There are reasons why 125 million people attend trade shows and marketing events annually, and why over 100 billion dollars are invested by those who market using such shows.* Many business-to-business marketers believe that trade shows are one of the most cost effective ways of reaching their audience. The Small Business Administration (SBA) states that closing a sale or lead generated at an event can be about 50% less expensive than using other marketing or advertising methods.
44% of all companies who do event or trade show marketing have under 50 employees. According to the SBA, among the advantages to event marketing is the fact that large, medium and small companies have a more level playing field. So don’t think that trade shows are only for ‘the big boys.’ Smaller firms with a good strategy and execution can grab market share via event marketing.
But these pluses and advantage statements also come with caveats.
Proper preparation pays! Poor or no planning for a trade show can cost you. So part of the secret is having a good pre-show, at-show and post-show strategy. Some studies indicate that some 75% of attendees you attract will have planned to see you before the show. This means you have to be well organized and reach out to the maximum number of your target audience, as cost effectively as possible.
The SBA further suggests that mailers, emails and telephone contact strategies are among the proven ways to generate pre-show contacts who become your clients or who continue to be your clients. Besides your own personal contacts and your firm’s lists, using others to contact for you can be a dynamic way to grow your outreach and success. An analogy can be the seasonal help a retailer hires to handle heavier crowds, or the added advertising a retailer uses to boost traffic to their mall location on Black Friday.
Having personally done successful trade show and event marketing for myself and/or for others going back to the 1980s, I would add many thoughts to these tips from the SBA and Answers.com sources noted. Among those tips and bullet points:
1) While 75% of clients who visit your booth, seminar or display at a trade show come from pre-show outreaches, don’t ignore the value of the 25% who you can attract at the show.
2) You have 7-10 seconds to attract the attention of someone walking past at a trade show. Think about a billboard on an Interstate Highway. You have to grab the passers’ by attention in seconds, or you will miss out on prospective clients.
3) Have a booth strategy, promotions, layout and staffing levels that make sense. It is as bad to have too many people in your booth as it is too few.
4) Get qualified leads, not just names.
5) Learn to ID the serious and more immediate prospect, while not ignoring the client you can develop long term.
6) You have two big reasons to do business-to-business outreach via a trade show. There is an offensive show strategy and a defensive strategy, too. On the one hand, you want to grow your own customer or client base via show attendance. But you also want to defend the clients you already have now! To rephrase the point, NOT going as an exhibitor to an event like the 2011 Louisville Manufactured Housing Show is an invitation for someone else to lure away YOUR customers!
For a manufacturer, going to a show and displaying one or more model homes is a sizable investment. But when you think about the cost of not going, the possible lost business or the possible loss of a client to other firms, the best strategy would be to a) go and b) ensure the maximum turn-out at your show home(s).
We will be providing a webinar on trade show marketing tips and strategies on Thursday 12/16/2010. You can sign up in seconds, and in about 45 minutes of “lunch and learn” time at your desk or smart phone, find out how to make YOUR event marketing experience a very profitable one!
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* Source: answers.com
