Smaller Crowds Hold Hidden Potential: Exhibiting During Economic Downturns
Smaller Crowds Hold Hidden Potential: Exhibiting During Economic Downturns
On the other hand, when the economic indicators aren't so good, the tradeshow starts to look a little bleak. Exhibitors scale back and the crowds get smaller. This trend holds true among all industries; some are hit harder than others, but most see a significant decline in attendance numbers during economic downturns.
Surprisingly, that's great news for exhibitors. Celebrating the fact that there are fewer numbers of attendees at any given trade event may seem counterintuitive, admittedly. Yet the fact remains that the thinning of the crowds is a dark cloud with a shiny silver lining.
Identifying the Opportunity
Where does the opportunity lie for the exhibitor during economic downturns? Many organizations, citing smaller attendance numbers, make a classic mistake during recessionary times and opt out of tradeshow exhibiting in an effort to control costs.
Failing to exhibit at a show is a guarantee that you'll lose 100% of the potential new sales revenue that the event could generate. It also eliminates the chances of beginning profitable new relationships, and it leaves your existing relationships vulnerable: just because you're not talking to your customers who attend the tradeshow doesn't mean your competition isn't.
You're also sacrificing an opportunity to demonstrate your organization's position as a stable, credible company. It is especially important to remember that during economic downturns, establishing and maintaining front-of-the-mind awareness among your customer base is particularly vital. If they don't see you, they may do more than forget about you. They may take your absence as a sign that your organization is not in good financial shape and perhaps on the verge of disappearing as a viable provider.
Where's the Silver Lining?
The good news about smaller tradeshow crowds can be boiled down to one key phrase: quality, not quantity. Smaller, more concentrated crowds generally contain a higher percentage of serious buyers. These are the attendees who come to the show to do business, who view the annual event as time to connect with suppliers, consider new vendors, and reinforce their own working relationships -- in short, the real pros.
The lookie-loo and tire-kicker crowd aren't investing the time and energy into attending shows they're only marginally interested in. It's not worth it simply to get away from the office -- not during a tight market! They will restrict their travel to the shows that really are of high interest and relevance to them. As a result, the quality of the crowd is substantially increased.
What This Means For You
Tight markets and slow economies do invariably result in smaller crowds at tradeshow and industry events. The people who do attend are far more likely to be serious show attendees, who come to the show with a clear set of goals and objectives.
It's your job, as an exhibitor, to help attendees realize their goals and objectives. Remember: each and every contact you do make at the show is more likely to develop into a high-value lucrative relationship. It would be very prudent to prepare for smaller shows just as intensely, with just as much focus and dedication, as goes into the lavish events during plush economic times.
In fact, on a per-attendee basis, the rewards for this type of investment are likely to be far, far higher at smaller shows with more concentrated crowds of serious attendees.
Beginning with the planning process. You want to take advantage of this situation by sending your best, most prepared staffers: this is their chance to shine. Provide them with both team and individual goals: bear in mind the smaller crowds, without being afraid to be ambitious.
Exhibiting during downtimes means recognizing the reality of the economic situation. This often means presenting your products and services with a focus on value. Concentrate on the dollar and cents benefits that your buyer will realize from choosing to work with your organization rather than another. Will they have better sales? Enhanced productivity? Less manufacturing down time? Increased employee retention, which cuts down on recruitment and training costs? Don't be afraid to spell it out: this information can be the deciding factor that an attendee considers when opting for one vendor over another.
Finally, follow up is particularly critical. Develop and implement a strategic plan for identifying your best prospects and immediately following up with them: the sooner you contact a prospect, the greater the chances of establishing a profitable relationship with them. Use a lead tracking system to ensure no potential clients 'slip through the cracks' and to introduce an element of accountability into your sales forces' efforts.
Smaller Crowds Hold Hidden Potential Exhibiting During Economic Downturns - To learn more about this author, visit Susan Friedmann's Website.
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Economic cycles have very real and immediate consequences on the tradeshow environment. When times are good and there's lots of money floating around, tradeshows can become lavish events, with teeming crowds treated to extravagant displays and over-the-top exhibiting.
On the other hand, when the economic indicators aren't so good, the tradeshow starts to look a little bleak. Exhibitors scale back and the crowds get smaller. This trend holds true among all industries; some are hit harder than others, but most see a significant decline in attendance numbers during economic downturns.
Surprisingly, that's great news for exhibitors. Celebrating the fact that there are fewer numbers of attendees at any given trade event may seem counterintuitive, admittedly. Yet the fact remains that the thinning of the crowds is a dark cloud with a shiny silver lining.
Identifying the Opportunity
Where does the opportunity lie for the exhibitor during economic downturns? Many organizations, citing smaller attendance numbers, make a classic mistake during recessionary times and opt out of tradeshow exhibiting in an effort to control costs.
Failing to exhibit at a show is a guarantee that you'll lose 100% of the potential new sales revenue that the event could generate. It also eliminates the chances of beginning profitable new relationships, and it leaves your existing relationships vulnerable: just because you're not talking to your customers who attend the tradeshow doesn't mean your competition isn't.
You're also sacrificing an opportunity to demonstrate your organization's position as a stable, credible company. It is especially important to remember that during economic downturns, establishing and maintaining front-of-the-mind awareness among your customer base is particularly vital. If they don't see you, they may do more than forget about you. They may take your absence as a sign that your organization is not in good financial shape and perhaps on the verge of disappearing as a viable provider.
Where's the Silver Lining?
The good news about smaller tradeshow crowds can be boiled down to one key phrase: quality, not quantity. Smaller, more concentrated crowds generally contain a higher percentage of serious buyers. These are the attendees who come to the show to do business, who view the annual event as time to connect with suppliers, consider new vendors, and reinforce their own working relationships -- in short, the real pros.
The lookie-loo and tire-kicker crowd aren't investing the time and energy into attending shows they're only marginally interested in. It's not worth it simply to get away from the office -- not during a tight market! They will restrict their travel to the shows that really are of high interest and relevance to them. As a result, the quality of the crowd is substantially increased.
What This Means For You
Tight markets and slow economies do invariably result in smaller crowds at tradeshow and industry events. The people who do attend are far more likely to be serious show attendees, who come to the show with a clear set of goals and objectives.
It's your job, as an exhibitor, to help attendees realize their goals and objectives. Remember: each and every contact you do make at the show is more likely to develop into a high-value lucrative relationship. It would be very prudent to prepare for smaller shows just as intensely, with just as much focus and dedication, as goes into the lavish events during plush economic times.
In fact, on a per-attendee basis, the rewards for this type of investment are likely to be far, far higher at smaller shows with more concentrated crowds of serious attendees.
Beginning with the planning process. You want to take advantage of this situation by sending your best, most prepared staffers: this is their chance to shine. Provide them with both team and individual goals: bear in mind the smaller crowds, without being afraid to be ambitious.
Exhibiting during downtimes means recognizing the reality of the economic situation. This often means presenting your products and services with a focus on value. Concentrate on the dollar and cents benefits that your buyer will realize from choosing to work with your organization rather than another. Will they have better sales? Enhanced productivity? Less manufacturing down time? Increased employee retention, which cuts down on recruitment and training costs? Don't be afraid to spell it out: this information can be the deciding factor that an attendee considers when opting for one vendor over another.
Finally, follow up is particularly critical. Develop and implement a strategic plan for identifying your best prospects and immediately following up with them: the sooner you contact a prospect, the greater the chances of establishing a profitable relationship with them. Use a lead tracking system to ensure no potential clients 'slip through the cracks' and to introduce an element of accountability into your sales forces' efforts.
Smaller Crowds Hold Hidden Potential Exhibiting During Economic Downturns - To learn more about this author, visit Susan Friedmann's Website.
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