Every year, $24 billion is spent by US exhibitors for trade show displays.
Trade show exhibitions are still a big thing among B2B and Industrial Marketing companies. Although, the results are still skeptical. What I mean by this is that 54% of exhibitors still say their number one problem with trade shows is not being able to track their results and ROI. With growing digital penetration, is it time to shift our marketing budget towards more modern marketing tools?
Let’s decode this subject in this blog with a few statistics and my real-time experience.
Firstly let’s understand
What is meant by Trade show marketing
A trade show, sometimes also called a trade exhibition or trade fair, is an event that brings together members of a particular industry to display, demonstrate, and discuss their latest products and services.
Its a great way to connect with new potential customers, suppliers and distributors, influencers, and the media.
What is meant by Digital Marketing?
Digital marketing is the practice of promoting a business, product, or service using online channels and digital technologies. It offers a powerful and cost-effective way to drive revenue by reaching consumers through various strategies.
- Social media marketing
- Email marketing
- Pay-per-click (PPC) advertising
- SEO services
- Content marketing
Digital marketing is an effective strategy that allows you to connect with a larger audience, enhance your online visibility, and ultimately boost sales for your business.
3 key benefits of trade exhibition marketing
Meeting with potential customers
Trade shows can give your business a unique opportunity to meet with your potential and current customers face-to-face. By meeting with your customers in person, you can:
- Receive and respond to customer feedback
- Answer customer questions
- Explain the benefits of your product and services
- Build strong relationships with your customers
Analyze Competition
Keeping an eye on your competitors is crucial for boosting your sales and revenue, and trade shows offer a valuable opportunity to evaluate them closely. At these events, you can assess which booths draw the most attention and discover their strategies for engaging customers. Here are some effective ways to research your competitors at trade shows:
- Observe their customer interactions: Pay attention to how they engage with attendees.
- Examine their products and services: Take note of what they are showcasing and how it compares to your offerings.
- Analyze their marketing strategies: Observe how they promote their brand and products to potential customers.
Target high-quality leads
Since most trade show attendees have registered or are part of the industry, they are likely to be interested in your products and services. This means you have the opportunity to connect with consumers who are actively seeking what you provide.
3 key benefits of digital marketing
Track and measure the success of campaigns
Another advantage of digital marketing is the ability to clearly track and measure the success of your campaigns. You can effortlessly access data and insights such as:
- Effectiveness of various strategies in driving sales
- User engagement metrics, like time spent on your website
- Popularity of specific pages and content
- Detailed customer demographic information
Introduce your business to ICPs
Digital marketing empowers your business to reach a wider audience of potential customers and generate more leads as people browse the web, shop online, or conduct research.
In contrast, traditional marketing approaches like TV and radio ads require you to capture the attention of your target audience and persuade them to buy your offerings.
Digital marketing, however, enables you to promote your brand to consumers who are already actively seeking your products online.
Better ROI than any other marketing channel
Digital marketing strategies leverage data to craft and execute impactful campaigns, significantly boosting your business’s revenue.
These strategies offer remarkable returns on investment (ROI). Consider these compelling statistics:
- Email marketing yields $44 for every $1 spent.
- Pay-per-click (PPC) ads deliver $2 for every $1 invested.
- Content marketing costs 62% less than traditional methods while doubling website conversion rates.
These figures highlight the efficiency and effectiveness of digital marketing in driving revenue and achieving a high ROI.
Which is best for you?
Deciding between digital marketing and trade shows hinges on several factors, including your marketing budget and business objectives.
If your goal is to expand your reach, enhance brand visibility, and achieve the best ROI, digital marketing stands out as the optimal choice.
Digital marketing serves as a superior alternative to trade shows, enabling you to connect with a broader audience, increase revenue, and save money simultaneously.
Still uncertain? Consider these statistics:
- 63% of exhibitors find trade shows expensive, dedicating 31% of their marketing budget to events and exhibits. — JobsinMarket
- 54% of exhibitors struggle with tracking results and ROI from trade shows. — JobsinMarket
- Content marketing produces 54% more leads and costs 62% less than traditional marketing. —WebFx
- Email marketing can generate 50% more sales than other lead generation strategies. — WebFx
- Segmented email campaigns can boost revenue by 760%. — WebFx
In summary, while both trade shows and digital marketing can effectively promote your business, digital marketing is the more cost-efficient strategy that will drive revenue growth and elevate your business.
Factors to consider, for participating in the Tradeshow
Research at least two years before participating
I would rarely think about spending money on a trade exhibition that is at its first edition. I’d rather buy a ticket and research the premises myself before buying a booth next year.
- Who are the organizers?
- Who are the sponsors
- Are their foreign buyers who will be attending the event?
- Are industry leaders representing themselves in the trade show?
It should be best booth at the event
I think a key ingredient to success is to have the nicest booth at the event. I have known companies who still get compliments on the booth design even after 5 years of the exhibition.
Think of it as a long term game
Think about it on a 3-5 year scale.
- How many events do you plan to go to?
- How many leads to you plan to get from these events over that time?
- What is your conversion rate, what is your average deal size?
Choosing the Giveaways
I know people are sick of pens and keychains, so you should try to come up with something they can actually use and keep. Some examples: a portable phone charger, cloth (not paper!) bags that they will use to carry all the brochures they receive throughout the exhibition, waterproof phone cases, note pads to be used during the conference, and so on.
Have a strong Digital presence
You can also leverage digital marketing to make a success of the tradeshow. Sending out Thank-you emails, and sending email sequences of product features, case studies and testimonials to the visitors of the tradeshow can be helpful. You can leverage the benefits of digital marketing to carry out post-show activities.
Exhibitions and Tradeshows are an integral part of B2B and industrial marketing. Every company should do it with planning and budgeting. Secondarily, I would say that any business that still relies on referrals/personal connections needs to think about trade show marketing.
