(Apologies for the quietness on the blogging - a little post-Labor Day writer's block! Hold onto your hats, I actually produce statistics in this one!)
Trade Shows - a long time sales and marketing tool used in every industry from plumbing to pornography. If you have not had the (insert chuckle) pleasure of attending a trade show, allow me to relay the experience. Basically, industry professionals cluster into a large exhibit hall or conference center to display their products and services – typically occupying 10 ‘x 10’ spaces all in a row. Picture endless aisles of booths and banners filled with overzealous sales people just dying to spray their victims with verbal garbage about whatever it is they are selling.
Years ago, trade shows made a lot of sense for business development. These events provided a venue where buyers could seek out a variety of products and services in one spot versus hours of research and endless sales people at their doors. For sellers, trade shows provided an audience of buyers in one location and the opportunity for lead generation far exceeding any week (if not month) of sales calls. It made sense and has been a part of nearly all businesses for a very long time.
OK, here is the bad news, and a reality - trade shows are reaching extinction. Like dinosaurs and quality sitcoms – they are quickly becoming a thing of the past. Like the Tyrannosaurus Rex and Seinfeld before them, trade shows are swiftly vanishing from existence. Sure, trade shows still take place every day in every city in every industry…but I would argue they have become a useless and unnecessary business tool.
In today’s world, why do we need to spend money and time to travel to some random city to find a product or service we are in need of? You have heard of Google, right? In less than 5 seconds I can find 700 places to purchase second hand lawn mower wheels…why in the world would I need to travel to East Bumblecrack, Kansas
B to B (‘Business to Business’) Magazine reports budgets for trade show exhibiting are expected to decline 17% this year, while the number of trade shows that exhibitors are planning to participate in should drop by about the same amount, according to the Trade Show Exhibitors Association (TSEA).
According to TSEA’s newly released “2009 Exhibit Marketing Survey,” budgets for exhibiting will decrease to an average of $381,000 per company this year, down from last year’s $459,100. In addition, the average number of trade shows that companies expect to exhibit at this year is 25, down from 30 last year.
Those facts aside, let me make a confession – I have exhibited at many trade shows. I have been that pathetic soul trying to get your attention. If you have not lived a day in the life of a trade show exhibitor, it’s easy to explain. It feels like the you are the third string trombone player in the high school band, its 2 weeks before prom and you don’t have a date yet – your prospects are VERY limited and you will solicit anyone who will listen to you…even if it means begging or bribery.
And that’s why trade shows are a thing of the past – no one needs to be harassed to find something they need. Besides being a great excuse to get out of the office for a day or 2, they are no longer a viable tool.
Take the time to review your annual marketing budget and determine if your usual trade show schedule really makes sense? Look at the return on investment from the past 3 years’ trade shows? How many leads converted to actual business?
Look into more current lead generation tools such as search engine optimization – it may be time to make a change?
Of course, I have never attended the Porn Convention…maybe I am wrong?
