The Importance Of Trade Shows For Companies
Cancellation of a trade show can hurt the long term business development of your company. Executives should carefully do a cost-benefit analysis before taking any decisions.
If you "save" the $25,000 cost of participating in a trade show but miss out on the $50,000 of contract or sales opportunities that the trade show could have generated, you are not coming out ahead. To make sales, you must make contacts.
You need to took at the amount of leads you can gain from a particular trade show and the potential clients that can result from those leads. Show your trade show attendance as a positive investment instead of another expense.
If you cannot manage to have positive numbers from a trade show then could be doing something wrong. Carefully review the message that you are conveying, the booth design, your communication and the current strategies.
According to surveys that have appeared in business magazines, about 3/4 of attendees at trade shows are those with the authority to spend company money. Many are eager to find new partners; after all, they don't want to return from a trade show to report that they didn't accomplish anything. Another argument in favor of trade show participation is that the contacts you establish don't just stand alone, because if someone believes that an encounter with your company was positive, they will tell others.
Evaluate the cost associated with the trade show before and after the event. This is definitely a good way to analyze the success of your attendance.
For costs, consider exhibits, speakers, sponsorships, registration, travel (both personnel and booth/equipment), promotional items, banners, planning, meeting rooms and meals.
For benefits, consider the number of leads, revenue from sales, increased awareness of your company's products, survey results and the resulting media coverage.
Remember, your boss at the trade show is named ROI: return on investment.
