With a substantial increase in digital advertising, some brands have stepped away from trade shows, claiming that these events are too expensive and don’t bring in enough sales. However, these are just myths. There are always ways to meet your trade show goals on a budget. Plus, the industry is far from dead. In fact, it’s alive and well.
Here are five misconceptions about the trade show industry that we’ll address – and debunk for good!
Myth #1. Brands are stepping away from trade shows.
There is one thing that trade shows have over digital marketing: face-to-face interaction. For this reason alone, brands do attend trade shows, which is why there are tens of thousands held each year in the United States alone. Trade shows also remain one of the most profitable B2B marketing approaches, generating more than $12.8 billion in 2016.
Myth #2. People don’t attend trade shows anymore.
Trade show event coordinators wouldn’t hold tens of thousands of events each year if people weren’t attending them! Trade shows receive a lot of foot traffic. 92% of trade show attendees go to these events because they want to look at new products. Interestingly, only 34% of attendees report being “very satisfied” with their experience. Many are looking for more value from these events and more time to meet with exhibitors.
Myth #3. Businesses can find new clients online.
Online is a great place to find new customers, but there are limitations to this approach. Shaking things up is good for business, and trade shows give you access to a wide range of prospects at once. In a single day, you have access to hundreds of potential customers interested in your products and services, and in the mindset to hear your pitch.
Myth #4. Trade shows are expensive.
Building a custom exhibit and exhibiting at an event is an investment. But, trade show prospects have the lowest cost-per-lead. According to research from CEIR, the average cost to identify a potential lead at a trade show is $96, compared to $443 using other means.
Plus, there are ways to be creative with your expenses. Portable and rental exhibits allow you to save money off a custom exhibit. And, if you do choose to build an exhibit, you can reuse the materials for multiple trade shows.
Myth #5. It’s hard to get sales from trade shows.
Keep in mind that many people attend trade shows to look at new products, not necessarily buy. Use your time at an event to focus on collecting qualified leads that will one day convert. Showcase your brand, network with industry professionals and engage with leads. Get people excited about your products and follow up with them after the event, which is when sales are more likely to happen.
Thinking about kicking things up a notch and designing a custom exhibit for your brand? Contact IGE for a quote on your next trade show booth!