Decisions, decisions… What trade shows should my company exhibit in?
Decisions, decisions… What trade shows should my company exhibit in?
In addition to the roster of shows that companies participate in, most companies are continually reviewing their market objectives. All firms looking at new and burgeoning markets should also be investigating other industry expos and new trade shows that would fit into their sales and marketing campaigns. With so many choices, ask yourself what factors should you look into when determining your trade show exhibit participation? What information should you be distilling to help you make an educated and informed decision?
There are many good reasons to be exhibiting at a particular B2B trade show. Depending on the industry, trade shows offer direct customer interaction, entrée to potential new customers, marketing and sales opportunities and brand exposure. Often, we hear the reason to exhibit is “Because we have exhibited for so many years, if we chose NOT to exhibit one year, then our customers and other industry peers might think we are out of business”. Although not the best reason to keep a show in your Marketing program, it certainly is a valid reason. After all, the saying goes, perception is reality and no company wants their competitors and clients to think they are no longer in business.
The first question you need to ask is why are we at a specific show? Is it to sell product and take new orders? Are we there to introduce a new product or service? Are we there to promote our brand and establish goodwill and we really don’t measure the success in sales figures? Whatever your reason, an evaluation of ROI is paramount. It’s a relatively simple formula….Take all of your costs (booth space fees, display construction or rental costs and all other associated budget line items of exhibiting…. Labor, shipping, drayage, utilities, staff resources, travel and lodging costs and entertainment and promotional specialty items expenses. Now, take a look at the sales revenue directly attributed to your exhibiting at the show and include all other sales that are within reason the result of being at that show. If you spent $290,000 and have direct sales attributed to that event in the range of $1.5million, it’s an easy decision. When the results are less striking, it may result in a conundrum from which only the executive sales and marketing staff can make the right call. Keep in mind, that when the results are on the razors edge, think about the effect of your firm not being there. Few companies can overcome the perception that they are no longer viable should they take a hiatus from exhibiting.
When looking at an established event to be a first time participant, identify what you want to achieve? Exhibitors always want to know the buyer attendance figures yet focusing solely on that data can be misleading. If you are already doing so much business that you can barely keep up with your clients orders then stop reading…you are obviously at maximum production and taking on a new event will only stress your firm past capacity. For most of us, that is only wishful thinking and we must continually seek out new markets and new customers. What we really need to know is, are these attendees writing orders on the show floor or simply grazing on free swag. Does the attendee buyer base contain decision makers with purchasing power or only those staffers that will voice their opinion about future and current purchases? It’s great to launch a new product to hundreds of rave reviews yet far better to have a product launch where you sold to new clients!!!
For existing shows, the best way to analyze the event is to visit the show and have a test drive. If time does not allow you to wait until the next show, then you must call current exhibitors and talk to them. Las Vegas Expo is fortunate to have many close relationships with some of our competitors. It’s ideal to be able to call them as a resource to get their input on the show’s dynamics. If your competitors are not be willing to share this information then it is equally effective to call companies that are close enough to what you sell to gauge their experience.
Almost all events will have historical data. Although perhaps not entirely scientific empirical data, we would hope that the statistics presented are accurate and a true overview of their event participants (exhibitors, buyers and others such as presenters/speakers). Check out the shows media partners as well as supporting organizations. Picking up the phone and talking to any of these people will be helpful in getting a real world take on the event. Certainly you can’t always get a rave review, touting how the show is irreplaceable and invaluable as a tool in their marketing and sales belt. However by reaching out, if you keep hearing negative feedback and a myriad of issues and problems companies have at the particular event then Caveat emptor “Let the buyer beware;” and therefore wise to heed these cautionary tales.
For new show launches the determining criteria is different and harder to analyze. Is the show management (promoter) reputable? Is the industry association a long time legacy or a new start up and Johnny come lately trying to capitalize as a one hit wonder? If show management has other events, by all means look at that data. There is no guarantee that the numbers will correlate but there is a strong track record that will forecast what the promoter expects from the new event. Projected attendance numbers are just that…projections and not to be viewed as a given fact. If you are investigating a new event that has no experiential data and they are touting unbelievable buyer registration then do just that…do not believe the numbers. Only a suspect non professional will hammer buyer figures like a drum beat. My advice is to run far and fast away from such PT Barnum promotions. If you think you can make exhibiting work with a tight budget and grind out a few sales to cover your costs, then by all means give it a shot. If the numbers just aren’t making sense compared to your other show experiences then believe your own numbers and not that of the show organizer.
Exhibitor success cannot rely solely on the show organizer’s promotions. You must proactively premarket your participation via Social media channels, your own company website and email marketing campaigns. It is vital to try to line up appointments with preregistered buyers well in advance and with your current customers in that show’s geographic area. If the exhibition you are analyzing does not provide a preregistration list to paid in full exhibitors, that’s a red flag (like a don’t swim in the water flag at the beach). No preregistration list? Then walk away. If it feels like the promoter is hiding something or playing fast and loose with the details, my experience tells me, it will only get worse on the show floor. I have been the contractor for many successful new show launches and then sadly, a few others that were ill conceived and not really run for the benefit of the industry members but to line the coffers of the promoter.
Do the due. Take the time to perform due diligence. Research the organizer, and see their performance history. No history available doesn’t necessarily mean the 1st time show will be a bust, it just means the degree of difficulty in achieving their attendance figures will be more difficult to attain. We all want to be in on the ground floor, 1st one in the pool, an early adopter, but at what cost. You can’t sell to a mirage. So if you are not feeling the love and instead feeling hesitant then maybe you should wait for year 2 of the show.
Last but not least, ask for discounts. They are available to association supplier members normally as part of the rate schedule. However, numerous show organizers will discount booth space or give you value added benefits such as directory advertisements and website banner ads to sweeten the deal and get you to exhibit. If you don’t ask, they won’t offer. It’s not bad manners to drive a hard bargain, just savvy business negotiating technique.
Exhibiting is a large undertaking. It requires a lot of team work, logistics to make it happen and money. It behooves every firm to research potential new events thoroughly. It is imperative to continually analyze each event’s merits and pitfalls. Although none of this guarantees success, it certainly will help you cull the pretenders from your exhibit schedule and allow you to put your marketing dollars where there is the optimum ROI.
Do you have methods to analyze exhibiting decisions?
Let us know and contact Mitch Isaacs – Sales & Marketing Manager – mitch@lvexpo.com
Enlarge Image
