Trade shows target specific industries and people who are interested or involved in those industries. They exhibit a great way of advertising and brand awareness, among other benefits.
The exhibitions are usually open to a large and diverse range of stakeholders and public audience. This offers a platform for promoting services or products to a broader group that may not know or have a little knowledge about a company.
Now, depending on the type of industry you are in, market testing can sometimes happen during an exhibition or trade show to show a new group of clientele how your products work. This helps you gain an opinion about what you are putting out there.
Being involved in a successful tradeshow will provide you with limitless opportunities to branch your business out to new markets and create an entirely new customer base that will translate into sales and profits in the future.
Why are trade shows important?
Well, to answer this, we have to talk about the benefits of trade shows. Not everyone realizes that attending trade shows as an exhibitor is an important part of business marketing. Trade Shows are multimillion-dollar events where small businesses try to get their foot into the market.
Traditionally, trade shows have been a trendy way of marketing. With advances in internet technology, social media, and other outlets such as video conferencing, Google hangouts, and webinars. You may wonder whether trade shows are still essential.
Well, trade shows are still in fact booming, and most of them receive thousands of visitors each year. They mainly provide a wide variety of options for interacting with businesses. They also provide an avenue where customers can learn more about the different companies they support or are interested in working with.
That’s not all. At a trade show, different businesses interact with each other and learn from one another. You can learn so much from your competitor when you are close as compared to watching and following them online.
You also get to interact with other experts in the field you are working in, and you can understand more about the industry from them and what to expect on your journey towards success.
Here are a few reasons why trade shows are essential
Trade shows offer an important platform for marketing your goods and services and selling your products to customers. Although marketing provides a way of directing clients to your store, most of them can be directed from the trade show floor.
The funnel from the first time a customer visits your booth to when they actually purchase products is also made shorter, as you have actually been able to have the initial consultation right then and there. Rather than making an appointment to see each other at the office.
Trade shows will generate some leads that you can follow up to make a sale. If this doesn’t happen, making connections at the fair is good enough for any small upcoming business.
They Help In Establishing A Rapport
Now, as we have said above, one of the benefits of trade shows is creating sales or lead generation. Regardless of whether a sale results from the fair or not is necessary because, in the end, you will have established some good relationships with different people.
When it’s time for marketing, you will always be fighting your competition, and most business-to-business companies compete with each other.
Trade Shows allow you to check out the competition and even develop a rapport with them. You never know; you could end up by working together with them on an upcoming project.
Orders And Negotiations
Trade shows will bring in different aspects of your industry. This can include distributors, consumers, manufacturers and suppliers, all under one roof. There is also a broad audience in the same place.
This is the perfect recipe for orders and negotiations. You will be able to schedule meetings, negotiate orders with potential companies and gain opportunities to collaborate while expanding into new projects and business areas.
The benefits of trade shows are that you should leave the booth better than you came in, which is one way of doing it. Please do not take it for granted. Work for the crowd, and you may just end up with a big business deal that will completely change your business.
We probably have mentioned this as one of the benefits of trade shows before, but it cannot be over-emphasized enough. Trade shows provide you with the perfect opportunity to network.
This is one of the primary reasons why trade shows were created. Businesses can meet other businesses and business leaders. These leaders have the potential to take things a notch higher in your company or product.
Never underestimate the benefits of networking. Even if an order doesn’t result from the connection immediately, be assured that a business deal may happen between the two connecting companies in the future, leading to big profits.
So, keep networking as much as possible.
Trade shows provide businesses with ways of growing their brand and building awareness, which is a primary benefit of trade shows. In fact, this is one of the only reasons why most companies will decide to participate in a trade show.
They will give your company a way of getting your brand in front of the customers, whether they come to the show as attendees or exhibitors.
It helps the visitors connect with your brand. The setup of your booth will help decide how the visitors will see your product or business. When you have a swarm of visitors because they recognize your product and know who you are, you can safely say that your current marketing activities have greatly created brand awareness for your firm.
Now, if you find yourself unable to connect, there are a few things you can do, such as;
- Wearing the company attire.
- Host training sessions for your company’s products and services.
- Sponsoring the organization by hosting events and raffles.
Return on Your Investment
Trade shows will cost money, and it can be hard to justify this budget to your company’s management unless they learn how this investment will bring in a return. Unfortunately, most marketing tactics tend to take away more than they bring in.
In a sea of inconsistencies, event managers will offer just a little information on how the company will likely receive a return on its investment.
On the other hand, understanding the statistics behind trade show benefits can help the company understand how the ROI will come in.
When the company invests money in a booth for a trade show, they are looking for quick rewards that may not come instantly. If this happens, they feel that they wasted their money.
Trade shows usually are geared towards targeting the right customers interested in your products. According to research, more than 70% of customers said they are most likely to invest in a company that participated in a trade show.
So, even though the investment returns are not instant, with time, you will start to notice a rise in the sales figures, which means that the profits will rise as well.
Another significant benefit of trade shows is that they will give your company and your employees time. This time can be used to learn more about other companies or from the other professionals present at the trade show.
Most of them include free seminars for everyone to join, and in these sessions, the best from the industry will provide the required information that can lead your team to collaboration.
This is the perfect opportunity to be educated on what you should do and not do when conducting your business.
You also get to hear the kind of mistakes the best in the industry have made so you can avoid such mistakes on your journey to the top. Be sure to learn as much as possible and implement it in your company for excellent and maximum results.
Trade shows are the same as conferences, and as we have mentioned above, you will have free seminars.
Now, additionally, there are usually trainers at a trade show to train you on things you may not know. It is a great opportunity to assemble a learning environment filled with people who hunger for knowledge in their specified fields.
Most trade shows will have prepared a learning environment in advance and even organized the trainers to participate in the events. This is a great way to keep people informed of the new things in the industry while getting certifications for what they have learned.
It would be best if you rallied all of your employees to get this learning experience as well.
Trade shows offer the best research environment for your business, which helps you stay ahead of the competition. It is the perfect place for testing the ground for new processes, ideas, products, and services.
You can easily do quick market surveillance on the competition and see what they are doing right or wrong. This also offers an opportunity to see what they are focusing on and planning on launching in the next couple of months.
Market research can also be done during the trade show, which will expose the weaknesses in the business and loopholes that need to be filled or rectified.
This is really one of the most important benefits of trade shows. Most trade shows have an average of 5,000+ visitors, which is essentially what you want.
You want more, but five thousand is a great place to start. Attending trade shows for the customers offers them an opportunity to learn new things about different companies and opens the business up to new possibilities.
The larger the crowd, the better, and if you are planning a trade show, ensure that you have done as much marketing as possible to ensure your sales figures go up.
Risks of Trade Shows
Well, it’s not always rosy when it comes to trade shows. As a business planning on being part of a trade show, don’t only look at the benefits of trade shows and forget to look at the other side of the coin.
The risks involved with trade shows include the following;
- Trade shows usually require a lot of planning time, almost a year of planning.
- They are pretty costly.
- The displays may not be as good as you want them to be, which means another company may outshine you.
- They provide a lot of competition, so you must bring your “A” game or come out with nothing.
Now, choosing the wrong trade show to showcase your business can also be a big disaster, as you may end up without any customers. The poor promotion also means that the costs will be incurred and nothing will come back.
How do you decide to attend?
Attending trade shows will be worthwhile if you find yourself in the following situations;
- When you have enough funds to cover the show and all other associated costs.
- When you have worked out that, you will receive plenty of clients and prospects from the trade show and a return on your investment.
- When you are confident that the contacts will surely attend.
- When you have worked out a way of capturing people’s attention.
- When you have sufficient product knowledge.
It’s in the name! Everything Tradeshows is your one-stop shop for all things trade shows, including booth purchases, booth rentals, and complete brand management services. Ready to get started? Have questions? Get in touch by calling us at (954) 791-8882 or by filling out the form below. We can’t wait to hear from you!