New year, new business opportunities! You may have just reviewed your 2019 report and are looking to build relationships with other companies, hire new employees, or innovate your products and services even further. Whatever it may be, you may want to consider attending a trade show in 2020.
If you’re not already aware, a trade show is a large exhibition event that brings companies together to demonstrate their products or services to attendees and top professionals within a specific industry. Trade shows are usually free but are typically not open to the general public, so as to allow the companies who are attending to maximize their time and gain greater knowledge about what is being offered.
Now that you know more about trade shows and what they’re used for, here’s why your business should consider attending and/or hosting a booth at one!
- Promotes Brand Awareness
Although social media, webinars, and video conferences are excellent methods of interacting with customers, trade shows allow you to network and speak with customers who are interested in learning more about your business. A trade show allows you to present your brand and offerings to key decision-makers that matter, especially considering that most attendees are involved or invested in the industry as well. Trade shows also typically have press and media outlets, which can help to increase your company’s exposure. You never know who will see your business and recommend you to others simply because you attended that one trade show.
2. Generate Leads
Trade shows provide you with the chance to engage with prospective clients and/or customers by allowing them to interact with your product or service. Sharing your initiatives, company goals, and vision allows you to build trust with them and potentially close deals or generate long-lasting business relationships. Asking prospective customers questions to better understand what they would like to see, could give you an idea for what’s missing in today’s market and inspire your next innovation. It will also leave them feeling valued and instil a lasting positive impression of your company.
3. Build Relationships/Network
Take the time to learn about other companies’ business models, products, pricing, and gain valuable insight on the state of the industry. Utilize this time to network with companies that could potentially become partners, sponsors, or valuable mentors, who could also help you navigate and grow your business. It would be particularly advantageous to work with companies that have similar values and services or products that pair nicely with yours. This will allow you to expand your reach to a wider demographic.
Trade shows normally include educational sessions featuring well-known speakers, that showcase the latest developments and technologies that will keep you up-to-date on competitive trends. Leaders in your industry are likely to be the ones hosting these sessions and sometimes provide insight on how they gained their success. They could even become a contact for your company for the future.
Trade shows also give you the opportunity to analyze your competitors by seeing what they’re doing to attract customers. By simply walking throughout the exhibition, you’ll notice the different marketing & sales strategies being used for promotional purposes. It’s particularly important to pay attention to what poorly performing booths are doing that push attendees away, as it will help you avoid making the same mistakes.
Overall, attending a trade show is an investment that can contribute positively to your business. There really is no reason not to attend a trade show – you have nothing to lose and everything to gain!
If you’re hosting a trade show or are planning on attending one, make sure you are properly insured. Our dedicated team is always happy to help you find a plan that best fits your needs. Contact us today to learn more about our trade show insurance policies and get a quote!