Step 4 of The “Five Step Shuffle”
Posted By DJ Heckes on March 3, 2010
Step 4 – Analyze the Master List
Trade Shows are gaining faith of customers because of their win-win condition for both exhibitors as well as attendees. Companies are seeing the value in preparing to participate in trade shows to showcase their latest launch of a new product or service.
While taking participation in any related trade show, companies should think about the impact of a trade show on their business. They should analyze the benefits of trade show participation and their total investment. Cost – Benefit Analysis is a major factor, which should be considered before planning for any trade show.
Traditionally, trade shows are very helpful for any company to increase their market reach as well as creating business leads, but the most important thing is to select the right trade show at the right time.
Create a list of all popular trade shows in your industry and make a competitive analysis for these shows to know which one is the best trade show to participate in for your company.
For analysis of trade shows, you need to know the number of total participating exhibitors in the trade show and total number of target attendees who visited the show. The other important factor to know is the number of participating countries (if this is important for your business growth). This will help you to know the popularity of that trade show.
Scrutinize each show on the master list and start voting the weaker contenders off the island. An important step is to talk to the show management organizers. This can be a difficult step in that they may not have the kind of data needed or they are reluctant to share the information.
Begin by asking the show management organizers for basic demographic information, such as:
Total attendance
What was the total number of attendees at the last show? How was this data compiled and how accurate is it?
Net attendance
This weeds out spouses, children, students, and exhibitors. Ask if this figure is audited and the information is verified by an outside agency if possible. If not, take it with a grain of salt, as net attendance information may be subjective rather than objective measurable information. Also ask to see figures for the past three or four years to determine if the show is growing or declining
Number of exhibitors
Ask how many exhibit booths were sold each year to determine if the show is declining in growth or increasing in growth each year. If declining, find out why. Is it due to lack of advertising by the show management or possibly a venue that is hard to get to?
Total net (not gross) square footage
Get the cost of exhibit space used by all exhibitors combined, which you can use to calculate traffic density in Step 5.
Cost per square foot
Ask about hours and dates for speeches, banquets, and educational programs, which typically draw prospects off the trade show floor. This is vital information, as exhibitors may be paying too much if the show floor traffic is low because there is an ongoing conference taking place that will reduce show floor traffic.
Hours and dates for speeches, banquets, and educational programs that typically draw prospects off the trade show floor.
This enables you to gain more exposure and branding for your company. If done well, you could be perceived as an expert in your field.
