Interactions in person are, by far, the best way to promote your brand and create a meaningful relationship with your customers. This is the reason why industry expos are so popular among B2B marketers and business owners alike. However, participating in an industry expos or trade show requires an investment that not many businesses are able to make (especially the smaller ones). According to sources, the average business owner sets aside around 30% of their marketing budget for participating in an industry expo. This can be extremely difficult to accomplish for small business owners, solo event planners, and mom-and-pop stores, which understandably causes hesitation, and ultimately leads to entrepreneurs and small business owners pulling out of the opportunity.
While that might seem like a good decision at the time and make financial sense, if you are an event planning services entrepreneur who does not participate in industry expos or trade, you’re just leaving money on the table. Today, we’re going to dive deep into some of the reasons why you should be attending and just how lucrative expos can be for your bottom line.
ROI of Attending Industry Expos
Return on investment or ROI is the profit or benefit that is received by making an investment, which, in this case, is participating in an industry trade show or expo. These benefits are quantified by measuring several factors, such as lead generation or relationship building, which may also include measuring a Return on Objectives or ROO.
In short, the cost of participating in an industry event, such as a trade show or an expo, should have helped you achieve or, at least, get close to your objectives.
Of course, gauging the success or failure of participating in an event will solely depend on several success parameters that are unique to the company. These attributes include its size, products or services, or its strategic vision.
Participating in an expo or trade show can provide businesses with a great opportunity to not just showcase their products and services but also mingle with industry experts, find potential investors, and make connections.
For those business owners who are still on the fence about whether or not to participate in an expo, here are some benefits and reasons why industry expos are essential for event planning business growth.
Benefits of Taking Part in Industry Expos
Today, marketing is concentrated on laptop and phone screens. So, many business owners may ask, “Why do we need to participate in industry expos, anyway?”
Whether it is generating leads, finding investors, or simply creating brand awareness, there are numerous benefits of taking part in industry-specific expos and trade shows, regardless of the size of a business. Here are some of the reasons and major benefits of industry expos that normally fly under the radar.
In-Person Interaction
One major advantage of participating in industry expos is that it provides you with the opportunity to meet with clients and potential investors face-to-face. The importance of human interaction cannot be denied in any business setting, and industry trade shows, expos, and other events offer the perfect platform for brands to get that human interaction that would otherwise be lost to mobile devices and digital marketing.
Besides all of the opportunities that online marketing provides to businesses, there is still a need for consumers and investors to meet with the people behind the brands they’re interested in to help build trust. In short, consumers tend to trust a business more when they are able to meet them in person. Helping customers gain confidence in your brand should be the main goal for any business owner, which is why taking part in industry expos and trade shows makes sense.
From a business perspective, trade shows and industry expos are the perfect opportunities for businesses to grow their customer base since they have the attention of a target audience, aka, folks who have turned up to learn more about your product or service with the intention of using it. This concept alone is MONEY and provides businesses with a unique opportunity to build confidence in their event products or services – to a point where the attendees at your stall turn into paying customers.
Targeted Audience
Industry expos and trade shows aren’t just an excellent opportunity to help business owners gain experience in selling their services to customers, but it is also the ideal platform to meet your target audience. This is one of the reasons why many businesses that participate in such events use surveys to gain a deeper understanding regarding the needs and wants of their target demographic in real-time.
Unlike other methods of gauging what your clients think of your product or service, industry expos allow event businesses to gain a better understanding of exactly what services or features your clients are looking for in your product and the steps that you can take to help them get the most out of your product or service.
Ask any business owner, and they are going to tell you about the woes of irksome cold calling. Taking part in industry expos is the best way to gain the attention of your audience without having to resort to annoying cold calls that will only leave your audience feeling indifferent towards your brand.
Unlike cold calls, your audience at an industry expo will be in the right frame of mind to pay attention to your pitch. Since they were the ones who walked up to your exhibition stand, they will be attentive to products or services, as well as your brand message.
Product/Service Demonstration
While the attendees at industry expos are mainly there to find out what’s new with their favorite brands, there are many who are looking for new and innovative solutions that will make their lives easier. Taking part in industry expos provides businesses in the services niche to demonstrate their products or services to an already motivated audience, which is by far, the best place for any brand to be in, especially if you’re looking to expand your customer base.
Industry expos offer the perfect platform for businesses to create brand awareness to make their business stand out. While promoting the new product or service you’re offering, it is also wise to give the attendees an idea of your company’s accomplishments, mission, and values. Your approach to how you make your audience feel while you’re demonstrating your product or service is going to make all the difference in making your brand stand out from the rest.
Since industry expos tend to encourage many brands to showcase their wares, there’s no dearth of competition. However, those smaller brands that want to compete with the big fish get an opportunity to take a peek at what the larger competitors in their niche have to offer. This is a great way for smaller businesses to gain insights into the value-added services that larger brands provide and how they can improve their bottom line by integrating those features or services into their existing business model.
Gain Marketing Intelligence
Marketing intelligence is much more than just an industry buzzword. It gives businesses an accurate idea of the ins and outs of the market along with other valuable information, such as gaps in the market, which can help improve their performance and help grow their customer base. When it comes to marketing intelligence (and market intelligence), gathering the data you need to build a strategy can get tricky.
There’s a reason why forward-thinking businesses use market intelligence as a major factor when it comes to formulating strategies. Gathering market intelligence makes sense mainly because it enables brands to better understand their audiences, make better decisions, and gain competitor analysis to help them grow their business.
One of the questions that business owners ask is, “Marketing intelligence vs. market intelligence; what’s the way forward?” While the two terms are used by marketers interchangeably, market intelligence and marketing intelligence are two distinct concepts. While the former contains data on the broader industry, the latter has to do with market trends, customer demands, and the competitive landscape in which a business operates.
Staying Ahead of the Trends
Since marketing intelligence has to do with the specific factors that affect a business, it offers far more information and data relating to how a company can improve and grow its business by staying more competitive. The micro viewpoint of marketing intelligence, coupled with the macro view of market intelligence, allows businesses to gauge the market and stay abreast with all of the latest market trends that can help improve their own performance.
Marketing intelligence can be gauged by a company’s own marketing tools or third-party marketing tool providers. The two marketing intelligence data to focus on include qualitative data and quantitative data. The former is any data that cannot be quantified in numbers, while the latter is all of the data that can be counted. Any data that’s collected should provide a reliable reflection of the brand and how it is viewed in the industry.
Brand Exposure
Industry expos are unique in that there will never be a better opportunity for businesses to reach out to their target market, highlight their products and services, and attract new customers. In a sense, gaining brand exposure means not just promoting your brand but exposing yourself to what other brands in a similar niche have to offer.
Expos offer a unique opportunity to make a memorable impression on a highly targeted audience. When you set up a booth, you’re not just presenting your offerings; you’re creating an immersive experience for potential customers.
Think of it as a stage where your business can shine. A well-executed expo presence can lead to substantial lead generation and sales opportunities. Your display can leave a lasting impact and generate buzz around your brand.
Be Visible
Expos provide a platform for businesses to showcase their unique selling proposition (USP) in a compelling way. With a physical presence, you can effectively communicate what sets your event planning brand apart from the competition.
Whether it’s groundbreaking technology, a commitment to sustainability, or an exceptional customer service experience, expos give you the opportunity to demonstrate your USP through live demonstrations, interactive displays, and engaging presentations. Attendees can witness the value your brand offers in action, making it more likely to stick in their minds.
Expos are not only attended by events industry professionals and potential customers but also by journalists and media outlets looking for the latest industry trends and innovations. Your presence at an expo can catch the eye of reporters, leading to media coverage and publicity for your brand.
Perhaps one of the most significant advantages of expos is their potential to leave a lasting impression. Attendees who have interacted with your brand in person, experienced your products or services, and connected with your team are more likely to remember and recall your event services brand when making NYC event decisions down the line.
Mentorship and Guidance
Expos attract industry experts and seasoned entrepreneurs who are willing to share their unique knowledge, experiences, and insights. Building relationships with mentors at expos can provide invaluable guidance for your business journey. These mentors can help you navigate challenges, offer advice on specific business issues, and provide a broader perspective on your industry.
Additionally, expos provide access to a wealth of expertise. Whether you seek advice on market entry strategies, growth opportunities, or specific business challenges, the experts present at these events can offer valuable insights to help your business thrive.
Engaging with such experienced professionals can be a transformative experience. They are often more approachable and open to conversation at expos than in other settings. This presents an ROI-boosting and unique opportunity for business owners to glean insights from those who have faced similar challenges, made tough decisions, and achieved remarkable success.
Forming Strategic Partnerships
Mentors at expos can offer invaluable guidance when it comes to navigating the various challenges that businesses encounter. Whether you’re grappling with scaling your operations, managing finances, or dealing with personnel issues, mentors can provide practical business and event-related advice based on their own experiences.
These mentors have likely encountered similar obstacles during their careers and can offer solutions that you might not have considered. Moreover, they can help you foresee potential pitfalls, enabling you to make informed decisions that steer your business toward success while avoiding common mistakes.
For businesses looking to expand into new markets, either domestically or internationally, expos are a goldmine of knowledge. Seasoned experts who have successfully ventured into new territories often share their insights on market entry strategies.
From understanding local regulations to building relationships with distributors or partners, mentors can guide you through the complexities of market expansion. Their advice can save you time, money, and effort, ensuring a smoother and more successful entry into new markets.
Continuous Learning and Education
The learning opportunities at expos are boundless. Most events feature seminars, workshops, and keynote speakers who share valuable insights and knowledge. Attend these sessions to enhance your skills and knowledge. Learn about the latest marketing strategies, technological advancements, and management techniques that can benefit your business.
Moreover, expos are excellent platforms to stay informed about industry trends, regulatory changes, and market shifts. The insights gained from these events can guide your future business decisions and help you remain agile in a rapidly changing business landscape.
Collaborations and Partnerships
Finally, building upon the collaborative nature of industry expos, the connections made at these events can lead to collaborations, joint ventures, and strategic partnerships.
When you connect with like-minded businesses or individuals who share your goals and vision, the possibilities for collaboration are endless.
Consider the exponential growth potential when two similar businesses join forces. Such partnerships can not only expand your reach but also bring new expertise and resources to the table. Be open to exploring collaborative opportunities and have a clear strategy for evaluating potential partnerships.
Ending Note
Of course, these aren’t going to be the only objectives for businesses, both large and small, to take part in industry expos and trade shows. In an increasingly competitive marketplace where there’s always more than one product or service provider, not getting the exposure that comes along with participating in a trade show is just bad for business. The bottom line is if your competitors have a presence at a trade show, you need to as well, not just to promote your business but to give people something to remember you by.
So, now that we’ve gone through the various benefits of industry expos, you do need a clear and concise plan so that you can get the most ROI when participating in industry expos. This is where you are going to need to engage the top event services who don’t play around when it comes to making your brand stand out from the rest, networking efficiently, and maximizing your reach.
Now that you know how exponential your growth can be with expos, it’s time to get your tickets to the premier expo for all event planners – The Event Planner Expo 2023!
