniques I teach at the Renaissance Entrepreneurship Center. Fast Company published an article about Lululemon. One particular bit was great for highlighting the importance of getting out from behind your computer when you're doing research for a business start-up:

As much as a year before it opens in a new market, it sends missionaries to attend every yoga and exercise class they can find, sniffing out and befriending the most influential instructors.

That kind of research allows Lululemon to really understand its partners - yoga instructors - who then help them understand what the company's core local customers - yoga students - want in yoga gear.