I have recently extended services to a company based in the automotive industry. When proposing a marketing plan and basic PR overhaul, one of my first suggestions was the tried and true tradeshow. “Money pit” may have just reverberated through your mind? Well, I would disagree. Tradeshows can be quite the opposite, offering a real-time experience networking with other businesses and even better, your prized customers.
Reason #1: Unless it’s the big guys, I don’t care.
I get this A LOT. And I rightfully understand, money is fickle. Five thousand kept in pocket is a hell of a lot more dependable than five thousand spent on booth space for a questionable tradeshow. But have you ever considered; maybe a tradeshow shouldn’t be taken as the stereotypical table, folding chairs, and room crowded with fellow hopefuls?
For my automotive client, the CEO’s mind immediately wandered to big names CES, the North American International Auto Show (formerly the Detroit Auto Show) and many other big-name, sign-twirling events. Sure, these are great once you’ve become a multi-million dollar company. Yet if you’re still floating with the small potatoes, there are viable options like city or state-specific shows that can get the job done. These shows offer a similar reason for participation: to gather leads and garner positive attention. Only there’s the added benefit of costing mere hundreds instead of thousands. Take time to connect with local fellow business owners, and challenge your team to seek unusual opportunities.
Reason #2: They never worked to my benefit in the past.
I think that this reason closely ties into reason number one. If you approach a smaller-scale show with a “limited” mindset, then you’re going to be blind to the aforementioned new and unusual opportunities. Many jobs ago, I assisted my then-employers Sales and Marketing Director by plugging a calendar full of tabletop and convention shows. It was at that time that I realized we were going about the process all wrong. Sure, she took time to recognize lacking sales in B2B customer segments, but she also had made many industry friends over the years. She felt comfortable approaching things as she always had. The issue became casting a wide net was not necessarily the strongest approach for mining new business opportunities.
Many shows resulted in zero leads and shouting matches with the CEO as soon as her flight touched ground. My point is if you’ve only attended shows just to attend shows, of course you’re blowing cash. Just like you wouldn’t post an advertisement for sake of posting an advertisement, you have to have a game plan before a single cent is spent. And one of the best questions that you must ask yourself, as a marketing professional, is am I attending this show just to say I attended, or is there some true profit-drawing value connected to each event I invest my department budget in? Once that money is spent, there’s no guarantee you can get it back.
Reason #3: The idea is archaic.
Ouch. This statement really hurts. But I urge you to consider, why do well-established companies such as Mercedes or BMW continue to participate in shows such as CES or North American International Auto Show year-after-year? The answer is simple: market share.
By consistently being “present” within your industry, big or small, your business maintains the waving flag above your staked claims. The idea of connecting faces with your product sets the pace of introducing of new features, versions, flavors, etc. Industry events are an excellent time to save tabs on the competition, and if your presence in trade-related shows becomes a staple, then customers will expect to get the early release of x-y product because they are that point invested in you. They’re hooked, the loyalty is established, and the customer desires a product that meets or exceeds what competitors produce.
I mean come on, you’ve ‘gotta put on a show.