Are Trade Shows Worth the Investment?

Attending a trade show isn’t cheap or easy. It requires a lot of strategic forethought, purposeful budgeting, and sacrifice. In fact, the investment can be so resource-intensive that many business leaders end up questioning whether it’s worth it at all. But if you speak with business leaders who have taken the time to approach trade shows from the right angle, you’ll learn that they are well worth the investment.

Why Should You Invest in Trade Shows?

Regardless of what industry you’re in or where your business is located, there are trade shows that you can attend on a semi-regular basis. In some large industries, there are as many as a dozen per year. But they can be expensive to attend. Between the cost of a booth, the expense of supplies, and hotel/travel accommodations, a business can easily shell out thousands of dollars for a trade show. For large organizations, this might not be a big deal. For smaller and medium-sized businesses, it can be.

So before you go investing in a trade show, it would make sense to evaluate the potential ROI. As we see it, there are a few key benefits of trade shows that make them worth the investment:

1. Customer engagement. This is the most obvious benefit. By attending a trade show as an exhibitor, you’re able to interact with prospective customers within a very safe setting. (People attend trade shows for the purpose of gathering information. This makes everyone a warm lead.)

2. Industry exposure. When exhibiting at a trade show, you benefit from increased exposure. The trade show organization will use your logo in marketing materials and may even link back to your website in digital coverage of the event. Every little bit helps!

3. Competitive analysis. Many of your competitors will also be at the same trade shows that you attend. This gives you a nice opportunity to conduct some analysis and get a feel for the pulse of the industry.

4. Partnership opportunities. In addition to direct competitors, you’ll also find businesses that are complementary to yours. By networking with some of these individuals, you may be able to strike up partnership opportunities.

5. Forced improvement. When you attend trade shows, you’re guaranteed to have some learning experiences. Somebody will ask a question, and you won’t have an answer; a competitor will do something that totally blows your promotion out of the water; etc. While not comfortable in the moment, these situations force you to grow and improve (which ultimately benefits you over the long haul).

Develop a Solid Plan

Just because trade shows can be beneficial, doesn’t mean they always are. To generate a positive return on investment, you must plan ahead. Here are some specific tips for exhibitors to make the most of these opportunities:

1. Choose a strategic location. At large trade shows, location is one of the most important factors in gaining visibility and reaching potential customers. If you’re in the wrong location, you’ll see very little foot traffic and end up wasting your time. With the right location, however, anything is possible. Do some research to determine how booth locations are assigned. In some cases, it’s all about who you know. Other times, you can pay for premium spots. Every situation is different.

2. Pay for a quality display. Your trade show display will create a positive or negative first impression (rarely is the response indifferent). While it’s tempting to skimp and use a basic card table and banner, it’s worth investing in a modular trade show display that communicates your brand’s values and can be used over and over again at different events.

3. Use your best people. Only let certain people run the booth at a trade show. Assign your most informed and gregarious people and prepare them with adequate training and resources.

4. Capture leads. Finally, there has to be some method in place for capturing leads. Otherwise, your time spent at a trade show will produce very little in terms of monetizable results. Find ways to capture information so that you can follow-up. Giveaways are an ideal way to convince people to offer up your information.

As you plan for your next trade show, take the time to emphasize the details. Success is found in these small aspects of the process that so many businesses ignore. By prioritizing your time and creative energy, you’ll stand a better chance of generating a positive return on investment.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.