Hidden Art Forum 2010, UBS
Wednesday 16 June
9:30am – 6:00pm
UBS Investment Bank
1 Finsbury Avenue
Bishopsgate
London, EC2M 2PP
Hidden Art Annual Forum –“Innovation in a Recession”
New!-Helping Creative Businesses to Take Advantage of Opportunities
Not content with merely surviving a recession, the Hidden Art Innovation in a Recession Forum focussed on providing strategies and tools for design businesses to thrive as the global economy struggles back to its feet. Featuring a host of industry professionals, the 11th Forum gave an informed voice on developing work to secure new sales.
Summary of the day delivered by the Chair Guy Beggs
Selling
- Know your buyer, do your research so you can pitch to people who are right for you.
- Have a Unique Selling Point (USP)
- Be consistent in your approach to all customers
- Don’t follow short-term High St fashion
- Consider: originality, green issues, and being good to work with
- Stay lean and flexible, minimize costs, expand customer base, consider commissions
- Would you buy it? What customer are you after?
- A story behind an idea sells!
- Be sure you can deliver on time. Have backup in case of being let down by a manufacturer
- Calculate all costs, be realistic and don’t forget VAT.
- Value your retailer, don’t sell the same product to someone else for less, especially if it is just around the corner!
- Retailers are always looking for what might be missing from their range, so do your research and be opportunistic.
- Have a good E presence and make sure you maximize coverage through shows, design websites etc
Collaboration
- Turn ideas into action with help
- Develop your own toolkit and be clear about what you bring to the table, remember an equal shares approach to partnerships avoids tears
- Respect, support, openness, organization and generosity make for successful collaborations
- Look to one-to-one collaborations as well as with larger groups
- Look at web based collaborations through e.g. Google’s MindMeister, Twiddla, Stixy etc,
- Set up a blog, use twitter
- Consider collaboration with a large company, you sell for less but are free to concentrate on design
- Look at collaborations with a design agency and a retailer, showrooms, galleries, museums or large exhibitions
- Get on top of Intellectual Property issues, look up ACID ( Anti Copying in Design)
- Look into mentoring. This can help develop clarity of purpose, marketing awareness, better business management, new product development etc
Product Development
- Define your business Creativity sells
- Risks bring rewards, big risks can bring big rewards
- Add value by design
- An innovative approach to product development can come from unexpected quarters or simply out of life experience
- Be innovative in systems, process and materials
- Aim high but don’t forget core business
- Brand association can affect perceived value
- Consider developing a business plan
- Fantastic product but how to take it forwards: seek funding
- Obtaining finance: Business Angel or Venture Capitalist, first emotive second just £££’s so know your audience
- Prepare your strategy, have a vision
