Trade shows: make them work in tough times
We may be officially out of recession, but this is still a challenging economy. Trade shows can be expensive to exhibit at – but they are nevertheless key marketing opportunities which played right, can reap good rewards without breaking the bank.
Choose the right shows
The shows you pick to go to are critical. You need to target events which attract a large number of people interested in your products and services. Do lots of research and scrutinise each potential show with fastidious care. Will this show introduce you to an audience that’s going to buy? When there’s lots of cash around, exhibiting at trade fairs outside of your industry can bring in new business, but in difficult times, it might be wise to go for a sure-fire hit.
Low-cost self-promotion
At a basic level, trade fairs are a numbers game. You need to attract a certain number of potential buyers to your stand to convert into an acceptable percentage of high-quality leads. The way to crack this is strategic pre-show promotion. This includes email marketing campaigns, promoting the trade fair you’re going to on your website and blog, and using your sales force to spread the work via your existing customer base.
Brand new
The vast majority of attendees come to a trade show to see what’s on offer that’s new. Go out of your way to not just meet, but surpass attendee expectations by focusing on your latest products or services. If you don’t have anything new, present what you do have in a new way. Often highlighting features and usability can enhance an established product’s appeal.
Goody bags
Promotional goodies can eat a big hole in your budget – so make sure you get the most of them. For a freebie to be really effective, it needs to be something your target customer will really want to keep and use – particularly when you want them to be thinking about you. For instance, information products such as note pads or paper bags with your company name on them are cheap to produce but offer real value to your potential customers.
Network, network, network
You might want to head straight back to the hotel after a long day at a trade fair, but after show parties, drinks in the bar and trips out to dinner can really help to nurture lucrative business relationships. Don’t forget that people prefer to do business with people they like and trust – and this is a great way for people to get to know you. Ensure that any staff working for you are well-briefed on social protocol at networking events – it’s best to lay off the alcohol, even if it is free.
Be competitive
Any staff working on your trade fair stall should have their own specific and quantifiable goals for which they are accountable. Introduce incentives and tangible rewards for good work to help push your team towards more profitable levels of performance. It’s important to remember that a trade show is a high-pressure environment and effort needs to be rewarded. Use pre- and post-show meetings on a daily basis to raise morale, recognise and address any problems, take action on high priority leads, and fine-tune overall performance.
Follow up
The hours and days straight after the show give you a great opportunity to rake in multiple sales. It is essential to have a follow-up trade show plan laying out what you’ll do after the show and who’s responsible for doing what – accountability helps to ensure results. Rank leads according to which are the mostly likely to develop into sales – hot leads require immediate action, but warm and cold leads need follow-up too. Relationships often need work before they can develop their full potential.
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