Top 9 Reasons why you Should Participate in Tradeshows
Running a business successfully (big or small) and achieving the required traction can be a difficult task since you will have to face steep competition throughout each step of the way. If you want to strengthen your business and advance it further, it is no secret that one of the best strategies, is to regularly participate in tradeshows related to your niche.
Let’s think about this for a minute; tradeshows have been around for hundreds of years, and so we would know if they weren’t effective by now.
That said, let’s dive into a few statistics:
64% of attendees are not current customers of the businesses on display at a tradeshow. (source: Display Wizard)
82% of tradeshow attendees have buying authority.
(source: Excalibur Exhibits)
77% of executive attendees find at least one new supplier at a tradeshow.
(source: Sage World)
We could go on and on and on…
You need more info? In the following sections, we will take a look at the top 9 benefits for businesses when they take part in industry-related tradeshows.
Benefit #1: Utilize Networking Opportunity
Think about it for a minute, tradeshows are not all about sales, leads and promoting your products and services. Attending a tradeshow gives you the opportunity to interact with other businesses in your field of activity and develop partnerships. Occasions like these are rare, make the best of them.
Similarly, networking with others can help you discover marketing tools that will assist you in improving your efficiency and sales. Additionally, networking with prospective vendors will let you expand your supply chain – A win-win.
Exhibit House #1 Secret : While on the trade show floor, spy a little and check how other companies are setting up their tradeshow displays. This will help you develop ideas on how to set up your own booth for the next trade show. You will also get the chance to analyze which features of a booth are attracting more attendees.
Benefit #2: Attend Conferences/Seminars
At tradeshows you can take part in conferences and seminars to gain valuable insights into how other businesses have benefited from these corporate events, and you will also be able to ask questions about pertinent business issues.
These details can then be incorporated into how you do your business and achieve greater success. Why not become a speaker yourself? Conferences are a great tool to submit your marketing materials and affirm your expertise in your field. Creating more buzz around your business is always a great idea.
Benefit #3: Improve your Business Strategies
This is mainly done by analyzing the data (ROI) related to your participation in trade shows, such as:
- How many qualified leads were collected during the event.
- How many of these leads converted into sales.
- Out of these sales, what was the percentage of customer retention.
- Acquire knowledge on your competitors’ new products or services.
You will gather valuable information and data on your key clientele and competitors, which will help you improve your business strategies. Consider these events as perfect opportunities to improve your sales skills, business strategies, and marketing campaigns, working towards getting better results in the future.
Benefit #4: Connect with your Customers
Oftentimes, business dealings are carried out over emails or phone, but trade shows offer you the very rare occasion for a face-to-face direct meeting, with your existing as well as prospective customers. These interactions will help strengthen these relationships.
Statistics reveal that businesses achieve positive growth in their customer base when they interact directly with their customers during tradeshows, as face-to-face meetings can strongly influence decisions.
In-person business presentations that are followed-up with a query-based conversation, can assist you in easily closing the deal compared to sending several emails from the office, to share current promotional offers.
Benefit #5: Improve your Brand Image
Participation in corporate events can help you improve your brand image. If your tradeshow display is attractive and able to describe your story properly, then you can expect a good amount of footfall at your booth.
If everything is done right, you can expect positive attention from prospective clients on the tradeshow floor. We hope that you are ready for it.
Benefit #6: Examine Industry Developments
Tradeshows are the right place to announce the latest innovations and developments carried out by your business. Did you know that:
92% of attendees visit a tradeshow to learn about new and exciting products and services.
Launching a new product or service this year? – Possibly something innovative that will change the lives of your customers? Make sure that your launch plan includes your industry’s tradeshows.
But wait, there is more; by attending a trade show, you will learn about innovations your competitors are introducing within your industry. Therefore, you will get the chance to stay abreast with the new developments of your competitors and partners, keeping you on top of your game.
Benefit #7: Close the Deal
Let’s face it, the sales environment at a trade show is very different from a cold call.
In fact, research shows that:
49% of attendees plan to buy at least one of the products or services presented at the event. (source: Excalibur Exhibits)
The reason being, is that the purchase decision has already been made prior to the event. Therefore, your prospects are on the lookout for deals during these industry events.
Moreover, tradeshows are usually targeted towards a particular industry and as such, attendees taking part in the show are looking for products or services that you are offering. Thus, the chances of converting sales are quite high.
Benefit #8: Create a Lasting Impression
Tradeshows offer different options for you to interact with attendees. You can showcase promotional items, set up a contest, offer giveaways, or provide sales collateral. This way you will be able to impart a lasting impression on your customers, which will last for several months.
You may allow attendees to take part in a draw by providing their business cards or finishing a certain task on social media. These types of promotional activities will help improve engagement at your booth, and at the same time capture the contact information of attendees. The possibilities are endless.
Benefit #9: Generate Quality Leads
Trade shows are an excellent medium for generating high quality leads, since these events experience good exposure and foot traffic. Each and every attendee taking part in these industry events is a prospective lead that you can capture.
You can use QR codes that take visitors to your social media accounts, have lead generation pages that collect their contact information, or ask for business cards, which all represent great avenues for generating fresh leads.
However, you should inform your attendees that you will be contacting them right after the trade show, and diligently follow up on the leads while memories of the event are still fresh.
To conclude, we can confidently say that attending a trade show can be really beneficial for all businesses. These events can help you network with similar businesses, get you valuable insights into how to grow your business, make direct contact with prospective clients, gain industry knowledge, and generate the highest number of sales. Now, what would be your arguments NOT to participate in a tradeshow this year?
If you want more tips and suggestions on how to improve your trade show booths at your next industry event, contact us. Our team of experts will work with you so that you can establish a stronger presence at your next tradeshow