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Tradeshow Quick Tips for Exhibiting in a Challenging Economy
By admin | December 8, 2008
Top 5 Reasons to Exhibit Now
Quick Tips for Exhibiting in a Challenging Economy
Trade shows serve as valuable sales and marketing vehicles to generate busi¬ness through qualified leads and build brand awareness and relationships. Recent data from the Center for Exhibition Industry Research (CEIR) indicates the total cost of closing a sale without trade show participation averages $1,140 compared to $705 for a show generated lead.
An economic downturn provides an opportunity for companies to look at their marketing programs holistically. This process may reveal that cutting all trade shows from the budget is not the best way to reduce spending. Instead, by implementing a focused methodology companies can achieve greater results and a better ROI.
“With shrinking budgets and an uncertain economy, executives may be inclined to limit or eliminate their trade show program.” said Rob Murphy, chief market¬ing officer, MC2.
MC2 has developed this complimentary guide to help marketing executives jus¬tify their continued investment in trade show programs. The guide offers top reasons to exhibit and how to maximize trade show participation in an uncer¬tain economy.
1. Efficient Use of Time
Trade shows are one of the most efficient methods of marketing. It is an opportunity to connect with a lot of customers and specifiers in a short amount of time–in one location. After all, trade shows are about people connecting with people, brands, information and business solutions—under one roof. This focus translates into efficiency of time and effort, and therefore, dollars.
2. More Focused and Isolated Leads
During an uncertain economy, budgets may tighten, but the need for new products and services does not necessarily stop. People attend¬ing trade shows are serious about doing business; by not being pres¬ent companies risk missed business opportunities. Also, there are trade shows that are very targeted and specific so you know exactly who will be at the show and on the floor. Think in terms of the quality not quantity of the trade shows in your program.
3. Effective Use of Marketing Dollars
Few marketing activities show a clear ROI. Trade show impressions, contacts, leads and sales are measurable results that have an actual value. Overall costs are easily computed.
When reporting results to upper management and boards of direc¬tors, ROI is not a luxury—it is essential.
4. Bold and Unique Advertising Channel with Minimal Risk
A different course to take is to exhibit at a vertical trade show, which allows your brand to connect with a specific audience with¬out the distraction of your competitors. Since you can qualify with the number of leads collected at the show, this can be a good investment.
For example, a high-end auto brand exhibited at the Consumer Electronics Show, which put this luxury vehicle in front of a huge, affluent audience.
5. Greater Risk in Being Absent
Consider the long-term effect of not exhibiting at trade shows. Especially in a bad economy, being absent from key shows instant¬ly makes you a non-player in the field and puts your competitors top of mind with customers.
However, simply showing up is not enough. You have to plan how you will attract new leads at the show and how you will follow up with them for effective results.
What You Can Do Now for Better Results
While it is important to continue participating at trade shows, simply showing up is not enough. Very few companies measure their trade show participation. With measurement motives in place you can fine tune your program—which is a lot easier to do in advance of the show—for better return on your marketing spend.
• Before you reduce the number of trade shows from your budget, quantify and qualify your investment. Why are we cutting our trade show schedule? Why are we not benefiting from our trade show participation? What are we not doing right?
• Establish a process for following up with sales leads to get the most out of your trade show experience. Are you using all the necessary tools to measure and weigh results properly? Are you gathering and analyzing the right information?
• Engage staff and clearly communicate your company’s strategy to ensure everyone is on the same page. Do you mandate staff training in order to run a well choreographed, efficient show?
• Consider the architecture of your exhibit to enhance each visitors experience with your company and its brand. Are you using or incorporating rental property in your exhibit? Is your booth design consistent with your branding and messaging platforms?
MC2 specializes in design, production and management of integrated marketing programs including events, exhibits, permanent and mobile environments and executive brief¬ing centers. MC2 has 10 locations throughout the United States and alliances around the world.
Visit Hereschicago.com for a complete guide to Chicago Tradeshow Suppliers, Chicago Exhibit builders, Chicago Convention Suppliers and Chicago Event Planners.
Topics: Chicago Conference Centers, Chicago Convention Centers, Chicago Meeting and Event Services |
