When assessing the true value of a trade show, you need to look further than simply adding new business to your pipeline.
Otherwise, you could miss out on the other golden opportunities staring you in the face.
While revenue and lead generation are obviously important, a trade show provides a plethora of long-term, far-reaching benefits.
Our article looks at five ways exhibiting at a trade show can pay off for your business beyond just lead generation.
1. Ensuring client retention
Did you know that 65% of a business’s revenue comes from repeat customers on average? This statistic is hardly surprising when you dig into it, given how costly and time-consuming it can be trying to attract new clients.
The cost of acquiring new customers can be as much as five times higher than the cost of retaining existing ones.
That’s why it’s often more practical—and profitable—to focus your efforts on the people who already know your product or service is great rather than on the people who don’t.
It’s particularly important to focus on client retention if you’re experiencing a rocky relationship with one or two clients.
Let’s face it. It’s impossible to make your clients 100% happy 100% of the time. There will be lulls along the way, just like in any relationship.
However, a trade show prevents a client from walking off the ledge by giving both parties another touchpoint and a chance to address any concerns that may exist.
If you meet with ten clients and one is unhappy with your service, you could bring a Special Project Manager or Product Engineer to your trade show to help them with their issues.
Providing this level of support will, inevitably, increase the chance of retention, which translates into further revenue.
2. Educating clients on new products or services
If you’ve just spent months or even years developing a new product or service, you owe it to yourself to shout about it from the rooftops.
And where better to do that than at a trade show?
After all, that’s where your clients are going to find out all about your new offerings, according to statistics.
More than 92% of trade show attendees say their main reason for attending trade shows is to see new products being featured. (Source: CEIR: The Role and Value of Face to Face)
A trade show gives your existing client relationships a fresh impetus and makes them more aware of your full range of capabilities.
Of course, this increased awareness allows for…
3. Upselling to current clients
There are many statistics available online that highlight the value of upselling to your customers, but here’s a selection:
· Upselling and cross-selling to existing and new customers can result in 42% more revenue.
· Upselling can increase a customer’s lifetime value by 20-40%.
· 37% of salespeople avoid upselling and cross-selling.
Source: Wiser Notify
Let that last statistic sink in for a moment.
More than one in three salespeople avoid taking an action that can result in over 40% more revenue!
Don’t be one of these salespeople.
Embrace a trade show as the opportunity it is for the key stakeholders in your business to sell similar or additional products or services to your clients.
4. Getting to know clients in ‘real’ time
The reason we put the word ‘real’ in quotation marks is to emphasize how superficial certain service provider-client interactions can be, however authentic they may seem.
After all, how much synergy can you truly feel with someone over endless Zoom calls? How easy is it for the relationship to become stale when all you see is a pixelated head and shoulders and a name on a screen, or potentially just someone’s initials in a colored roundel?
It’s a different story when you’re able to engage with someone face-to-face.
You can use warm, inviting body language and gestures to create an affable environment. You can also discuss certain points in greater detail than may be possible online, and this may lead to more ideas being thrown out there that enhance your client offering.
Ultimately, you can have a more drawn-out, open-ended conversation than you would in a meeting or scheduled call.
In the end, you and your client walk away with complete clarity, leaving no stones unturned.
In an era dominated by digital communication, it’s worth remembering the value of face-to-face interactions in rebuilding trust.
Not every business can meet its clients at a trade show, so if you’re fortunate enough to be able to do so, take advantage of this good fortune!
5. Educating new team members on your industry
Starting out at a new company can feel a lot like your first few weeks of high school.
(It may have been a while since you changed jobs. If so, try to remember what school was like.)
You have a million and one things to take in, you’re not entirely sure of yourself, and you want to make sure you don’t get shown up.
If someone is moving to an industry they’re unfamiliar with, this sense of Imposter Syndrome is even more acute.
That’s why trade shows are a lifesaver.
A trade show is like a microcosm of a particular industry. All of the major players are together in one room—think of it as being akin to having 50 tabs open on your laptop, except in this case, they’re all physically present.
Being around these experts allows new team members to:
· Absorb important information from people who’ve been there and done it.
· Gain a greater understanding of the industry in which they work.
· Grow in confidence and thrive within your business.
The bottom line
Exhibiting at a trade show isn’t just a transaction—it’s an investment.
An investment into an opportunity you might never get again.
The opportunity to redefine your business in the eyes and minds of your client.
The opportunity to retain that client for many years to come.
The opportunity to secure more future business than you ever could have imagined.
Don’t pass up this opportunity.
Reach out to us and start enhancing your client relationships today
At The Trade Group, we’ve helped businesses like yours bring their products and services to life since 1986.
Whatever type of trade show experience you want to create, our expert team ensures unique and impactful brand experiences that connect you to your client.
Call us today at 800-343-2005 to get the ball rolling.
