Photo Courtesy of IMTS
Preparing for a major trade show next week, I’m inspired to provide a few thoughts on strategies I’ve found successful for planning and managing a show schedule. First a caveat – I am not a fan of trade shows. I have run some analysis in the past and found that the ROI is worse than most other marketing investments. I don’t believe the “brand building” arguments either – there are just too many brands trying to make an impression. I do believe that you need to appear to maintain your brand (“brand sustenance?”), as I have experienced the downside of not participating in shows. Thus I no longer believe, as I once did, that you can eliminate them entirely from your mix.
It amazes me in the era of online marketing that trade shows survive. I wouldn’t say they “thrive”, but they have not diminished as much as one might expect. It seems the number of shows has held steady or maybe even grown slightly. I have heard some negative trends, especially in 2010, in number of visitors and exhibitors, but it is not to be debated that trade shows remain a major element of the marketing communications mix.
Most companies do a poor job of managing shows; they show up at the same events year after year with nothing new to announce, and limited activities designed to maximize the return on their investment. There are some pretty simple steps that can be taken to drive a better audience and achieve your objectives of gaining qualified leads and building your brand. These ideas start from thinking more about the shows you select, but the manner in which you participate and promote your presence has a major impact on your success rate as well.
Don’t Skip the Mandatory Shows
As expensive as the major shows can be, these are events where you are conspicuous in your absence. I’ve been burned by skipping shows in the past and having customers claim that as a reason not to order from us. The claim was that we must not be interested in the industry anymore (though I suspect there were bigger reasons they had selected a competitor). Therefore, if you are in the manufacturing technology industry, plan to be at IMTS. If you make equipment for semiconductor processing, go to SEMICON. Plastics companies must be at NPE. But make sure you follow some of the other strategies provided below.
Look for Attractive Niche Shows, Where your Presence will Surprise Visitors
Instead of focusing solely on the large shows (and spending accordingly), look to spread your presence into shows targeting specific industries (medical, wind energy, food, etc.) or products (gears, thermal management materials, etc.). When you show up as a new participant in an unexpected venue, it is easier to draw attention. Obviously, you have to have a value proposition that makes sense for that industry, but these shows are a nice way to try a quick experiment in a new market segment. It is also easy to vary the shows you participate in from year-to-year.
As an example, we once had an Italian distributor who produced laser marking systems on the side. He was very aggressive at target applications beyond the traditional automotive and similar industrial uses. He would participate in fashion shoes to target marking of shoes, and food shows to demonstrate his systems’ ability to mark cheese (he could also cut cheese with a laser, but I’ll avoid the obvious gags here). It was the novelty of the show and the distributor successfully sold several systems into these new applications, earning a solid ROI on his participation.
Always Have Something New to Feature
I find nothing more motivating toward finishing a new product project on time than to have a deadline set by a major trade show. Especially for major shows where you participate on a regular basis, putting a fresh face on the company is critical; companies with new products or other news to highlight find it far easier to attract attention via low-cost PR efforts such as the new product guides that show producers and industry publications typically publish. This can also help drive a theme and message for the show, and give a reason for existing customers to come visit you.
If you don’t have a new product to announce, then repackage an existing product that hasn’t gotten enough attention. Too often companies assume that everyone in the industry knows what solutions are in your portfolio; you would be surprised how much mileage you can get out of existing products if you position them in a new way (a future post will discuss this topic).
Bundle Other Activities into the Show
One indisputable positive about a show is that it can be a cost-effective way to meet key customers and channel partners. Such meetings can range from just an impromptu visit to the booth to a formal dinner or account review. In one of my past positions, we planned major annual reviews with our fabricator network in conjunction with a major trade show since we knew they would all be there (and the show was in close proximity to where most of them had operations). At a minimum, you save on travelling to individual accounts to conduct these reviews.
Another activity that can significantly improve your results at a show is to give a presentation. Many shows are held in conjunction with conferences for which you can submit a paper. Even if you don’t have a technical paper to review, or are not invited to do so, some shows, especially smaller segment-focused shows, offer vendor showcases where you can pay a fee to buy time to give a presentation. We found great success using this approach two years in a row to launch new products at a solution-specific trade show, reaching at least 75% of key decision makers each time. We then only needed very limited additional PR on the products to drive initial awareness in the industry, making the whole show experience worthwhile.
Another idea is to bundle a promotion into your show (such as a discount on orders received at the show, free trials for show visitors, etc.). If publicized in advance by show guides, industry publications, or your own campaigns, and meaningful enough to draw attention, this can raise the curiosity of show attendees and make them seek out your booth. Remember that many show attendees have to justify their expenses to attend a show; if you can provide them with a compelling solution at a good price, this can help them write their own trip reports and feel their time and money was well spent.
Look Outside the Formal Trade Shows
If you work with channel partners such as OEMs or major distributors, they may host their own technical events or shows on a regular basis or to celebrate a major product launch or other news. There is often the opportunity for key suppliers to be directly or indirectly involved in the event. The audiences for these events are often highly focused and in the market for a solution in the near to medium term so even when the overall attendee numbers aren’t as high, we have seen a greater number of qualified leads result from these shows.
If your channel partners do not do this, look to organize your own event. To make it easy for customers, plan it near their location or in an industry “cluster” (such as Warsaw, Indiana for medical device makers). This can be done at a local hotel or, for larger accounts, in the customer’s facility. Some companies have also made very effective use of trailers to create a mobile show experience. While a little challenging to manage, a trailer provides near infinite flexibility in taking a demonstration to key customers; Gorman Rupp Pumps, for one, has reported great success with their program. Organizing your own event takes a lot more coordination, but you obviously don’t need to compete for attention with other exhibitors.
I hope these ideas help you rethink your approach to trade shows, and I’m eager to hear what methods you have used to find success (or, tried and failed).
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