Are Trade Shows Worth the Investment for Small Businesses?
Many people who are running a one-man show or small business believe that exhibiting at a trade show is out of their league for a number of reasons that are usually financial. Large companies have large marketing departments with large budgets so many small companies feel they can’t compete, or they just can’t afford a trade show booth in the fist place. Some just don’t know how to design, transport, and assemble a booth or how to work a trade show.
Renting space on the trade show floor can be expensive, but even if you’re just starting your business or running a small company, the expense can be worth it. Let’s take a look at some of the reasons why:
1. Gain Competitive Intelligence
As an entrepreneur running a small company, it is very important know how you are doing in comparison to your competitors. At a trade show, it’s easy to gather hands-on competitive intelligence. Take advantage of the incredible opportunity to see your competitors in action. The best thing to do is to walk the trade show at the very beginning, before exhibitors get to know each other, and ask as many questions as you possibly can.
A simple walk around the exhibit hall gives you a synopsis of your market that includes literature on suppliers and distributors in your targeted and unique field. It also provides you with new marketing concepts, and more coffee mugs, pens, and free candy than you’ll ever need. Plus, you can add yourself to mailing lists, participate in market surveys, and earn complimentary subscriptions to a handful of journals.
3. Meet Your Customers Face to Face
At a trade show; you get the opportunity to introduce your product or service to the most qualified buyers. The people who have gone through the trouble of attending the show are genuinely interested in your type of business. You also get to meet current and potential customers, receive valuable feedback, and get a feel for how your product or service is perceived, how well you’re really performing, and how you can improve to be more appealing to and useful for your customers.
4. Meet the Press
Trade Shows are a great place to meet with people from your industry’s trade press. Media outlets often attend trade show events,what a great opportunity to speak one-on-one with key media players in your industry. Trade shows are also a great opportunity to connect with distributors, wholesalers, brokers, and others in your distribution channel.
5. Generate Leads
This is actually the meat of attending a trade show – creating a follow-up mailing list. This is what could (and should) potentially bring returns on the major investment you made by attending the trade show. Whether you collect business cards, write names down on a piece of paper, or use more modern trade show technology such as scanning people’s tags, you must build your mailing list and actually follow up immediately after the show is over, while your marketing effort is still fresh in people’s minds.
It really makes a good second impression if you follow up promptly, whether by making a quick a call or sending additional literature and information. Your handling of requests for additional information will show potential clients you value their time and provide quality customer service.
6. Sell, Sell, Sell!
You can also sell your product or service, right there on the spot. Just make sure you have everything you need to do so in place. Plan ahead for serious business. Most people who come to your booth with grab a handful of free snacks and a promotional pen, cherry pick your printed materials and move on to the next booth. But every once in awhile, a serious buyer will come along. Plan a place to talk to these individuals at length, and be ready to close the transaction right then and there.
Need more tips and tricks for getting the most out of your trade show experience? Pamela Finnesand, The Business Maximizer can assist you! Schedule your complimentary Business Breakthrough Strategy Session today.
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