Boosting Your Startup’s Finances with Trade Exhibitions
Posted: 3rd January 2022 07:51There’s an old saying that goes, “to make money, you have to spend money.” This is one of the solutions to many problems startups face with finances.
Investing your resources in creating a lasting face-to-face relationship with business partners, prospective customers, and would-be investors is a great way for entrepreneurs to stand out from the digital crowd.
Hosting exhibitions and trade shows is a time-tested way to find new business opportunities, grow your customer list, and establish relationships that can increase your revenue significantly in the years to come.
If you’re looking for an avenue to create more streams of income for your startup, this article will show you how trade exhibitions can help.
How Trade Exhibitions Can Boost Your Business GrowthTrade show exhibitions are a smart way to provide an authentic experience for people who want to do business with you. They capture the real essence of your organization in ways many digital marketing experiences cannot.
In terms of sales, you will find that trade exhibitions are quite cost-effective and set your small business up for marketing success — if done right.
Data from CEIR (Center for Exhibition Industry Research) shows that up to 88% of people who attend a trade show most likely have not had any contact with your sales team in the past year, and 70% of them hope to make a purchase.
72% of them claim trade fairs and exhibitions influence their purchase decision, 87% of those that attend will share the information they learn at your event with other people, and 64% of them will tell at least six people.
Why do trade exhibitions pack so much punch? Let’s find out below.
1. Allows You Connect with Industry Leaders, Prospective Clients, and CustomersMany trade show events provide you and your team the opportunity to meet the business insiders that call the shots in your industry. Strategically aligning your company’s goals to meet the needs of attendees like these, gives you a real chance at securing an investor for the company.
You also meet with potential clients and customers who are likely already interested in your offerings (which is why they came.) So, you don’t have to waste time on trial and error-like strategies that many digital marketing strategies offer.
Instead, you can make pitches to or network with people who are more likely to listen to you, make a deal, or purchase right there at the event.
2. Presents Better Leads at Less CostThe CEIR believes that trade shows and events are one of the most effective face-to-face marketing channels with the highest ROI for businesses. Hosting a trade show provides you with better leads who not only have an interest in what you do but are also prepared to part with their money if you convince them just well enough.
According to research, the price of meeting a prospective client at a trade show is $142. This is $108 less than if you had to meet the same prospect at your office. Trade shows help you save costs and give you a better shot at making a sale than with many other marketing strategies.
3. Gives You Authority and Influence in Your IndustryWhen many people do business with a company, they see something in them that helps to influence their buying decision. For some people, it’s the fact that the organization is a force to be reckoned with in the industry.
Hosting trade shows or exhibitions frequently is a fast way to get your business the recognition you need to make a name in the industry. People love to be associated with the winning team. So, being able to pull companies that are top line in your industry to set up display booths at your organization helps you gain market authority and credibility that draws prospects in.
It presents you on the same level as the dominant industry gurus and announces your business to the market. It’s great for advertising!
Steps to Creating a Trade Exhibition EventSetting up a trade exhibition is not just to boost sales but should also be seen as a branding opportunity. To get as much value from the event as you can, you must set it up to make a lasting impact on the attendees.
1.Choose an Exceptional Display BoothIf you want to pull a crowd, everything about your event must make your business stand out. Your trade show is an opportunity to raise brand awareness for your business, so ensure your display booth showcases your brand and products well.
One of the ways to ensure you get the best is to work with professional display booth builders. Another alternative is to go for unique rental displays for trade shows that you can use for the event and return.
Ensure the design you choose is eye-catching and pulls in people from a mile away. Whether the trade show is your organization’s idea or you’re attending a trade show event, help your prospective clients feel your presence.
2.Define Your GoalsUnderstand why you’re setting up the trade event and map out goals in line with this. Ensure the event you’re setting up aligns with your prospective attendees so that you attract the right kind of audience.
Set quantitative goals that specify how many leads or clients you want to generate. Determine how much sales you hope to make or how many investors you intend to reel in, to help you track performance.
3.All Hands on DeckAssign responsibilities and duties to team members to ensure the event runs smoothly and everyone contributes to its success. Keep track of results to see if goals are being met or if the team needs to strategize again to make it work.
Make the Most of Trade ExhibitionsSetting up trade exhibitions may require you to part with some company resources to create events worth remembering by attendees.
Consider it an investment that will bring in more ROI than most marketing strategies you have tried. Focus on creating lasting impressions on the leads you attract, and remember to follow up!