Tradeshows offer many benefits in regards to growing your
business. The common perception is that exhibitors attend in order to showcase
their products in hopes of generating sales. Furthermore attendees look for new
or existing products within the industry. However, what often goes under
reported is all the additional benefits tradeshows have to offer.
Tradeshows have a high ROI, due to the extensive opportunities
they offer. Below are the “Top 5” reasons that detail how tradeshows can help
your company succeed.
1. Showcase your Product
Tradeshows provide companies with an excellent opportunity
to show off their products. Whether you are a new company trying to get into
the industry or have been around for years, tradeshows help you reach your
targeted market. It allows your company to create an impact on retailers’,
vendors’ and consumers’ buying decisions.
According to 2013 statistics by the Center for Exposition
Industry Research, over 80% of tradeshow attendees are final decision-makers or
are influencers in the decision of purchasing of the products and services that
are being exhibited.
Furthermore, tradeshows are an ideal platform to launch new
products. You can create demonstrations, and give potential customers the
opportunity to ask face-face questions about your new product launch. This can
lead to positive client/company relations and the possibility of future
business together.
2. Create Brand Awareness
Building a strong brand awareness is critical to any business,
and tradeshows can help give you that exposure. When companies simply attend
tradeshows they are able to promote their brand to other influencers in the
industry as well as potential clients. Vendors, retailers, consumers and
competitors will become more familiarized with your company as you begin to
attend more and more tradeshows.
Through face-to face interactions you have the ability to
portray your brand image and value in a more personal and memorable way. When attendees
have a positive experience with your company they are more likely to buy into
your brand and tell others about it.
3. Gaining Valuable Knowledge
Often, tradeshows will offer industry or educational
seminars, workshops and host events. The goal is to address issues in the
industry, provide advice and get you connected with other professionals. These
events can be very beneficial for the growth of your company as it provides you
with the necessary knowledge to succeed in the industry. Tradeshows are great
resource to gain valuable information.
Tradeshows also help you gain knowledge about your
competition, trends, fads, and different products and services in the industry.
Allocating the time to go to your competitors’ booth and seeing some of the
products they are offering allows you learn more about them. Ask questions.
Evaluate and compare your company to your competitors. Understand where you
have the competitive advantage and where they do. Tradeshows are an effective
resource to get an educated idea about how your competitors are doing, without
having to invest large portions of time and money to find the information.
Lastly, as the attendees at the tradeshow are your direct
target market, you can take advantage of this situation by conducting market
research. Take polls and surveys, ask your customers questions, do anything
that will help you gain more knowledge about your target market.
4. Expand your Network
Tradeshows are a great place to expand your network, as
there are various industry professionals that attend. Also, tradeshows allow
you to network on a face-to-face level, therefore allowing you to develop
stronger relationships and better contacts. Long-term business contacts are
often made at tradeshows. On average, company sales are influenced for two
years after the tradeshow by the contacts they have made at the tradeshow.
Furthermore, individuals that attend tradeshows, tend to
have higher positions within their firm. Statistics from the Center for
Exposition Industry Research states that between 20 to 37 percent of the
average exposition attendee is of “top management” at their company.
5. Generate Leads
Forming strategic alliances with clients, retailers and
vendors is another great way that tradeshows can help your company generate
sales. They provide you with the opportunity to meet potential customers and
expose your company to a targeted audience of qualified buyers.
As the majority of tradeshows focus on a specialized
industry many potential clients are attending the even to see what your company
has to offer them. Furthermore, as you are showcasing your products or services
you are able to provide a potential client with a more concrete and tangible
view of your product and/or service, hence making them more engaged and likely
to do business with your company.
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