To Attend Tradeshows or Not? Let the Statistics Prove It
Time and time again, many have said that attending trade shows can have a positive impact on your business. For companies that attend these events, there is a wide range of opportunities that will open up for them from these trade shows.
Linda Bishop of Thought Transformation, a sales training and marketing consulting firm, has this to say about tradeshows, “One of the main benefits of appearing at a trade show over selling to individuals is that it’s just like running a retail store. People are coming in the door talk to you.”
Still not convinced on whether attending tradeshows will be good for you? Here are some statistics that shows the value of these events.
Figures from the Center for Exhibition Industry Research (CEIR) reveal that 88 percent of those who attend tradeshows have not been seen by your sales personnel in the previous year. From these attendees, 70 percent are likely to buy one or more of your products. Around 76 percent of attendees request for quotes and 26 percent will likely sign purchase orders. Seventy two percent of visitors reveal that tradeshows can have an influence on their purchasing decision.
But the effect of the tradeshow does not stop there. Studies reveal that 87 percent of those who attend tradeshows would more likely relay information that they learned from a show with 64 percent likely to pass it to six other people. If you are concerned about sales, attending trade shows are cost effective as it is 22 percent cheaper than traditional sales calls.
Another survey conducted by Red Bank, a New Jersey based company, in 2012 revealed increases in the exhibition industry. Results of the study concluded that 84 percent of tradeshow visitors can recommend and decide on whether or not to buy products. In fact, 49 percent of those who attended 2012 shows had real intentions to buy.
Moreover, nearly 4 out of 10 tradeshow attendees are first timers to that event while 30 percent have regularly attended tradeshows. Visitors take around 9.1 hours and 2.3 days attending these events. This represents a significant increase over the average 8.3 hours reported the previous year. The numbers only goes to show that visitors have an increased interest in shopping around the trade floor show.
On the other hand, Michelle Bruno of Bruno Group Signature Events points out “Depending on the industry, trade shows can be an important lead generation or brand awareness channel. They do not have an immediate impact on profits. However, if the exhibit program is well planned, they can play a role in building a company’s reputation. That said, trade shows aren’t for every company.”
Attending trade shows can be both be lucrative and expensive. Remember, you have to invest not only on booth rental but also on lodging, travel, food, logistics, manpower, and others. In short, you need to make the most out of the event you are attending.Andrew Jacob Nichols is with the marketing department of Promopeddler Promotional Tradeshow Giveaways. For inquiries email firstname.lastname@example.org