Have you ever thought about participating in a tradeshow for your business? They can be a great marketing tool, not to mention they enable you to make critical connections and thus build up your network. Why else might your small business consider doing a tradeshow? There are tons of reasons for going to a tradeshow. In this article, we take a look at 7 reasons why your business might want to consider attending a tradeshow in the upcoming year.
1) Networking
Among the top reasons businesses go to tradeshows is to network and thus create an even broader and more robust network than they already have. Tradeshows are filled with people who are in your niche. Yes, competitors may be there, but so are companies related to your specific industry. These can be vital resources when leveraged right. Tradeshow attendees are individuals who are either engaged with your market or are looking to enter your market somehow. You want to verse your team on those soft skill strategies needed to create vital connections before going to a tradeshow.
2) Lead Generation
Another top reason why so many companies attend tradeshows: lead generation. People are coming to tradeshows because they are genuinely interested in learning more about a product/service/industry. These are eager participants with whom you now have a chance to discuss the value of your company. Again, soft skills are crucial here, and you want to generate interest in who you are and what you offer. And don’t forget to collect an email or phone number—some way to get in touch with people who do stop by your tradeshow booth.
3) Closing Leads
Not only is this a great place to generate leads, but if done right, this is also a prime opportunity to close leads as well. Again, it is about engaging a person in a conversation where you address their specific needs and pain points. Listen to what they are saying and answer particular questions. Establishing a rapport with a potential customer might enable you to sell them on the benefits of your product/service right there. This is why it is also important to have contracts/sales agreements on hand when you attend tradeshows.
4) Educate People
Some people may be just window shopping when they decide to attend a tradeshow—and this is perfectly fine. This is how new customers first come to you, right? If people are interested in learning more about your company and what you offer, you need to educate them. Having relevant materials on hand and knowing “your stuff” before going to the tradeshow are critical in the way of preparation. More often than not, people are attending tradeshows to find out more about a specific industry. You need to demonstrate why your small business is their best introduction to a particular niche.
5) Raise Brand Awareness
Growing your business is all about establishing brand recognition. One way to help raise awareness about your brand is to go to a tradeshow. And remember, you’re creating a brand identity, so you strive for consistency across the board. Meaning, your marketing materials, signage messaging, even t-shirts, if applicable, all have to fall in line with the prevailing themes of your brand. A brand is simply a way that people come to recognize your company, be it by color palette, logo, messages. You name it. When attending a tradeshow, ensure that all elements are on point.
6) Check Out Those Competitors
Let’s face it, you are not in business in a vacuum. What we mean by this is that you have competitors vying for the customers who might otherwise come to you. Attending tradeshows is a great (and direct) way to check out what your competitors may be planning. How are they attracting customers? What elements of their booth stand out? How are they pitching to customers? Pay attention and note the details—this could help you down the road.
7) Return on Investment
Of course, when attending a tradeshow, you will have to spend some money. The costs do add up from the cost of attendance to the booth setup, to buying marketing materials, to paying for people to attend the actual tradeshow. But is it worth it? All signs point to yes; you tend to get a relatively robust ROI in attending a tradeshow. The key is not to undermine the business by using too much money, thus leaving the company in a difficult position. This is where a tradeshow business loan really can be a massive advantage to your business. There are a variety of commercial loans that could work quite well as far as being used as a tradeshow business loan. From equipment financing loans to short-term loans to lines of credit, devising a financing plan with a qualified lender can make a difference in the ROI you get from going to a tradeshow.
First Union Lending Can Help!
Our mission is simple: help small businesses thrive and grow. Attending a tradeshow can be a beneficial thing for your business, and we can help you finance this endeavor. Some clients receive funding in as little as two days. Call today and let’s get started together!