You will likely find a trade show at the center of the business to business marketing universe. Trade shows bring an entire industry—from manufacturers and customers to media and industry influencers—into one spot to learn what’s new and what’s next.
Trade shows hold more influence on the b to b purchase decision (56 percent) than even the Internet (46 percent) according to Hill & Knowlton research. In my experience, trade shows are usually one of the top three lead generators for b to b marketers. It is also one of the top three marketing expenditures.
Why are they so important?
Brand Awareness: Think about it. To sell our products and services, we employ an array of tactics to reach each specific target audience. A trade show brings nearly every audience—external and internal—together for a few days. It is key that your brand is represented at these shows.
Product Development: Trade shows drive product development. It offers you the chance to unveil a new product in front of the entire industry and give customers, and prospective customers, another reason to purchase.
Lead Generation: Trade shows offer the best opportunity to narrow the purchase decision. Complex, considered purchases are made by an average of seven people. A high level of evaluation and due diligence is conducted to ensure the best choice is made. Trade shows allow customers to do all of this at once and in person.
Sales: Depending where a customer is in the purchase decision cycle (from awareness, interest and evaluation to preference, trial and maintain), they may be at the trade show to make the purchase.
We’re seeing an increase in trade show marketing—hopefully another sign the economy is recovering.
A colorful example is this year’s Auto Show. This leviathan is three-weeks long, with each audience segmented into specific attendance schedules. GM realizes it takes more than a slick tchotchke to generate booth traffic...especially at a show of this magnitude. GM began promoting itself well before the show, first with the American Revolution campaign. Then it went all in, announcing a $50 million car giveaway billed as the “largest in industry history”.
GM is clearly being aggressive to stand out from competitors at the show. Brand awareness will be high, but will new, and free, cars stimulate sales? Clearly GM hopes so. As we discussed before, car manufacturers face a unique set of marketing challenges and opportunities. The Auto Show offers impressive examples of how they respond.
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