Many newcomers to trade shows test the water before they take the plunge but there are several excellent reasons why trade shows work and why you should have a trade show display at one.
The primary research body in the US is CEIR (Center for Exhibition Industry Research) and they have conducted numerous studies into what makes trade shows tick:
High ROI – meeting and improving your Return on Investment is a key measure for all businesses and their operational components. Trade shows reduce the cost of acquiring qualified leads by around 50% compared to leads generated in the field, but trade show leads also cost less to convert, typically saving a further 60% compared to leads from the field.
Concentration of Buyers – trade shows attract a wide range of attendees from many different companies and markets because company buyers and senior management use trade shows as a primary source of information. CEO’s use trade shows to help with their business strategy planning because they can gauge the pulse of the market and pick up on new developments which are launched or gain feedback on what is working and what is not in the market, especially with competitors.
Company buyers use trade shows to directly compare and contrast product and service solutions – the reason why they are comparing and contrasting products and services is because they are planning on the company’s buying needs – they are typically looking to complete purchasing within 3 months of the trade show and certainly within 6 months – this makes them extremely valuable prospects. CEIR research indicates that 94% of attendees are at a trade show to do precisely this – compare and contrast!
Repeat Business Potential – CEIR research also demonstrates that 64% of attendees return to the trade show every year, they are doing this because they are using the trade show to conduct and transact business directly. There is no better competitive check on your business suppliers when it comes to negotiating discounts and pricing than for a supplier to be in an arena with a dozen other potential suppliers.