Exhibit or Attend? How to Determine Whether a Trade Show is Worth Your Investment
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There are plenty of good reasons to attend industry trade shows. When you are launching a new product, or even a new business, a trade show is a great way to get in front of potential customers — and scope out the competition. Most shows offer educational sessions where you can gain insights into your industry and learn more about changes that could affect you down the road. And of course, you can’t overlook the networking value of trade shows. Not only do you meet new clients and customers, but you can build solid connections in your industry that can help you take your business where you want it to go.
The problem is that all of those benefits often come with a hefty price tag. When you factor in the cost of the exhibit space, booth design and furnishings, shipping items to the show, travel costs and all of the extras, like giveaways or parties, the price tag to exhibit at a major trade show can be tens of thousands of dollars.
That is why, in some cases, you might be able to reap many of the same benefits of exhibiting at a trade show by going as an attendee instead. You might sacrifice some of the marketing value that exhibiting can bring to your company, but you’ll still be able to build your network, learn and in some cases, meet existing and potential customers.
When you receive the invitation to exhibit at a major show, ask a few important questions to determine whether exhibiting is worth the investment.
What Is the Real Cost to Attend?
Again, exhibiting at a trade show costs more than just the price of the booth space rental. When you rent booth space, it’s usually just that: space. Some shows include basic furniture and decorations, but you’ll probably want something nicer than the standard booth decor. That means you’ll need to account for the costs of booth furniture and carpeting, as well as any special displays you want to include. Most shows charge extra for electricity and Internet connections as well. You’ll need to account for booth staff, travel and marketing costs. . Be sure to take into account money saving strategies, such as going online to find custom pens at affordable prices, doubling up on hotel rooms and renting a smaller space, as that could make a significant difference in your budget.
Once you have a handle on the costs to attend, consider the financial benefits of attending. How much can you reasonably expect to earn by attending this show? If the costs outweigh the earnings, going as an attendee might be a better choice.
Who Are the Attendees?
Most show organizers will provide a demographic breakdown of who attends their events. Are these the people you need to reach? Are they the decision-makers? Try to determine whether the show attendance has increased or decreased in recent years and what others are saying about the show. Is this a show where people are buying, or are they just there for parties and free stuff?
Don’t overlook the value of connecting with your existing customers at a trade show. Sometimes a show is the only time that you can actually meet face to face with your current customers, and that time can be invaluable to your relationship. However, you don’t necessarily have to exhibit to hold those meetings. Get together with your clients for coffee or a meal, or connect at networking events and parties.
What’s Your Ultimate Goal?
When a company doesn’t exhibit at a major trade show, the rumor mill often starts reporting that they are in financial trouble. Don’t let that dissuade you from allocating your resources elsewhere. The best time to exhibit at a trade show is when you have something new or exciting to share. You might get a bunch of leads at a show, but only a small percentage will be usable. Consider your ultimate goals for your business and for the show. You might get more value from serving as a panel speaker, or hosting a party at a nearby restaurant, than by exhibiting at the show.
Other factors that can influence your decision to exhibit at a trade show might include the availability of staff, the location of a show and your product cycles. If the trade show is local, for example, you can save money on travel and shipping costs. In any case, before you make a substantial investment, consider all of the factors and make the choice that best fits your budget and marketing goals.
About the Author: Gary Austin, also known as “The Pen Guy,” has been providing organizations with custom promotional products for over 25 years. Gary Austin Advertising specializes in pens, koozies, lighters, umbrellas and pretty much anything else you can think of to get your name out.
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Category: Business
