A Guide to the Evolution of Tradeshows
The Relevance of Tradeshows
In the past, trade shows were the Kore of a business’s marketing strategy. They were essential in creating sales, interacting with customers, and demonstrating the viability of the company. But as we entered the middle of 2010, the dynamics were drastically altered.
Digital Rise: A New Marketing Concept
The explosion of the internet brought it a wealth of data. Platforms such as LinkedIn came into existence, databases were developed as social media developed, and advertising targeting was more precise. These advancements offered marketers the ability to discover potential clients and create targeted ads. The Internet also helped sales teams to market more effectively, which marked an important change in how businesses approached marketing.
Marketing’s Cost: Shifting Priorities
During this time, marketing costs fell, and the cost of customer acquisition (CAC) decreased significantly. Monitoring the attribution process and tracking returns on investments (ROI) became much simpler, which allowed for a clearer understanding of expenses against the returns. This method of data-driven analysis was a hit with CFOs, CEOs, and CMOs because it offered a cost-effective means to reach a large public.
Events and Tradeshows Changes in the Landscape
The process of attribution and tracking the ROI of tradeshows and events is often a challenge. Before the advent of digital technology, it was not as much of a problem, since an annual event was an unavoidable element of a marketing strategy. However, the age of digital has seen a decrease in attendance at tradeshows and buzz, which has led numerous companies to question their importance. Without an accurate ROI tracker, it is hard to prove the cost even when there are other, more quantifiable marketing avenues accessible.
The State of Tradeshows
Despite these difficulties, a lot of businesses continue to participate in annual events. But, there is usually confusion about the purpose and value of these events. Shows have been viewed as a “cost for doing business” instead of a strategic investment. With the accessibility of online tools, showing up to a tradeshow is not enough to guarantee success.
The Future of Tradeshows
Tradeshows and events still hold value for marketing, sales, relationship-building, and education. To maximize their potential, organizations should adapt their strategies.
- Pick the right show. There are many trade shows, but not all of them are created to be the same. Select the ones that are that are most relevant to your company and target market.
- Clarify your purpose. Learn the reason you are participating, sponsoring, or coordinating an event.
- Be mindful of your audience. Be aware of the demographics of your audience and what they are looking for.
- Plan Your Strategy. Plan your tradeshow or event strategy with care to ensure the highest quality of results.
- Making sure you invest time and energy to run an event or tradeshow that is successful takes commitment. You must be prepared to allocate the resources needed.
- Track Results: It’s essential to quantify the results of the efforts you’ve made. Create a method to monitor ROI and other indicators.
- Engage the leadership: Get buy-in from your company’s leaders from the beginning. Afterward, display the results to highlight the importance of tradeshows as well as events.
The world might have changed. However, trade shows and events are still essential to marketing strategies. By adapting to the new digital age and adopting a strategy, businesses can continue to benefit from these platforms especially in Las Vegas.
