7 Reasons to Attend Trade Shows in 2024
Trade shows are events where businesses showcase their products and services to potential customers, partners, and investors. They are a great way to network, generate leads, and learn from industry experts. But are they worth the time, money, and effort? Here are seven reasons why you should attend trade shows in 2024.
Key Takeaways
Trade shows are back after the pandemic and offer face-to-face interaction.
Trade shows provide exposure and visibility and enable product demonstration and feedback.
Trade shows facilitate learning and innovation and create networking opportunities.
Trade shows generate leads and sales and require preparation and follow-up.
Trade shows can help you achieve your business goals in 2024.
1. Trade shows are back after the pandemic.
The COVID-19 pandemic disrupted many industries and forced many trade shows to cancel or go virtual. However, as the situation improves and vaccination rates increase, trade shows are making a comeback. According to a survey by UFI, the Global Association of the Exhibition Industry, 73% of trade show organizers expect to resume physical events by the end of 2021. This means that 2022 will be a year of recovery and opportunity for trade show exhibitors and attendees.
2. Trade shows offer face-to-face interaction.
One of the main benefits of trade shows is the opportunity to meet people in person. Nothing beats the human connection that comes from shaking hands, exchanging business cards, and having meaningful conversations. Face-to-face interaction can help you build trust, rapport, and loyalty with your prospects and clients. It can also help you stand out from the crowd and make a lasting impression.
3. Trade shows provide exposure and visibility.
Another advantage of trade shows is that they can help you increase your brand awareness and reach a large and targeted audience. Trade shows attract thousands of visitors who are interested in your industry and looking for solutions. By having a well-designed booth, a catchy slogan, and a compelling offer, you can attract attention and generate traffic to your booth. You can also use social media, email marketing, and press releases to promote your presence at the trade show and drive more visitors to your booth.
4. Trade shows enable product demonstration and feedback.
A third benefit of trade shows is that they allow you to showcase your products and services in action. You can use live demonstrations, videos, samples, or testimonials to show how your products and services work and how they can solve your customers’ problems. You can also get instant feedback from your potential customers and learn about their needs, preferences, and objections. This can help you improve your products and services and tailor them to your customers’ expectations.
5. Trade shows facilitate learning and innovation.
A fourth reason to attend trade shows is that they can help you learn from industry leaders and experts. Trade shows often feature keynote speakers, panel discussions, workshops, and seminars that cover the latest trends, best practices, and challenges in your industry. You can gain valuable insights, tips, and advice from these sessions and apply them to your own business. You can also discover new technologies, innovations, and solutions that can help you stay ahead of the competition.
6. Trade shows create networking opportunities.
A fifth benefit of trade shows is that they can help you expand your network and establish new relationships. Trade shows bring together people from different backgrounds, locations, and sectors who share a common interest in your industry. You can meet potential customers, partners, suppliers, investors, or mentors who can help you grow your business. You can also reconnect with existing contacts and strengthen your bonds.
7. Trade shows generate leads and sales.
A sixth reason to attend trade shows is that they can help you generate leads and sales for your business. Trade shows are an effective way to capture qualified leads who have shown interest in your products and services. You can use various methods to collect contact information from your visitors, such as registration forms, surveys, contests, or giveaways. You can then follow up with these leads after the trade show and convert them into customers. Trade shows can also help you close deals on the spot or accelerate the sales process by meeting decision-makers face-to-face.
Tips
- Choose trade shows that match your goals, budget, and audience.
- Register early and take advantage of early-bird discounts and incentives.
- Research the trade show venue, layout, facilities, and services.
- Plan your travel and accommodation arrangements in advance.
- Bring enough promotional materials, such as brochures, flyers, business cards, and giveaways.
- Dress professionally and wear comfortable shoes.
- Smile, greet, and engage with your visitors.
- Collect contact information and qualify your leads.
- Have a clear call to action and a strong value proposition.
- Follow up promptly and consistently with your leads.
Trade Shows: A Statistical Report
Trade shows are events where companies showcase their products and services to potential customers, partners, and industry peers. They are a traditional marketing strategy that has evolved over time to adapt to the changing business world. Trade shows offer many benefits for exhibitors and attendees, such as increasing brand awareness, generating leads, launching new products, and networking with other professionals. In this report, we will present some statistics about the trade show industry, based on the latest data available from various sources.
Global Trade Show Market Size and Growth
According to Statista, the global trade show market was valued at $34.4 billion in 2019. The US trade show industry represents 49% of the worldwide market for trade show exhibitions. However, the trade show industry was severely affected by the COVID-19 pandemic, which forced many events to be canceled or postponed in 2020 and 2021. As a result, the value of the B2B trade show market in the US dropped from $16.3 billion in 2019 to $5.6 billion in 2020. The trade show industry is expected to recover gradually as the effects of the pandemic wane and more events resume in-person or hybrid formats. In 2022, the trade show planning business in the US is expected to be worth $18.2 billion. By 2027, the B2B trade show market in the US is projected to reach $24 billion.
Trade Show Attendance and Participation
Trade shows attract a large number of attendees who are interested in finding new products and services, learning from industry experts, and meeting potential business partners. According to Statista, over 90% of trade show attendees say they are searching for new products. The typical trade show visitor spends 8.3 hours looking at exhibits. Moreover, 81% of attendees can recall at least one exhibitor they visited at a trade show, even six months later. Trade shows also help increase brand recognition by 76%.
On the other hand, exhibitors participate in trade shows to achieve various marketing goals, such as generating leads and sales, promoting customer involvement, enhancing product knowledge, and launching new products. According to Statista, 85% of exhibitors say that their primary reason for exhibiting at a trade show is to generate leads and sales. For 64% of exhibitors, the quality of attendees is the most important factor when deciding to participate in a trade show. Businesses in the US took part in 6.4 national events in 2021. However, exhibitors also face some challenges when attending trade shows, such as high costs, low-value leads, and competition from bigger players.
Trade Show ROI and Effectiveness
Trade shows are a significant investment for both exhibitors and attendees, so measuring their return on investment (ROI) and effectiveness is crucial. According to Statista, trade shows are the second largest source of B2B revenue in the US. However, calculating the exact ROI of trade shows can be difficult, as there are many factors that influence it, such as event objectives, costs, sales cycles, conversion rates, and customer lifetime value. According to Trade Show Labs, only 35% of exhibitors track their ROI from trade shows. Moreover, only 28% of exhibitors have a clear plan for following up with leads after a trade show.
Despite these challenges, trade shows are still considered an effective marketing medium by many professionals. According to Statista, 93% of face-to-face marketers are feeling “optimistic” or “hopeful” about trade shows being an effective marketing medium. Moreover, 76% of exhibitors integrate their event with other marketing campaigns. Trade shows also provide opportunities for learning and innovation, as they showcase the latest trends and developments in various industries.
Trade shows are a valuable marketing strategy that can help businesses achieve various goals, such as increasing brand awareness, generating leads and sales, launching new products, and networking with other professionals. However, trade shows also require careful planning and preparation, as they involve high costs, complex logistics, and fierce competition. Moreover, trade shows need to adapt to the changing business environment and customer preferences, especially in light of the COVID-19 pandemic. Trade shows can leverage digital technologies and hybrid formats to enhance their reach and impact.
Frequently Asked Questions
Q: How can I find trade shows in my industry and location?
A: You can use online directories, such as Trade Show News Network (TSNN), EventsEye, or 10times, to search for trade shows by industry, location, date, or keyword. You can also check industry associations, publications, or websites for trade show announcements and recommendations.
Q: How can I prepare for a trade show?
A: You can prepare for a trade show by setting clear objectives, defining your target audience, designing an attractive booth, creating a compelling offer, training your staff, and promoting your presence before, during, and after the trade show. You can also research the trade show organizers, exhibitors, and attendees to plan your strategy and tactics.
Q: How can I measure the success of a trade show?
A: You can measure the success of a trade show by tracking and analyzing key performance indicators (KPIs), such as number of visitors, leads, sales, revenue, return on investment (ROI), customer satisfaction, and brand awareness. You can use various tools, such as CRM software, analytics software, or surveys, to collect and evaluate data from your trade show activities.
Q: How can I follow up with trade show leads?
A: You can follow up with trade show leads by sending them a thank-you email or a phone call within 24 hours of meeting them. You can then segment your leads based on their interest level, needs, and readiness to buy. You can then tailor your messages and offers to each segment and use multiple channels, such as email, phone, social media, or direct mail, to communicate with them. You can also use automation software or email marketing software to schedule and send follow-up emails.
Q: How can I improve my trade show performance?
A: You can improve your trade show performance by reviewing your results and feedback from each trade show and identifying what worked well and what didn’t. You can then use this information to make adjustments and improvements for your next trade show. You can also seek advice from industry experts, peers, or mentors who have experience in trade shows and learn from their best practices and mistakes.
References:
http://www.press1.de/wrapper.cgi/www.press1.de/files/kmeigen_kmpresse_1349699110.pdf
https://www.ufi.org/wp-content/uploads/2021/06/UFI-Global-Recovery-Insights-2021-Global-Exhibitor-Perspectives-on-COVID-19-Impacts.pdf
https://www.forbes.com/sites/forbesbusinesscouncil/2019/12/05/why-face-to-face-meetings-are-so-important-in-business-today-and-how-to-make-the-most-of-them/?sh=5a8c0f0f3d8a
https://www.entrepreneur.com/article/319101
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