I have noticed recently a spate of financial services firms advertising and promoting new services that relate to ‘trade fair assistance services’. Firms that offer finance company setup and tax efficiency services should be very knowledgeable in their own industry. When this crosses over to ‘trading assistance and trade fair assistance’, be very wary.

These two industries are very different and just because a financial consultancy company operates in a certain geographical area, this does not necessarily make them experienced and knowledgeable in other industries. This is especially true when talking about technical solutions to trading and manufacturing issues.

Here is an excerpt from a case study I received in my mail box recently from a Financial Services Company:

CLIENT: A European based apparel importer and distributor who designs and sells high-quality clothing products to Europe, United States, and Japan.

PROBLEM: Our client struggled to source a niche product from a cost effective and high-quality supplier in China.

SOLUTION: Following detailed research into the client’s sourcing problem, XXX advised them to attend the Guangzhou Canton Fair, the largest trade exhibition in China where thousands of textile, fabric and garment suppliers can be found in one place. Before attending the fair, we arranged accommodation and transportation for the client and met with them to advise on local negotiating and trade fair customs. We also accompanied them throughout the fair and provided on-site assistance to overcome linguistic and cultural barriers.

Within the first 3 hours of attending the fair, the client sourced over 20 viable suppliers and was satisfied that they could evaluate, compare and sort out a great number of vendors in a time efficient manner. Being able to have face to face interaction with the right contact person, obtain product samples and negotiate prices all at the same time proved to be a successful solution to a problem that had previously caused delays in terms of time and money. Attending the right fair furthermore allowed the client to obtain more market insight and have a better understanding of the current position of their business in this region

I am confident that it cost this client a lot of money to have this financial service company attend this event with them. This company offered paid advice to a large international supplier of apparel to attend the Canton fair, a worldwide, internationally known yearly event that most markets know exists. It is clear to say going to the Canton/HK fair is very useful and allows you to meet face to face with suppliers and manufacturers. You are likely to meet many suppliers in your industry all offering similar items. It may be daunting as a first time visitor but seeking assistance and support for this should be provided by a trading company/consultancy as they can better serve your needs and requirements.

So what did this financial services company really do for their client in the way of trade fair assistance?

…met with them to advise on local negotiating and trade fair customs” and “We also accompanied them throughout the fair and provided on-site assistance to overcome linguistic and cultural barriers.

Most suppliers and manufacturers speak a basic English and are at this fair because of you, the client. They are there to accommodate you and make it easy for you to order. This is an annual, internationally renowned event where it is attended by people from almost every country on earth. People are specifically tolerant of each other’s religions and cultures. That being said, any visitor may need this to make them feel comfortable and help them meet their mandate.

…the client sourced over 20 viable suppliers and was satisfied that they could evaluate, compare and sort out a great number of vendors in a time efficient manner.”

As expected at a trade fair the client met lots of suppliers, however was then left to vet all the suppliers themselves and work out which ones were better than others and who could address their specific issue with no input from the financial services company at all! Surely they are just as likely to have been exposed to more mediocre suppliers that could easily have had the same industry problem and difficulty with whatever it was that they were looking to solve in the first place! How has this helped or assisted the client in any way?

This client would have been better supported and served if it had approached a good trade consultancy instead. This way the manufacturing issue and problem the client was facing would have been addressed as the focus point.

The financial services company could have better supported its client by looking at really why they had contracted them in the first place. However, this is not for the financial services company to know how to properly serve their client in this respect as it is simply not their industry.


Want more? Check out Part Two!

You might want to check out who needs trade fair assistance services.

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