Trade shows are a great initiative to start a face to face and a deeper connection with the relevant audience and the current customers. It helps to engage with them in a way that is far deeper than any other cold engagement method.
Companies face a lot of hassle and investment for a trade show. The preparations, training the sales and marketing personnel, as well as hiring the best trade show exhibit Design Company to come forward and do their job while you prepare for the entire show.
One of the primary reasons why people focus on participating in a trade show alongside their competitors is that it allows you to gather leads and convert them into potential clients. It also is a great way to analyze your competitors, which is beneficial information when it comes to comparison and evaluation.
Why is it risky to invest in a trade show?
It seems entirely reasonable to invest in a trade show and benefit from it. However, once your investment is at stake, you’d need to look at all the factors affecting it and also whether it is worth the investment or not. It is essential to check the relevance and the number of people attending the show. It is crucial to consider whether your investment is worth the return or not.
Also, to benefit most from your trade show exhibition, all you need to do is set goals. Select goals that will help you maximize your investment at the upcoming trade expo. To make the situation understandable and clear, we have compiled a list of key objectives and their impact on the results of the trade show (if appropriately followed, of course.
Introduce a New Product
It is not an easy task, especially if you are working in the field of development and technology as products take years of practice and are still unsuccessful. But, launching a new product which you think is going to give you that edge over the competitors in the industry – why not?
You are never too late to start working seriously in a project that can grant you an edge over your competitors. It can not only give you the attention that you require at an expo but also add up to your ROI.
What if the product is not complete?
Even if the product that you are willing to offer is not complete, you can always launch a great trailer to build curiosity among people.
Number of leads
One of the primary reasons why companies participate in trade shows is to make contacts and generate leads. To update your contact list with new points allows you to turn the general audience into potential customers.
Consider the number of people expected at the expo and fix a set figure of how many people you want in the company. It is reasonably evident that hoping an ideal picture of 100% is considered unachievable in the real world. You can encourage a good percentage of people to take an interest in what you have to offer. This figure will then decrease to another one that would be your potential customers.
Based on the capability and track record of your marketing team as well as the type of expo, you can calculate an achievable figure.
A vital advantage of participating in a trade show is that you get to come across your competitors. Evaluate your competitors and consider their strengths and weaknesses. A successful evaluation can not only be useful for the company for comparison, but it also contributes towards the ROI. It enables the business to learn from the competitors and see what they are doing better.
While you can promote several products or services that you are offering, it is essential to promote your key and best services to generate sales out of them. It allows you to spread a word about your best products and also enables people to take an interest in what else is there that you can offer them.
Consider promoting a product that is not only your best sell but also something relevant to the theme of the expo and something that might intrigue the user to try.
When you invest, it is obvious to expect a return. Some companies expect more while the others at least expect the bare minimum. It is up to a business to decide whether their performance should be in terms of money, data, or any other promotional activity. However, if your business seems to go in the right direction in terms of plan and profit, you know you are on the right track.
We recommend considering a monetary return on the investment.
How do you calculate the ROI?
Return on investment is pretty challenging to achieve but somewhat more comfortable with calculating. The easiest and widely used formula for this cause is:
ROI= (Gross Profit – All Expenses involved in the Trade show)/ Gross Profit
A positive figure states profit and vice versa.
Here the gross profit involves the profit figure before subtracting all the relevant expenses. From the expense list, choose only the expenditures relevant to the trade show.
Some of the costs that are involved with the trade show are:
- Cost of travelling
- Cost of hiring a trade show exhibit design company
- Cost of supplies required during the trade show
- Cost of inducting tech-oriented gadgets
- Wages and Commission
Trade shows are one of the most beneficial ways of obtaining the right audience and are considered as a great source of engaging with potential customers. However, it is imperative to set yourself attainable goals that can help you in at least achieving a positive return on investment.
Make sure that you perform analysis and thorough research on how to achieve that ROI. It is too important to have a positive return on investment; otherwise, all the effort is down the drain.