11 Key Reasons Why Your Business Should Participate in Tradeshows
In the 21st century, businesses of all types are relying heavily on the internet and digital media to promote their goods and services. Some businesses have concluded that tradeshows have become a thing of the past. Concluding that tradeshows are no longer useful or relevant can be a mistake.
The fact is that tradeshows can prove to a valuable resource for many types of businesses, perhaps even your own. They are a way you can showcase your business with custom exhibits from start to finish, showing off the best of your company! There are seven key reasons why your business should give serious consideration to participating in tradeshows.
Close Sales, Make Contracts Faster
One of the primary benefits of participating in tradeshows is that they provide you an opportunity to close sales and to make contracts faster than otherwise can be the case. The Center for Exhibition Industry Research reports that events like tradeshows accelerate the sales process faster than is the case with any other type of media or direct marketing endeavor.
Decision Makers Attend Tradeshows
Decision makers attend tradeshows. These individuals appear to have a propensity to like to have face to face discussions about products or services for their business enterprises. Tradeshows provide a ready opportunity for a business owner or manager to have direct conversations with multiple exhibitors in a short span of time.
The Cost Per Lead at a Trade Show is Less
Another reason why your business should consider exhibiting at tradeshows is because of the fact that the cost per lead at such an event is less than is otherwise the case. Research demonstrates that the it costs about $215 to generate a lead at a tradeshow. The cost for generating a lead from the field is approximately $443.
Preferred Method of Face to Face Interaction
Research studies have analyzed how businesses, organizations, and professionals like to interact with vendors. These studies reveal that these entities and individuals oftentimes prefer to interact face to face in a tradeshow setting. 48 percent of these entities and individuals list tradeshows in the top position when it comes to their preferred manner of having face to face interaction with vendors .
Tradeshow Attendance is Increasing
During the Great Recession of 2008, attendance at tradeshows started to decrease. That trend reversed course in recent years. Attendance at tradeshows has started to rebound, and quite significantly so, in recent years.
Tradeshows Contribute to the Economy
Tradeshows contribute significantly to the economy, and can boost the financial bottom line of a business like your own. Tradeshows add about $44.8 billion annually to the U.S economy.
Companies that Exhibit at Tradeshows Have Positive Experiences
Companies that do participate in tradeshows report positive experiences in the vast majority of cases. These enterprises note that tradeshows have been financially beneficial. They also note that tradeshows provide them with other benefits as well, including developing connections with other businesses, connections that prove beneficial in a number of different ways.
Experts Draw Crowds
Another primary reason why you should consider involving your business in tradeshows is based on the reality that “experts” draw attention. By that is meant you very well may be recognized on some level as something of an expert in your industry. With that noted, your mere presence at a tradeshow will draw attendees to your booth. The reputation of your business draws attendees to you and when attendees are drawn to your booth, your reputation boosts further.
Tradeshows Advance Branding
Developing and enhancing the brand of your business is crucial. Tradeshows provide an excellent opportunity through which you can develop and enhance the brand of your business. This can prove to be the case particularly when you have launched a new venture and are in the process of presenting your brand initially. As an aside, you can also test your brand by monitoring how people respond to it.
Tradeshows Level the Marketing Field
Tradeshows allows you to level the marketing field. At a tradeshow, you have the opportunity to present your products or services in the same space with larger enterprises. You are placed on the same level as the competition, including large companies with which you would not otherwise have the opportunity to be presented on equal footing.
Understanding the Competition
On a related note, attending a tradeshow permits you the opportunity to scope out the competition. A tradeshow gives you the chance to see up close what the competition is doing. Understanding what the competition is up to is a vital part of advancing the interests of your business. Rather than conduct expensive research on the subject, you can garner a great deal of vital information strolling through the exhibition hall.
Jessica Kane is a writer for 777Sign, a leading provider of wholesale advertising flags, banners, tablecloths, and more.
