There is a false belief that trade shows are only for big business, yet when you look closely at the actual companies attending you will find a very high percentage are small businesses. Another false belief is it’s too expensive to participate; that you need a large budget to make an effective presentation. Not only is this not true, but you will quickly see the intrinsic value a trade show will bring to you—and not just new clients.
So let’s go over a few key points as to why it’s important to attend and exhibit at trade shows, even if you are just starting your business or running a small company:
1. Learn Your Competition
As an owner of a small company, here is an opportunity to obtain competitive intelligence first hand—to assess the strengths and weaknesses of other businesses.
Take advantage of this opportunity. You will want to walk around the trade show at the very beginning before everybody gets to know everybody among exhibitors. Your objective is to ask lots of questions.
You goal is to accomplish the following:
- Grab one of those free sacks at the hall's entrance and walk around gathering as much literature as you care to carry. When you get home, you can carefully go over all the literature.
- Carefully observe how others are applying the latest marketing ideas and concepts.
- Get on the mailing lists and take part in market surveys. And don’t forget to subscribe to the free or discounted trade journals.
- And there is all that ‘free’ stuff the kids and grandkids enjoy like pens, coffee mugs, golf balls (well that’s for you,) and whatever else catches your attention.
2. What do other businesses think about your business?
As you stop at each booth, introducing yourself with only your first name, show interest in the products and services being offered. You have nothing to lose and everything to gain.
It is here you learn about your competitor’s product line and it is also an opportunity for you to learn what your competition thinks about your business. Since they don't know who you really are, they'll tell you what they really think. You may be surprised by what you learn and what is being told to potential clients.
Studies show that companies are more eager to open up and talk about their competition at a trade show than in any other situation.
Trade show analysts and experts know that investigating your completion is a primary function of these shows. It’s the most cost-effective hand-on marketing analysis that can be conducted by a business owner.
3. Talk with the Buyers
A trade show gives you the most qualified prospects and buyers. These people responded to the trade show advertising and are there because they are interested in your products and services. Real-time potential customer feedback gives you the other side of the marketing spectrum. You learn how these people see and perceive your products and services.
4. Talk with the Industry Press
Meet with people from your industry's trade press. They always attend those events and you will probably never get a better chance to speak one-on-one with the top editorial staff.
5. Talk with the Distribution Channels
Meet with distributors, wholesalers, brokers and others who are part of your business’s distribution channel.
6. Lead Generation
Here is where you want to shine by building your prospect database; gathering mailing information, email addresses, and phone numbers. This is actually the meat of attending a trade show - creating a follow up mailing list. It does not matter how you gather the information (collecting information from business cards, paper list or scanned visitor tags.)
Remember to must follow up on each prospect immediately! The quicker you follow-up on each lead, the better your odds will be in converting a prospect into a client.
It’s all about showing your prospects you provide quality customer service.
7. Sell
Finally, there is nothing wrong with making a sale at the trade show. While the primary function is marketing and making a favorable impression with follow-up calls securing the sale, you may be talking with someone who would like to purchase your product or service now.
The important point here is to make sure you are ready to do business by having everything you need to complete the sale. Plan ahead and allow for the opportunity for serious business. You will bring the obvious items like contracts, credit card forms (or wireless credit card machine,) and whatever else you require to close a sale. You should also consider finding a place to sit down with your prospective client and talk with them at length away from the people traffic in front of your booth. This can be a conference room, concession area table, spot at rear of the booth, or a scheduled meeting to be held later at your company office.
Remember! A weak "let me get back to you" attitude will lose the sale. You have to be prepared; if your prospect sees that you are not ready to close the transaction right there, on the spot they'll leave and buy from one of your competitors at the same trade show.
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