The Stratecon Group, Inc.

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DECEMBER 2007 BEACON
Tradeshows Are a Waste of Money...Unless...
 
Do You Go to CES or CEDIA or EHX or Any Other Tradeshow?? See Stratecon's Tradeshow Tips to Make Sure Your Show Investment...PAYS OFF!
 
If you don't attend tradeshows you may be missing an excellent opportunity to conduct business in a really efficient manner. Depending on the show, you have the whole industry in one place at one time. Whether you're selling, buying, or just keeping up with the latest technologies...tradeshows can be your best bet to get a lot done very quickly.
 
BUT...if you don't already know (and you probably do) tradeshows can be quite expensive. It is amazing how fast air fare, hotels, meals, transportation, and other miscellaneous costs add up. And if you're an exhibitor, I'll bet your eyes pop when you add up space fees, booth costs, graphics charges, drayage, literature, display costs, and more and more and more!
 
How can you make your show investment pay off? As George Keegan, Manager of Sales Service for EH Expo, puts it, "You get out of it what you put into it."
 
See our tips below which are shown by whether you're an attendee or exhibitor:
 
Attendees - Retailers/Installers/Integrators -
  • Have a show plan. Decide how many people from your company should attend. Take only necessary personnel. Assign any attending employees the job of taking notes and sharing what they learned with the rest of the company when they return. You should make sure your employees clearly understand your expectations. Generally, they should be assigned specific tasks, such as which products to see or which technologies to get more info on, etc. REMEMBER, your employees represent your company...you may want to be sure that they understand your expectations as to how they will dress and behave at all times...whether they are wearing the company "logo" or not. Many companies have an end-of-day meeting to review what each person discovered that day.
  • Know the map. Get an advance copy of the floor map and plan out your meetings in accordance with a logical progression on the map. Failing to do so will not only be wasteful time-wise, but a poorly laid out meeting schedule (relative to the map) will wear you out and limit your opportunities for meetings.
  • Review your business and set vendor meetings. Review your 2007 results. What lines performed? What lines didn't perform? Make a list of all of your key lines and set meetings with them. Create an agenda (again, only for key lines.) Have your numbers with you and review your year with the vendor. If the year was a good one, let them know. If it was a bad one, review why this was the case and discuss changes for the next year. Don't be afraid to ask for favors, specials, or funding...as long as you can show the justification for the vendor in increased business.
  • Meet with a select group of non-vendors. You should also meet with a select few companies that you are not currently doing business with so that you are up to speed on what they are doing. Your mission is to be aware of what is going on with all best-of-class vendors...those that you are selling, and those that you aren't. You are not meeting them for competitive espionage purposes, you are meeting them so that you are informed about what else is out there. Some day, it may make sense for you to start a relationship with one or more of these vendors...but in any event, it is always helpful to stay up to speed on what they are doing.
  • Take advantage of educational opportunities. Remember, most shows offer educational classes so this is an excellent opportunity for staff training. However, to keep costs in line, carefully review courses offered and select no more than just a few classes so that you or your staff truly learn without suffering from "input overload."
  • Leave time to "walk the floor." It is crucial that you leave some amount of time to walk the show floor and see what new companies are presenting. Many of these companies are superstars-in-the-making. Some of them offer solutions you are unaware of, and may need at some point. There are many gems out there...if you look for them.

 

Exhibitors - Manufacturers/Distributors

  • Set a budget. Well in advance of the show (since we don't want any "rush" charges!) set a budget for the entire event. Carefully plan out line item by line item. Let suppliers such as booth manufacturers know your "booth budget" as you start your discussions. Ask all vendors to submit estimates in advance and don't pay more than this without a really good reason.
  • Get a good space. Try to find high traffic locations that are around similar types of companies. It is less important to pay premiums for larger spaces and more important to be near aisle junctures where there is a high volume of attendees.
  • Have a show plan. Set specific objectives as to what you want to achieve at the show. Make it measurable, i.e. 450 leads or 60 key dealer meetings. Are you launching a new product? Attacking a new sales channel? Refining your distribution? Look at each objective in light of the tradeshow and see how how you can promote the objective. Perhaps you can have a press conference at your booth on the floor, or invite key dealers to a special showing of a new product at your booth.
  • Key #1 to show success - Pre-show publicity and promotion. Get a list of attendees from the show promoter and send out a post card or mailer promoting your booth at the show. Don't forget the press! Send press releases on your new products or show initiatives. Make some noise - your goal is to get on attendees "must see" list.
  • Key #2 to show success - booth personnel. As George Keegan puts it, "Don't sit at the back of the booth yakking on a cell phone all day." You're at the show to work the show - so work the show. Booth personnel should be at the edges of the booth greeting attendees, taking them around the booth and showing them your displays. Meet with booth personnel in advance and train them. If leads are the goal, make sure all booth personnel know how to operate the badge scanner. Consider pre-qualifying leads so that after show follow-up is specific to the lead.
  • Key #3 to show success - post-show follow-up. Here is where many exhibitors drop the ball...following up on leads after the show is critical. In my opinion, leads are like fruit - they decay quickly. Try to follow-up within 7-10 days after the show...two weeks at the latest. The type of follow-up depends on the situation, but all leads should hear something from you within this time period...even if it's just a "thank-you for visiting our booth" note with more detailed follow-up later.

Do you have any tips on tradeshow tactics that have worked for you? Let us know and we'll put it in a future newsletter and let all of your colleagues know how smart you are!