What’s the Value of Attending a Trade Show?

Quite a few insurance veterans will tell you that trade shows are the life-blood of the industry, even in the new digital marketplace. But in an age of shrinking budgets, you might want to ask the unthinkable question: What’s the bottom-line value of trade shows beyond the cocktails, handshakes and glossy cards? Are all these shows worth the time and money involved? Can they help you win new business and boost internal growth rates? And how can insurance professionals make the most of every show they attend?

Stats from a recent Center for Exhibition Industry Research survey can help you answer those questions. Consider these facts:

• 40% of a given trade show audience is attending the show for the first time.
• 50% of the audience wants to see “what’s new” in products or services.
• 46% of executive decision makers made purchasing decisions while attending a show.
• 77% of executive decision makers found at least one new supplier at the last show they attended.
• 51% of executive decision makers requested that a sales representative visit their company after the show.

Seems like almost every show carries the potential for big returns. Expenses are always a concern, but:

• The cost of contacting a potential buyer at a show is 22% less than when using traditional field sales calls

Also: Don’t think trade shows are only about identifying leads, saving money, or introducing your latest product to untapped markets:

• 95% of executive decision makers meet with their current suppliers at trade shows.

These stats are not specific to the insurance industry, but they speak for themselves: trade shows, when used correctly, are great venues in which to communicate with contacts at every step of the sales process. The inevitable follow-up question: How can you make sure that you take the greatest possible value from the time you spend at each show?

Most vendors can’t answer that question accurately, because:

• 54% of them don’t set objectives, and a much larger percentage have no formal process to either measure objectives or report about the events.

It’s one thing to feel like you’ve had a successful trade show, but your managers and employees will be much happier if you can demonstrate positive results, preferably on paper. Let’s lay out some steps to avoid becoming a member of the unfortunate majority who can’t measure their own success (some of these may seem obvious, but it can’t hurt to review the basics):

1. Make reservations early. Minimize travel and lodging expenses by finalizing your trade show itinerary in year-end planning sessions and booking reservations for the coming year’s events as early as possible.
2. Plan your marketing push ahead of time. Make as many appointments as you can before you even arrive by designing specific email or phone campaigns and “touching” any prospects you’ve identified ahead of time. If your primary goal is publicity, set up interviews where available. Bottom line: If you don’t schedule effectively, the show could easily whizz by without any measurable gains on the sales front.
3. Write up a game plan. Research and write up a clearly defined set of goals. Make sure to review it before stepping onto the trade show floor. Specific plans will allow you to develop more accurate “lessons learned” assessments after the show.
4. Make sure your display and your pitches are high quality. Your booth is the public face of your company, so it makes sense to invest in designing the most effective display possible. Still, a spiffy booth isn’t really enough to spur the interest of most prospects, so you should plan to go creative. Sponsor a cocktail hour or offer prize raffles and freebies to all who stop by your booth.
5. Make sure your representatives are well-trained. Your reps should be personable, but they don’t need to waste too much time talking to clients who aren’t serious buyers. Spend the time required to make sure they know the difference between browsers and potential clients.
6. Follow up on all contacts. This may be the most obvious point in the list, but if you don’t trade business cards and send follow-up emails to the leads you meet at each show, your contacts won’t amount to much.
7. Take the chance to familiarize yourself with other providers’ products and sales pitches. Knowing your rivals will help you refine your own competitive advantage by focusing on your own differentiators and deciding when to develop new products or services.
8. Plan to meet with all existing clients at the show. We can’t think of a better opportunity to solidify your ongoing business relationships. Of course it’s important to chase new leads, but you need to make sure your partners don’t feel left out – a little extra attention could encourage them to expand.

These points may read like Trade Shows 101, but they’re easy to forget when you’re making your way around the floor at the event.

Try to make the most of your resources by determining which shows will present the greatest opportunities for your company, then researching and planning ahead. Even if you don’t quite meet all your goals, you can use each show as a learning experience: Consider takeaways, refine your methods and achieve better results next time. You’ll thank yourself for making that extra effort.