The recent economic downturn has made a number of companies in Australia more cautious when it comes to spending money on trade show exhibits. Budgets are getting tighter and the goal in companies all over the country becomes finding ways to do more with less.
In such environments, it can become difficult for companies to justify spending money on different costs, such as developing giveaways and handouts, spending time in the field rather than in the office, or even putting the funds together for a booth. All of these factors can easily seem not worth the time and effort they require from companies and staff. However, event planners tend to think that the time and effort required to set up exhibits at trade shows are good investments. Here's why!
1. The vast potential for returns on investments
It is a fact of business that one of the most effective ways of generating leads, conversions, and direct sales is through trade shows. They put you in front of an audience that is already interested in what you have to offer. Getting this time in front of clients is the first step toward convincing them that you are the company to choose.
It is true, of course, that there is an initial entry fee and cost of setting up your materials, but the chances of lead generation when you spend a full day at a trade show are quite high.
In most cases, you can more than make up your time and money through any leads and conversions you set up. In comparison, you might have to spend a full week back at the office pitching calls to clients all over the state with no more success.
One is a vastly more efficient use of your time, which is why event planners typically recommend choosing trade shows for exhibits whenever you have the opportunity to attend one.
2. The chance to suss out your competitors
Getting ahead and staying ahead depend in great deal on how much you know about what your competitors are doing, and how well you can take advantage of that knowledge. Trade shows are excellent ways to figure out just what your competitors have planned for the coming year.
You can look at their displays, their messages, and even talk to their representatives and find out what things they are doing well.
You can use the opportunities of attending and exhibiting at trade shows to learn of novel marketing strategies that may be generating leads for other booths and companies.
Once you figure out what seems to be working for the competition, you can take it back to your company and implement or integrate it in a way that makes sense for your goals and objectives.
3. New employee training grounds
A third benefit of exhibiting at trade shows is the ability to show your employees what the market is like. It is essentially a training ground for new employees in how to work with customers. They can also learn about the terms and products and services that are currently used throughout the industry, and what specific services and products your company has to offer.
Perhaps just as importantly, your new employees can start to cultivate relationships with other people in the industry as well as with their teams, which is essential for smooth and effective sales performance.
4. Make friendships with the press
As described in the above point, relationships are everything. This doesn't just apply to your new employees; it applies to your entire company.
If you can make friends with people you see wearing press badges and lanyards, you might find your time at a trade show well spent. Event planners know the importance of cultivating relationships with insiders in the industry, and talking to the press is a great way to generate publicity for your company.