In today’s economic environment companies that provide goods and services are making difficult choices about expense reduction. One area often targeted is to reduce or cut exhibitions at trade shows. While these actions may help in reducing expenses, they also have the potential to create lost sales opportunities to new and existing customers for the company.
The question is then one of whether or not trade show exhibits cutting is a wise move?
- One of the purposes of our trade show is to provide a venue where customers have an opportunity to meet existing and potential customers. The Trade Show Bureau reports that the average total cost of closing a sale in the field is $1,080, while the cost of closing a sale to a qualified trade show prospect is around $419. That is more than a 50 percent savings. According to the Trade Show Bureau, on average 3.6 touches are needed to make an average B2B sale from a trade show display lead rather than 6.7 touches from other sources.
Not exhibiting at this annual International trade show could be dangerous, particularly because it is highly likely that it will attract many of your clientele. Other exhibitors from your industry/sector will likely have taken a booth and your absence can create an opportunity wherein your customers become exposed to the competition without your company being able to point out your company’s benefit to the existing customer base or potential new customers.
Trade shows have reportedly been recognized as the most effective means of advertising because of the impact and face to face activity they allow. While getting past an executive’s gatekeeper to make a sale is sometimes nearly impossible, trade show attendee’s are there voluntarily and it is far easy to get access to a potential client than through email or phone calls.