We routinely blog on different shows, their purchasing power, the demographics in attendance, and tips for exhibitors, however for some, whether you are launching a new business, or you are looking to launch a service that disrupts a market within an industry, there are enduring reasons to attend tradeshows that are recession proof. Close Sales, Release new products, Watch Competition, Network with Vendors, and Expand Distributions, are just some of the age old reasons to attend a trade show. We are expanding on our top five relevant reasons to attend a trade show.
- Market Trends: No matter your industry or length of time in your industry, a trade show is the first place you will see market trends. If you are just entering into an industry, it is important to see what the titans of that industry are doing, if you are a well-established brand, seeing the emerging small competition is also critical to determine where your products or services are leaving an opening for competition. Additionally, when you attend a trade show you can see how other brands are engaging their customer base at shows, and who they are targeting.
- Sales Generation: With the rise of internet buying and Amazon and the decline of retail, people are scrambling to rank higher and higher on Google with online stores, however, in order to amplify online sales, you should be trying to get on high ranking websites shopping carts. How do you do that? One fast way to get your product to more distributors is through attending trade shows. Your sales can double when you increase the distribution channels of your product at a trade show. Distributors, manufacturers, and buyers are all at trade shows en masse. Buyers make up the majority of the trade show floor and the distribution channels represented are generally conglomerates. Through three days at a trade show, you can generate more sales than 6-8 months in a proven retail location or internet shop. This does not take into account the follow-up sales and meetings that can result in long term deals and sales.
- New Product Roll Out: If you are looking to introduce a new product or service, the trade show is a fertile ground for expert opinion and research. It is for this reason that mobile products, AI, and any new technology is shown first at shows such as CES or G2E. If you are in Cosmetics, your products and demonstrations to salon owners and users at trade shows inform your team on a number of different items that are impossible to account for in development, such as price point, ease of use, product design, and function. If you were to release a product into a focus group or panel, you would be spending hundreds of thousands, whereas, with 50,000 over three days, you can sell your product or service and conduct research at the same time.
- Education and Thought Leaders: Education is a key component of trade shows and the thought leaders in your field, as well as leaders in fields in support of your business, will be at your trade show. Have an interest in SEO while at a medical conference? There are hundreds of break out groups during a trade show and seminars that teach industry insiders new technologies, new methodologies, that can save you money and often times go towards continuing education in for a state license.
- Expansion and Growth: Are you looking to grow into different sectors, beyond releasing new products? The trade shows that are industry standards in the United States are often top performing trade shows abroad and organized by the same event producers. Just as you would showcase a new product and have a research team to analyze performance, if you decide to hop the pond and try to introduce your product or service to European or Asian markets, a trade show is the very first point of contact you should consider.