Are Trade Shows Still a Viable Marketing Tactic?
Sunday, March 14, 2010
This week I spent time working a trade show out in Phoenix AZ. Aside from the great weather and opportunity to spend some time reaching decision makers, I thought it was a good opportunity to assess whether or not trade shows are still a viable marketing tactic.
I've been to my share of trade shows and quite honestly, some have been great others were barely worth the time. But I have to ask, "are trade shows in general really worth it?" By the time you add up all of the direct expenses, time, and effort of working a show, the benefits may seem questionable.
Based on my recent experience and years of attending trade shows, I've come up with guidelines that can help anyone make the most of their trade show experience.
1. Only attend shows that reach decision makers. Now you might be saying, "Hey, it's all about influencers - they don't have the buying power but they talk to their bosses." Great, then send them a post card. But don't waste your time trying to influence them via a trade show. The expense just doesn't justify the potential return.
2. Focus on local shows. I'm not saying that national trade shows are out, but more often than not, you can have a greater presence at a local show and have more of an impact. National shows require you to fly in reps from all over and incur significant expense. Local shows however usually are less costly and allow you to better reach your target market.
3. Follow up on your leads. Did you know that many studies have been done on the effectiveness of trade shows. Surprisingly, 75% of trade show leads are never followed up on. This may be the case for a variety of reasons (lead in different territory, other priorities, etc.) but the fact remains that the reason most of us go to trade shows never gets realized. If you are going to invest in attending a show, follow up on each and every lead.
4. Make the most of after show dinners and activities. The best opportunities are usually those that happen during non-exhibit hours. Invite potential clients to breakfast, dinner, make appointments, have meetings. Take advantage of having your target market in the area and try to build strong relationships with your prospects. Have a two minute conversation at your booth is a crap shoot at best.
5. Only go back to shows that generate a positive ROI. I wish I had more fingers! If I tried to count the number of times I've heard, "We have to go back, we saw so many of our customers" or "We had some really great booth traffic", I'd quickly run out of fingers to count on. Nothing matters except conversions. If your leads do not convert, then your trade show expense was not worth it. Instead of investing all of that money to see clients, find other ways to bring them together and achieve the outcome you're looking for.
Trade show attendance makes sense if you can manage your costs and effectively leverage all of the different aspects that trade shows have to offer. Be very selective in which shows you attend and carefully plan your time there, establish goals, and evaluate your performance. This is the best way to make each show productive and determine if it's worth returning to in the future.
Marketing Blog founder and top-selling author Michael Fleischner has been featured on The TODAY Show, ABC World News, and Bloomerg Radio. 
9 comments :
I personally dont think so anymore. A lot of things bigger impact. I just don't feel tradeshows are a great way to market. Networking on the other hand is a different story.
http://www.creativeguerrillamarketing.com/
Great post! Sometimes we loose track of the real purpose of attending a trade show. It's not just a place to socialize and meet people just for the sake of meeting people.
I'm surprised by the number of leads that are not followed up on. That really is just a waste of time and finances.
Solid advice. I've been to quite a few conventions and trade shows over the years in promotion of different businesses and none ever panned out quite the way I had hoped.
Your point to only attend shows that reach decision makers is a tough one to gauge in advance sometimes. When I decide to attend a trade show, I will look at the exhibitor list and see if any of the businesses registered could potentially be clients of ours. But I have no way of knowing before we get there whether or not the people manning the booth will be decision makers. Any tips on figuring out which trade shows reach the proper people?
Depending on the industry, your suggestion to only attend local shows may not work out. While most industries hold small local conventions around the country, it's often the case that the larger and more important version of the convention is held in one central location - and if you miss that, you may be missing a large opportunity.
Your best piece of advice: "Have a two minute conversation at your booth is a crap shoot at best." Those conversations rarely result in solid leads unless the conversion can happen right there at the booth. It's definitely important to continue to follow up on the contacts made at the booth.
I do often also wonder if businesses who attend certain shows year after year even bother to check their ROI on the convention. If it's not making money (even considering long-term conversions), then it's not usually worth attending.
Thanks for the tips!
It's good to see this topic raised and well handled.
If the decision is made to participate in a trade show, companies need a game plan beyond set up a display and then stand around smiling.
There should be a strategy that includes qualifying prospects. gathering and recording information for follow up and an understanding of possible needs. The strategy needs a memorable, unique approach.
Too often it's impossible to remember anything about business cards and the notes on the back by the time sales staff returns to the office. And, most prospects have forgotten sales conversations as well.
If the approach is unique it will be memorable.
Chris Reich
TeachU.com
I agree that best opportunities are usually during non-exhibit hours. People are not impressed when you only try to sell your products. Be more personal, more frank and invite for breakfast, dinner or such out of business event. So, a good communication, non-business chit-chat also helps build relationship and eventually you turn to get orders from same people.
Great post!
I'd like to add: another surefire way to NOT get a good ROI on a tradeshow is to treat it as a one-off event. There will be no leads to follow up on if there isn't any prep work done well in advance of the show. You must contact prospects beforehand (offering informative webinars, whitepapers and tailored e-collateral are all effective methods)and make sure you're offering enough value to drive traffic to your booth.
Yesss ...... trade shows a good tactics of marketing.
I agree, one has to filter out the trade shows that produce no results. And yes, the best opportunities present themselves during non-exhibit hours-- breakfasts, dinners, even parties. I went to an after-hours mixer and secured several solid leads. The key is to wait for someone to ASK for your business card.
I feel many owners and leaders of little and mid-size businesses make a decision on the marketing tactic they want to pursue as a reaction to a specific incident. Rather than taking the time to develop a Marketing Plan specific to their company objectives, they use quick fix solutions to address broader issues. Does this sound like you?
• A new business wants a logo. Make a logo.
• Sales are down. Run an ad.
• New office place. Send out a direct mail piece.
• Holidays are coming. Send holiday welcome cards.
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