HOW TO MAXIMIZE TRADE SHOW PARTICIPATION
Special post from my father and founder of William Mills Agency
HOW TO MAXIMIZE TRADE SHOW PARTICIPATION
By Bill Mills, Jr., Chairman, William Mills Agency
WHERE THERE IS TRADE, THERE IS A TRADE SHOW!
Every day of the year, thousands of trade shows are being conducted in Holiday Inns, giant exposition halls, fancy resorts and just about anywhere with a meeting hall. The cost of exhibiting often represents as much as 25% to 100% of a company’s “marketing budget.” It also represents a significant hidden expense in time and effort preparing for the convention and follow up.
Is participation a good investment? Can you quantify the results? Could the investment have been better spent in additional business advertising or the hiring of one or more sales persons?
There is no pat answer, because each industry is different and each vendor of products or services has unique marketing problems. Generally speaking, however, there is an obvious conclusion that can be reached...If trade show participation were not economically beneficial to exhibitors, there would be no exhibitors. Most businesses don’t continue an activity that does not contribute to profit.
Furthermore, many businesses depend on trade shows to provide a significant number of leads that will be worked during the following year.
WHAT BENEFITS MIGHT YOUR COMPANY RECEIVE FROM PARTICIPATION IN A TRADE SHOW?
There are several potential benefits from participating in trade shows. The most obvious one is the identification of new prospects. Others include:
1. Visibility with existing customers. It is very important that present customers feel their selection of vendors is a good one. By seeing you at conventions, they will feel better about your selection and be more likely to continue working with you and recommending you to others.
2. Gain recognition as a major supplier to the industry. The leading vendors of an industry are almost always prominent at these events. Potential customers unconsciously weigh attendance and booth space, and equate this with dominance (and quality of service) in the industry.
3. Additional sales opportunity for prospects. It usually takes multiple sales calls on each prospect in the financial industry to make a major sale (and costs several hundred dollars for each call). Based on these costs, your company can justify a significant part of the trade show cost by following up with prospects who are attending the conventions.
HOW YOUR COMPANY CAN TAKE MAXIMUM ADVANTAGE OF TRADE SHOW PARTICIPATION
MAKE A PLAN
The most important single thing your company can do to maximize its benefits from participation is to go with a plan. If you don’t know where you are going, any road will get you there!
The first step is to be convinced that your participation has genuine value. (It does.) Don’t think of it as a reward trip or a company paid vacation. Your work at the conventions can be some of the most valuable work you will do for the company.
SET YOUR OBJECTIVES
You will be exposed to several audiences including present customers, prospects who have received proposals and/or demonstrations, prospects who have responded to trade ads, persons who will become prospects after learning more about your company at the conventions, persons who are not now prospects but may become prospects later, and persons who are not now and will not ever be prospects but who might be helpful to you anyway (think consultants and other influencers).
You will have a slightly different objective for each audience. Here are some suggestions for your consideration:
Audience: Present customer
Objective: Good customer relations. Discuss how you are serving them.
Strategy: Determine if you have any opportunities or problems. Ask each if they know of anyone else who might need your services. (Referral prospecting.)
Audience: Prospect who has had a major proposal and/or demonstration
Objective: Sell a demonstration
Strategy: If prospect has had proposal but not demonstration, sell a demonstration. If they have had both, sell for a major presentation to the board of directors or others with authority. Attempt a trial close. (Try to offer something to entice an early signing.)
Sell a demo at your location, if possible. If not, get a commitment for a major proposal at their place.
Audience: Prospects from trade ads, and other sources.
Objective: Same as above. Do as much “closing” as possible on site.
Audience: Others (consultants, influencers, investors, etc.)
Objective: Inform and impress.
Strategy: Not everyone is an immediate prospect, but everyone is important. Get as much favorable notice as possible.
BEFORE THE TRADE SHOW
What you do before the trade show is just as important as what you do at it.
Your plans should include efforts to “market” your participation. Consider sending one or a series of pre-convention mailings to registered attendees. Write a personal note to those whom you are especially interested in seeing. Make sure your display features a unique theme. Carry out this theme on the display, in the mailers, with stickers, and any giveaways. A theme will help set you apart, and dramatize a major benefit of using your company. It should also help tie in your convention exhibit with the advertising schedule you are running.
Other items which should be included in the plan are:
1. Schedule of persons to work booth
2. Plan of how persons to be greeted, offered information, etc.
3. Take a schedule book for listing any appointments made for demos, etc.
4. List of prospects to be in attendance and how you plan to approach them. (Call them? Watch for them at the booth? Take them to dinner?)
TIPS FOR WORKING THE BOOTH
It is helpful to understand the psychological situation. Almost everyone will visit the exhibits at least once, and usually over several days. There is tremendous competition for attention. Much of this competition will be from very large equipment vendors with expensive exhibits, many personnel and very deep pockets.
Because attendees are assaulted by so many exhibitors competing for attention, many of them walk through the exhibits in somewhat of a “glazed” condition. They are often reluctant to walk into an exhibit, because it is a commitment to take a “sales pitch.” For these reasons, it is best to be as visible as possible but non- threatening. This can be accomplished by standing near the aisle, but waiting for some sign of interest by the visitor.
PERSONAL DRESS AND GROOMING
Your dress and grooming is as much a part of the overall appearance of the exhibit as the backdrop. The appropriate dress is business-like, whether formal or casual. Many exhibitors coordinate dress to extend impact and take advantage of synergy. This might be in the form of color-coordinated blazers with or without corporate logos or matching knit logo shirts.
Occasionally, dress can be used to extend a theme. For example, safari clothing for a jungle theme booth or tuxedos for a “formal” theme that features silver serving dishes, etc.
OTHER TIPS INCLUDE:
Always smile and appear to be willing to talk to visitors.
Limit conversations within the booth. Extended conversations between persons working the booth is a “no no.” This removes two or more persons from their basic job of greeting visitors, and it also discourages visitors.
Stay on your feet any time visitors are in the area. There will likely be times when there are few or no visitors, but resting should be done away from the booth in a break area or in the hotel room.
Schedules should be made so that ample rest is available. If you aren’t used to working exhibit booths, you will get surprisingly fatigued. This is primarily caused by the natural stress of being “on” all the time. It is also fatiguing to stand in one area for extended periods.
Remember that you only have a limited period of time to gain the attention and interest of visitors. This indicates that you forego chitchat about the weather, the city, etc. and get directly to the subject. Consider using an opening statement or a question such as “May I show you how our system can save you money?” or “Would you like to see how our system takes care of (mention a major problem)?”
ASK FOR ACTION
Depending on which audience is before you, pre-plan the action you would like to see taken and ask for it. This might include asking for a demonstration visit to your offices (or theirs), a major proposal, the mailing of some specific material, etc.
DOCUMENT YOUR RESULTS
Each booth worker should make a record of what has transpired during the convention. After several days, names and conventions blend together. One way to do this is with 3 x 5 cards on each significant event, such as identifying a new prospect, etc. You can list to whom you spoke, their organization and the action or information discussed. If they give a business card, this can be stapled to the 3 x 5 or noted on the back of the card. (A log book can be used in place of the cards.)
Speaking of business cards, distribute them generously.
DEVELOP PERSONAL RELATIONSHIPS WHENEVER POSSIBLE
People like to do business with persons they know and like. Over the course of several conventions, it will often be possible to develop good personal relations with others by going to lunch together, coffee breaks, etc. These contacts can be very valuable. Good contacts do not limit themselves to prospects. Sometimes non-competing vendors can also be helpful.
USE THE TRADE SHOW FOR GAINING INFORMATION
Conventions are a marvelous place to learn more about the industry that you are serving and those who do business with the industry. You can pick up valuable ideas and information on what works for others.
AFTER CONVENTION FOLLOW-UP
This is a very important facet of your attendance at the convention. You have spent valuable dollars and effort to develop leads and to follow-up on existing leads. You should be as conscientious and as aggressive in follow-up as you were in exhibiting. This means getting out letters and information to those who indicated an interest, telephone follow-up, etc.
AUDITING RESULTS
The final step is to make a thorough audit and evaluation of the conventions. This should be done in at least two steps. The first step would be to analyze the results, impressions and information while it is fresh. This includes critiques by each of the persons who participated, audit of new prospects, and other helpful information. It should include any problems and things that should be done differently or better in future conventions.
Since you will likely receive residual benefits long after the trade show, it would wise to “re-audit” later. It is especially important to know what follow-up was made and what sales resulted.
CONCLUSION
If a trade show is important enough to merit your participation, then it is important enough to execute with skill and dedication. It just makes good business sense to optimize the participation.
HOW TO MAXIMIZE TRADE SHOW PARTICIPATION
By Bill Mills, Jr., Chairman, William Mills Agency
WHERE THERE IS TRADE, THERE IS A TRADE SHOW!
Every day of the year, thousands of trade shows are being conducted in Holiday Inns, giant exposition halls, fancy resorts and just about anywhere with a meeting hall. The cost of exhibiting often represents as much as 25% to 100% of a company’s “marketing budget.” It also represents a significant hidden expense in time and effort preparing for the convention and follow up.
Is participation a good investment? Can you quantify the results? Could the investment have been better spent in additional business advertising or the hiring of one or more sales persons?
There is no pat answer, because each industry is different and each vendor of products or services has unique marketing problems. Generally speaking, however, there is an obvious conclusion that can be reached...If trade show participation were not economically beneficial to exhibitors, there would be no exhibitors. Most businesses don’t continue an activity that does not contribute to profit.
Furthermore, many businesses depend on trade shows to provide a significant number of leads that will be worked during the following year.
WHAT BENEFITS MIGHT YOUR COMPANY RECEIVE FROM PARTICIPATION IN A TRADE SHOW?
There are several potential benefits from participating in trade shows. The most obvious one is the identification of new prospects. Others include:
1. Visibility with existing customers. It is very important that present customers feel their selection of vendors is a good one. By seeing you at conventions, they will feel better about your selection and be more likely to continue working with you and recommending you to others.
2. Gain recognition as a major supplier to the industry. The leading vendors of an industry are almost always prominent at these events. Potential customers unconsciously weigh attendance and booth space, and equate this with dominance (and quality of service) in the industry.
3. Additional sales opportunity for prospects. It usually takes multiple sales calls on each prospect in the financial industry to make a major sale (and costs several hundred dollars for each call). Based on these costs, your company can justify a significant part of the trade show cost by following up with prospects who are attending the conventions.
HOW YOUR COMPANY CAN TAKE MAXIMUM ADVANTAGE OF TRADE SHOW PARTICIPATION
MAKE A PLAN
The most important single thing your company can do to maximize its benefits from participation is to go with a plan. If you don’t know where you are going, any road will get you there!
The first step is to be convinced that your participation has genuine value. (It does.) Don’t think of it as a reward trip or a company paid vacation. Your work at the conventions can be some of the most valuable work you will do for the company.
SET YOUR OBJECTIVES
You will be exposed to several audiences including present customers, prospects who have received proposals and/or demonstrations, prospects who have responded to trade ads, persons who will become prospects after learning more about your company at the conventions, persons who are not now prospects but may become prospects later, and persons who are not now and will not ever be prospects but who might be helpful to you anyway (think consultants and other influencers).
You will have a slightly different objective for each audience. Here are some suggestions for your consideration:
Audience: Present customer
Objective: Good customer relations. Discuss how you are serving them.
Strategy: Determine if you have any opportunities or problems. Ask each if they know of anyone else who might need your services. (Referral prospecting.)
Audience: Prospect who has had a major proposal and/or demonstration
Objective: Sell a demonstration
Strategy: If prospect has had proposal but not demonstration, sell a demonstration. If they have had both, sell for a major presentation to the board of directors or others with authority. Attempt a trial close. (Try to offer something to entice an early signing.)
Sell a demo at your location, if possible. If not, get a commitment for a major proposal at their place.
Audience: Prospects from trade ads, and other sources.
Objective: Same as above. Do as much “closing” as possible on site.
Audience: Others (consultants, influencers, investors, etc.)
Objective: Inform and impress.
Strategy: Not everyone is an immediate prospect, but everyone is important. Get as much favorable notice as possible.
BEFORE THE TRADE SHOW
What you do before the trade show is just as important as what you do at it.
Your plans should include efforts to “market” your participation. Consider sending one or a series of pre-convention mailings to registered attendees. Write a personal note to those whom you are especially interested in seeing. Make sure your display features a unique theme. Carry out this theme on the display, in the mailers, with stickers, and any giveaways. A theme will help set you apart, and dramatize a major benefit of using your company. It should also help tie in your convention exhibit with the advertising schedule you are running.
Other items which should be included in the plan are:
1. Schedule of persons to work booth
2. Plan of how persons to be greeted, offered information, etc.
3. Take a schedule book for listing any appointments made for demos, etc.
4. List of prospects to be in attendance and how you plan to approach them. (Call them? Watch for them at the booth? Take them to dinner?)
TIPS FOR WORKING THE BOOTH
It is helpful to understand the psychological situation. Almost everyone will visit the exhibits at least once, and usually over several days. There is tremendous competition for attention. Much of this competition will be from very large equipment vendors with expensive exhibits, many personnel and very deep pockets.
Because attendees are assaulted by so many exhibitors competing for attention, many of them walk through the exhibits in somewhat of a “glazed” condition. They are often reluctant to walk into an exhibit, because it is a commitment to take a “sales pitch.” For these reasons, it is best to be as visible as possible but non- threatening. This can be accomplished by standing near the aisle, but waiting for some sign of interest by the visitor.
PERSONAL DRESS AND GROOMING
Your dress and grooming is as much a part of the overall appearance of the exhibit as the backdrop. The appropriate dress is business-like, whether formal or casual. Many exhibitors coordinate dress to extend impact and take advantage of synergy. This might be in the form of color-coordinated blazers with or without corporate logos or matching knit logo shirts.
Occasionally, dress can be used to extend a theme. For example, safari clothing for a jungle theme booth or tuxedos for a “formal” theme that features silver serving dishes, etc.
OTHER TIPS INCLUDE:
Always smile and appear to be willing to talk to visitors.
Limit conversations within the booth. Extended conversations between persons working the booth is a “no no.” This removes two or more persons from their basic job of greeting visitors, and it also discourages visitors.
Stay on your feet any time visitors are in the area. There will likely be times when there are few or no visitors, but resting should be done away from the booth in a break area or in the hotel room.
Schedules should be made so that ample rest is available. If you aren’t used to working exhibit booths, you will get surprisingly fatigued. This is primarily caused by the natural stress of being “on” all the time. It is also fatiguing to stand in one area for extended periods.
Remember that you only have a limited period of time to gain the attention and interest of visitors. This indicates that you forego chitchat about the weather, the city, etc. and get directly to the subject. Consider using an opening statement or a question such as “May I show you how our system can save you money?” or “Would you like to see how our system takes care of (mention a major problem)?”
ASK FOR ACTION
Depending on which audience is before you, pre-plan the action you would like to see taken and ask for it. This might include asking for a demonstration visit to your offices (or theirs), a major proposal, the mailing of some specific material, etc.
DOCUMENT YOUR RESULTS
Each booth worker should make a record of what has transpired during the convention. After several days, names and conventions blend together. One way to do this is with 3 x 5 cards on each significant event, such as identifying a new prospect, etc. You can list to whom you spoke, their organization and the action or information discussed. If they give a business card, this can be stapled to the 3 x 5 or noted on the back of the card. (A log book can be used in place of the cards.)
Speaking of business cards, distribute them generously.
DEVELOP PERSONAL RELATIONSHIPS WHENEVER POSSIBLE
People like to do business with persons they know and like. Over the course of several conventions, it will often be possible to develop good personal relations with others by going to lunch together, coffee breaks, etc. These contacts can be very valuable. Good contacts do not limit themselves to prospects. Sometimes non-competing vendors can also be helpful.
USE THE TRADE SHOW FOR GAINING INFORMATION
Conventions are a marvelous place to learn more about the industry that you are serving and those who do business with the industry. You can pick up valuable ideas and information on what works for others.
AFTER CONVENTION FOLLOW-UP
This is a very important facet of your attendance at the convention. You have spent valuable dollars and effort to develop leads and to follow-up on existing leads. You should be as conscientious and as aggressive in follow-up as you were in exhibiting. This means getting out letters and information to those who indicated an interest, telephone follow-up, etc.
AUDITING RESULTS
The final step is to make a thorough audit and evaluation of the conventions. This should be done in at least two steps. The first step would be to analyze the results, impressions and information while it is fresh. This includes critiques by each of the persons who participated, audit of new prospects, and other helpful information. It should include any problems and things that should be done differently or better in future conventions.
Since you will likely receive residual benefits long after the trade show, it would wise to “re-audit” later. It is especially important to know what follow-up was made and what sales resulted.
CONCLUSION
If a trade show is important enough to merit your participation, then it is important enough to execute with skill and dedication. It just makes good business sense to optimize the participation.