Now is the Time to Plan your Trade Show Strategy.

As the New Year is approaching it is a great time to review your marketing strategy, have you considered trade shows?  Here are a couple reasons you may want to consider a trade show this upcoming year:

• Generate more leads. The average sales person makes client office visits to 2.7 prospects per day. Based on 5 days per week 50 weeks per year = 675 face-to-face meetings.  Compare: Example 2,500 attendees divided by 2 trade show days – 13 show hours = 203 prospects per hour= 3.39 prospects per minute (Source: Real World Linux 2004 audit)
• Better qualified leads. 84% of people at a trade show are either decision makers or directly influence the decision maker.
• There is no other type of advertising were prospects pay money and take time out of their busy days to listen to sales pitches.
• Cost of closing a sale is cheaper. The Trade Show Bureau claims that the average total cost of closing a sale in the field is $1,080, while the cost of closing a sale to a qualified trade show prospect is $419.
• Levels the Playing Field. Trade shows help level the playing field for smaller firms; since booth space is generally inexpensive ($13 per square foot on average, with the typical small booth covering 100 square feet), and even small companies can usually afford attractive displays.

Once you have determined that trade shows are a worthwhile investment and will generate a valuable ROI as you begin to strategically plan your trade show be sure to clearly define your objectives.

• Determine how trade shows can strengthen your present marketing strategy. Do you want to: Increase existing products/services in existing markets?  Introduce new products/services into existing markets?  Introduce existing products/services into new markets?  Introduce new products/services into new markets?
• Introduce new products. Trade shows are successful vehicles for introducing new product lines. Trade shows also give you the opportunity to pre-sell your product line. In addition, trade shows allow you to feature your company’s premiere product or unveil seasonal offerings to consumers or distributors.
• Make contact with distributors. Trade shows are a great avenue for making contact with new distributors or maintain distributor relationships.  You could also cross-promote at a show and build strategic alliances to develop more awareness about your product or service at a show.  Send out a Preshow flier with multiple booth locations for distributors of your product and your booth location.
• Build relationships. Trade shows build the way for future relationships. At the show, you may see current customers, sales representatives, distributors or members of the media. Current customers will be happy to see you and may introduce you to someone who could do business with you. If your product is interesting enough, you may catch the attention of a reporter who wants to do an article about you or your company.

Now you are strategically ready to Define Your Audience and do some Research.  What do I mean by “Define your Audience?” What is your customer profile and who is your demographic and psychological customer?

• Research – Your show management and what is the show history, to include not only their attendees, but what Resources does the show provide and will you be looking for suppliers, customers, associations, trade magazines and online directories.

• Final Step – Rank the Shows you researched that meet your objectives and target audience.  (Take into account the style, taste, logistics, budget, your capability, the geography and does all of this combined measure up and make it worthwhile to show a ROI on your trade show selection.)