Trading or buying and selling of goods has been an old practice as far back as the ancient trading route. In recent times, trade shows have become an important form for marketing.
Attending it costs time and money especially for small businesses. Therefore, entrepreneurs need to ensure that value is gained from trade shows or exhibits, including learning and acquiring insights from successful businesses available during the event. Businesses that adapt a well thought out plan or strategy get more value for the money. Drue Townsend, guest writer of smallbizideasnow.com, provides reasons for the presence of trade shows.
Ten Reasons for Business to Have a Trade Show Display & Presence
Trade shows provide a unique opportunity to boost your business. The Center for Exhibition Industry Research (CEIR) states that seven out of 10 trade show attendees plan to buy one or more products. CEIR also found that 72 percent of trade show visitors say the show influenced their buying decision.
Need more reasons why it’s important for business to have a presence at trade shows? Here are 10:
1. Potential Sales Leads
According to the The Center for Exhibition Industry Research (CEIR), 40 percent of show attendees are there for the first time. Your sales force could spend huge amounts of time cold calling bad prospects, or attend an event where the leads are already there in person, with a self-identified need. There’s no two ways about it, trade shows bring fresh contacts to your company or organization.
2. Increase Awareness
The number one reason to attend a trade show is to increase awareness of your company. Most of the preceding reasons are offshoots of this goal. Increased awareness can lead to new customers, business deals, talented employees and press coverage.
3. Make Connections
You might not need a marketing firm, lawyer or distributor who specializes in your industry today, but meeting these professionals and knowing what they can offer may come in handy down the road.
4. Check out the Competitions Booths
Get a grasp of what your competitors are doing to promote their brand. Just taking a look at the competitions trade show banners and displays may allow you to devise strategies to stand out from the crowd.
5. Increase Industry Knowledge
Many trade shows also feature informational seminars or lectures from leaders in the industry. Consider the knowledge you gain as an added bonus to the cost of attending a trade show.
6. Strengthen Your Distribution Chain
The other attendees won’t just be competitors. The trade show booth next door could be your new retailer or materials supplier.
7. Make Connections for Joint Ventures and Licensing Agreements
Your future business partner could be in the trade show exhibit next door. Networking and meeting individuals with parallel goals may move your small business out of the basement and into the stock market.
8. Introduce your Product to New Markets
Your product or service could appeal to a niche market that you are not even aware exists. Trade shows provide a mix of attendees and exhibitors that you may not have come across in other market research.
9. Distribute Samples from Your Booth
Do you have the worlds best-tasting organic peanut butter? The most effective hand cream on the market? Let attendees and distributors know by passing out small samples from your trade show displays.
10. Use your Booth Space to Demonstrate Products
Your sales people may expend a lot of time and energy trying to set up face-to-face meetings with prospects to demonstrate why your product is superior. At a trade show, the potential customers flow by all day. Attract their attention to your trade show booth with a demonstration and increase awareness of your product.
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