Exhibitions are a popular option for companies looking to promote their products and services and build brand awareness. In 2023, the UK hosted around 1,016 exhibitions in total – a 12% increase from the previous year.
Whilst it may look like a significant growth in popularity, in reality, it’s actually more of a recovery back to pre-COVID levels around 2020. But trade shows come with expenses, such as your exhibition stand design and entry fee. Are they worth the cost? The answer is usually a resounding yes – the average return on investment is 500%. But why? Showplace has put together this article to illustrate why your company needs to be present at exhibitions.
1. Direct engagement
At the end of the day, humans build faster bonds and stronger relationships through personal interactions – which is why the salesperson positions themselves as a friend to the person they’re selling to. Data gathered during the Freeman Trust Report 2023 found that 77% of exhibition guests reported an increase in brand trust after face-to-face interaction at their exhibition stands. Brand trust means loyalty, which directly translates into repeat purchases, as well as higher-value purchases.
Business exhibitions are loved for their ability to offer such a high ROI – but they also offer another unique prospect: direct feedback. There are few opportunities where you will find so many potential customers as trade shows. Trade shows are targeted, with 81% of attendees possessing buying authority, meaning they can influence the purchasing decisions of their respective companies.
2. Impactful brand recognition journey
Gaining loyalty to your brand happens in a variety of ways, one of which is simply by being recognised. To be recognised, you need to make an impression, and how strong, relevant and positive that impression is can mean the difference between being forgotten, and converting prospective customers over time.
An exhibition stand with a striking design can leave a lasting impact. Reports carried out by CEIR highlighted that 48% of attendees who visit booths do so primarily because of their design and visual elements. The more traffic you have arriving at your booth, the higher the potential for both lead generation and brand recognition.
There is a lot to be said about the creation of a well-designed exhibition stand, and you can check out some of our guides on stand design. Remember, it’s not just about having an eye-catching exhibition stand, but one that outlines concise, bold messaging that informs the audience what you’re about and your offer.
3. Conduct high-quality market research
Trade shows give a prime opportunity to conduct market research on some of the biggest and most authoritative members of your target market. These consist of potential customers in industry leaders, major clients, and the existing customers of your competitors, all in one place.
Even if your ROI doesn’t reach the levels you want, being able to attract and speak with potential clients one-on-one gives you a massive advantage. Simply exploring their wants and needs as a client during your engagement provides valuable insights into how you can better appeal to this target market.
This not only aids business growth in terms of ideas, but also on how better to appeal during future trade shows or other networking events.
4. Expand networking opportunities
The types of people who go to these events are numerous:
- Leaders – CEOs, directors, senior executives etc.
- Industry peers – Mid-level managers, specialists, product developers etc.
- Vendor and supply chain – manufacturers, logistical providers, material suppliers etc.
- Distributors and retailers – Wholesalers, e-commerce platforms, retail chains etc.
- Industry experts/thought leaders – Seminar speakers leading events, analysts, innovators etc.
- Potential customers
Use trade shows to pounce on networking opportunities of all kinds, whether that be discussing partnerships with big companies, getting insights into operational challenges of bigger competitors, refining your supply chain and much more.
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5. Strengthen relationships with existing clients
Getting new clients expands your company, but keeping them is equally as important if you want to maintain your market share. Trade shows are a great place to do this. Consider inviting key clients to your booth before the event to give them sneak peeks, access to limited-time offers etc. This will enhance their perception and renew their loyalty.
Your key clients, of course, are typically amongst the following:
- High-spending customer base – Those that spend the most will continue to spend, so long as you maintain your market position in their eyes.
- Strategic accounts – Businesses or individuals who provide long-term value in their ability to give you access to something unique, such as exclusive markets or a dedicated influencer’s fanbase.
- Repeat buyers – Customers with a history of loyalty to your business.
- Referrers – Clients that are instrumental in sharing your products and/or services.
- Collaborators or partners – Clients involved in co-branded projects or collaborations.
- Early adopters – Customers who buy your newest offerings and determine early changes.
6. Generate immediate sales and leads
As we’ve pointed out before, 81% of trade show attendees have buying authority, and a large proportion are willing to make immediate sales, or later convert into sales from leads. The live demonstration-ability of business exhibitions makes it hard to resist for many buyers, 68% of which reported they were more motivated to buy after a product demonstration.
Trade shows offer a reduced sales cycle, as the awareness, interest and decision-making stages are all pressed into one event – making it highly efficient, and this is the reason why the average business at these shows achieves a 5:1 ratio.
7. Learn from industry experts
Business exhibitions offer a massive amount of insight on top of their ability to generate sales and leads. With the concentration of informed and active members of the industry, many facets of the sector will make themselves known to you organically. For example:
- Industry trends – Competition drives innovation and industry advancements, both internally and externally. A good example is AI, and how it’s being implemented into more and more of daily life.
- Market changes – The meeting of many industry leaders in one place means that there will be talks about the future, and how best to capitalise or adapt. For example, the ever-growing shift towards going fully digital.
8. Brand positioning
Attending high-profile business exhibitions is a statement. You are putting yourself amongst industry leaders, and designating yourself as a key player in the industry. This will enhance your authority and trust. We’ve already pointed this out, but trust is huge for a consumer, and according to the Edelman Trust Barometer, 81% of them will not buy without it.
You should see going to business exhibitions as not only a great way to achieve sales and leads but also as a public declaration of your position as an industry leader.
Conclusion
This article has covered the major reasons why your business should opt for an exhibition show. They are filled with strategic growth opportunities, and it’s common to make enviable returns on your investment. Check out our range of the UK’s leading exhibition stand designs.
