Trade Fairs & Expos: Why Brands Still Invest in Offline Events
Introduction
In today’s environment, where Digital Marketing, social media and Virtual Meetings have saturated, Trade Shows & Expositions may seem like an outdated marketing avenue. However, companies still spend enormous amounts of money attending Trade Shows and Expositions since they provide valued elements that cannot be replicated by Digital Channels (such as Human Interaction and Experiential). Additionally, Trade Shows and Expositions serve as important sources of Lead Generation and new product launches and represent significant tools for businesses in each industry. The ongoing popularity of Trade Shows and Expositions provides evidence that Face-To-Face Engagement continues to be extremely important for establishing Trust, Brand Awareness & Long-Term Success.
Building Trust through Face-to-Face Branding in a Digital World
Many brand interactions today take place through screens and are therefore less valuable than they might be in the past. Trade fairs allow brands to be physically present, which helps create a sense of reality, credibility, and trustworthiness. A potential client or partner can actually meet the brand’s representatives, ask them questions and experience the environment at the trade fair, which does not take place on a digital advertisement. The way brands exhibit their values through well-designed stalls staffed by knowledgeable employees, along with the opportunity for potential clients or partners to discuss face-to-face creates a greater sense of trust in many industries that rely heavily on high-value products and/or long-term contracts. The emotional effect created by humanised face-to-face interactions with representatives leaves a larger impression on the viewer. It helps them to develop a stronger connection to the brand, which builds loyalty over time. The trade shows provide an opportunity for brands to demonstrate their character, to build relationships and to differentiate themselves in an increasingly crowded digital marketplace.
Lead Generation and Closing Deals at Trade Shows
Trade shows continue to be the best way to generate quality leads and gain access to potential customers. Unlike online leads, those who attend trade shows are typically looking for answers to specific questions regarding products and services, comparing vendors, or making purchasing decisions. The nature of this type of communication allows for more focused and relevant conversations with potential customers. By being able to speak with the decision-makers directly, companies have a better understanding of the needs of their target market and can provide them with tailored solutions while on-site. Trade shows also offer numerous opportunities for immediate deal closings (bulk purchases) and discussions about partnerships. The face-to-face nature of trade shows allows for a quicker building of trust and a faster negotiation process than would typically occur via online communication, which could take months to finalize. Furthermore, trade shows allow for instant qualification of leads, as well as the potential to save on both county and marketing expenses. The ability to reach seriously interested customers is a significant reason why businesses continue to invest in offline trade shows.
Product Launches, Demos & Market Validation
Exhibiting at Trade shows allows businesses to similarly demonstrate their products and offer market validation. Businesses are able to explain product features, performance and benefits through live demonstrations and to customers in person, which cannot be done through videos posted online. Through this interactive experience, customers can physically see, feel and interact with products, which leads to enhanced understanding and greater confidence to buy. Trade fairs not only create an avenue for new product launches, but they are also a method of gaining a better understanding of potential market demand through live interaction with industry professionals, distributors and end-users. Live feedback empowers businesses to make changes to pricing, packaging and/or other product features based upon their preliminary analysis of market expectations and gaps. Questions asked by industry professionals and the general public through booth visits reveal what customers are looking for and where there may be a lack of products on the market. Immediate information and knowledge gained through this experience can be tremendously advantageous for both start-ups and established businesses, as it creates an opportunity to develop ideas into viable consumer products while at the same time reducing some of the risk associated with launching a new product into the marketplace.
Networking, Competitive Positioning and Industry Insights
Networking is another huge benefit of attending trade fairs due to the diverse range of attendees. At a trade fair, brands have the opportunity to meet with retailers, suppliers, distributors, investors, industry insiders, and potential partners. These relationships are often developed into long-term partnerships and grown into business opportunities. When brands are on-site, they can see what is happening in their industry concerning trends, consumer preferences, new technologies, etc. Also, observing how competitors market their products, price them, and communicate their messages gives brands the opportunity to assess their competitive position in the marketplace. These insights and intelligence help brands refine their promotional materials, improve their products, and develop more effective market-entry strategies. They are also able to improve their understanding of the industry by attending seminars and panels. Trade fairs are therefore considered the primary source of insight and market intelligence for brands to leverage as they continue to build and grow their business.
Conclusion
While the digital marketing and virtual platform sectors are growing rapidly, trade shows and exhibitions continue to be important and relevant for conducting business with customers. Trade Shows and Exhibitions provide Companies with a way to build relationships of trust, generate leads, showcase their products or services, and develop industry relationships in the same forum. Trade Shows and Exhibitions allow Companies to have conversations that are more meaningful, make decisions more quickly than they do through a digital or online channel, and receive real-time feedback on market trends, which digital and online channels typically do not offer. Therefore, for a lot of Companies, particularly those that operate in the B2B and High Value Sectors, Trade Shows and Exhibitions are not simply an expense associated with marketing but rather an important strategic investment for their business. As Companies continue to seek ways to create deeper connections with customers and pursue more opportunities for growth, Trade Shows and Exhibitions will remain an effective means to achieve the goals of a brand’s Plan for Long-Term Growth.
