There are numerous models, tricks and tactics to increase sales of a company. The most common ones applied are advertising, PR and marketing. But the big sharks know the importance of business trade shows and exhibitions for the growth of sales and business. What exactly are these events?
Trade shows and exhibitions are events where companies display their products or services to not only potential customers but everyone else interested or is associated with the same line of business, service or product production.
You can either have a trade show held for the products or services of your company or can be a part of a wider exhibition, kind of a trade fair where other companies related to your field are present. Both give a great deal of exposure.
Why are trade shows and exhibitions even necessary in the first place?
- Introduce a new product/service
This is actually the main purpose of a trade show or exhibition as explained above. If you have a major product or service launch or your company is introducing a number of items together, this is the best way to do so. You have a good amount of audience at your disposal, at the same time and place than any other event you can hold.
- Target audience
Through these events you get a good knowledge of who your target audience is. Also you get to interact with them on a one on one basis. As people who are genuinely interested in the products or services you provide, you can easily turn the potential customers to customers.
- Future promotions with the help of data
These events usually require pre- registration, on spot registrations or buying tickets. During the time of registration the attendees put down their name, number and mail IDs which is kind of free information for you. These people as said above are interested prospects and even if they don’t buy a product you still have their information.
After the event you can send them a small thank you email, remind them of your products and keep them updated with the discounts running on your sites.
- Two way knowledge sharing system
While holding these events keep in mind that it’s not only you who is disseminating knowledge. Yes you are the main speaker but you will have to listen to your customers and potential customers and understand their requirements.
Maybe you both have a different idea of what the other is expecting and this is a great opportunity to help each other out through listening and communicating. You will have to be aware of even the slightest of gesture and change in reaction.
If your company is a part of a trade fair, there are companies similar to yours, investors, customers, suppliers and others related directly or indirectly to your company. Interacting with them will give you a lot of knowledge about how they are presenting their products and even a little more understanding of the working of their company.
- Promotion and sales
You will not find a better opportunity to showcase what your company offers. People can gain first-hand experience of what your company has to offer, and if done right you can probably get a lot of sales on the spot.
Workshops can be held by you at your trade show or a trade fair, or you can attend a workshop at a trade fair. There is no harm in learning more even if you are at the top. Maybe you come across ideas or topics that interest you.
- Immediate feedback
Such events provide a great opportunity to have customers, potential customers, vendors and other important aspects of your company under the same roof and in front of your years. Thus, the reach and feedback is immediate.
Things To Keep In Mind
- Token of appreciation
Although a lot of trade shows do not do this, it is better to always present something to the people who are visiting your stall at a trade show or your event. It is a token of appreciation for their presence. This can be anything, maybe a product you are showcasing.
On the other hand if the product is expensive you can definitely not give it for free or if you are a service company all you can do is give a discount coupon. If you feel like adding something else or don’t want to spend much, chocolate boxes or hampers are the way to go. They are inexpensive and a great way to promote your company.
- Never go over budget
Even if you think ‘it’s just a few hundred rupees extra here and here’, the overall expenditure will lead to a huge difference in what your budget was and what you have spent. This will defeat the immediate purpose of holding a trade show. You will have spent more than you have earned.
- Don’t go all texts
Presenting a PPT, brochures, pamphlets etc.? Don’t just fill it up with texts. If you have a lot of information, make it more of a script and narrate it, no one will want to read long paragraphs. You can have fun activities related to your products to attract more and more people.
- Keep an open mind and listen
As mentioned above, you are not the only one providing information. Have an open mind and don’t overlook the obvious requirements presented to you by the attendees of the event.
You might think that holding trade shows might be expensive, but it is a great return on investment. With people actually interested in your products and services, and you receiving actual and immediate feedback, you can easily cash back on the opportunities presented to you.