Are you trying to understand how exhibiting at a trade show could benefit you? Or, do you have a list of events on your calendar but aren’t sure what value they actually bring to your company? In either scenario, you’ve likely thought to yourself, ‘why exhibit at a trade show?’ Trade shows and fairs are excellent for branding and reaching a broader audience. But there’s more to it than just that.
However, a lot of companies face difficulty in justifying this costly form of marketing. This is especially true if you are just starting out and have not exhibited at a trade show. So, in this article, we’ll take a look at some of the benefits of participating in these events.
Why Exhibit At A Trade Show?
Exhibiting at a trade show provides visibility and credibility to your company. It allows you to establish and build a presence in your target market. Additionally, it allows you to make new leads, attract new customers, and eventually build a more established and renowned brand.
However, since you have to train your staff, attractively design the booth, and put on an enjoyable show to attract people, the cost may be an issue. But it can pay off if you play your cards right. Let’s talk about these benefits at length to get a border picture.
Assess Your Position In The Industry
No matter what industry or market you are working in, it is important to know where you stand. You need to know what direction you are heading in. It is also important to understand what works and what doesn’t work for your brand.
Let’s say you are attracting a lot of people, try to figure out what the main source of that attraction is. This will allow you to capitalize on that source in the future.
If things are going slow, have a look at how your competitors are doing. If they are attracting a lot of people, figure out what they’re doing right and vice versa. You can also ask some of your team members to gather information and price lists from competitors. This will allow you to come up with better sales strategies in the future for your own company.
Expand Your Customer Base
One of the best reasons regarding why exhibit at a trade show is the lead generation and sales opportunities it provides. Exhibiting at trade shows is expensive but if you walk away with a larger customer base, it’s worth the investment. A trade show is a great way to generate lucrative business leads as it allows you to have a direct approach with your audience. Attendees at trade shows are either going to make a purchase on the spot, or they’re going to collect required information for future purchases. Think of these customers as highly targeted business leads.
For this to work, you’ll need to figure out your sales goals and how you are going to execute them at the trade show. For that, you’ll need a highly trained staff to capture as many leads as possible and to convert attendees into customers.
A Branding Opportunity
Few things are more important in business than branding. This is especially important in markets that depend on reliability, reputation, and brand loyalty. Exhibiting at a trade show will give off the impression to your audience that you are reliable and serious about your business. Being able to afford a presence at things such as events and conferences something well-established businesses do, so doing that will put you in that league.
Trade shows allow smaller startups to strengthen their brand, as well. You can do this by creating an appealing booth, making creative commercials, and impressive showcases. If you are going to an annual event, look at footage of the past events for some research. This will allow you to go in well-prepared. Your aim should be to increase branding awareness. If done right, your brand will establish a dominant presence at future events, as well.
Access To Important Prospects
If you’ve been trying to generate sales in the traditional method of using the telephone, direct mail, or even e-mail, you often know how it goes. Some people don’t appreciate direct marketing, as it interferes with their daily schedules and routine. A lot of people also get tired of the in-your-face approach. This is not a problem at trade shows.
Attendees at a trade show are in a researching or buying mindset. They are at the event to look at interesting products and services that can provide some real value. Suddenly, all of the usual apprehension and resentment fades away from these prospects. This is the perfect time to capitalize on this opportunity. Every interaction you have with a potential lead is a chance to close the deal. You don’t get opportunities like that every day. In other words, trade shows are hot spots for hot (qualified) leads, so they’re easier to close.
Types Of Trade Shows
You’re likely already familiar with physical or in-person trade shows. But there are two more important types of trade shows you should know about:
Virtual Trade Shows: A virtual trade show is just what the name implies. It is powered by a 3D environment that resembles a physical show. Attendees are able to access virtual trade shows from the comfort of their own homes. In the context of virtual events, why should you exhibit at a trade show? Virtual trade shows eliminate issues like limited reach and sky-high costs. They also allow you to reach a global audience since the spatial barriers are not an issue.
With vFairs you can get features such as live chat, custom booths, and webinars. For more information check out our ultimate guide to a virtual trade show.
Hybrid Trade Shows: The name itself is quite self-explanatory. Hybrid events combine the best aspects of virtual and in-person trade shows. You can create tailor-made experiences for both (physical and remote) audiences.
A hybrid setting is especially important because of the strict COVID-19 policies businesses are facing today. More often than not, you are allowed to host events but with a limited audience. In such cases, you can host an in-person event with the local audience and provide remote access to attendees that are joining virtually. This will give you a broader, more diverse reach while also utilizing the perks of an in-person setting. For information, check out this article on hybrid events.
Different event formats call for an altogether different approach. For example, you would want to work more on your audio/video setup and internet connection for a virtual event, while an in-person event would require you to work more on setting up your physical booths, banners, posters, etc.
Learn more about our virtual trade show solution!
