Trade show maze got you down?
By John Stiernberg

Optimizing your investment at industry events

The year was 1983. I worked for a pro audio manufacturer, and we exhibited at five trade shows that year: NAMM (winter and summer), NSCA, Commtex (now known as InfoComm), and AES. Life seemed so simple. While we complained - even back then - about “too many shows”, we really enjoyed them, as I do now.

Fast forward to 2003. There are over 75 records in our company’s database of annual events covering the music and entertainment technology industry. With so many opportunities and so little time, how do you choose which ones to attend? How do you optimize the ones that you are participating in, either as an attendee or an exhibitor? Are there ways to plan for better trade show results and return on investment? Let’s take a look.

JUST ABOUT GEAR?

Why have a trade show in the first place? Isn’t the live event technology world all about the gear? Well, yes, but it’s the business that brings us together once a year. Here are some fundamental principles that apply to any trade show or convention.

Trade shows are great marketing opportunities because they allow face-to-face interaction among vendors and customers. A lot can be accomplished via phone, fax, and e-mail, but there is no substitute for getting together in person to do business.

Further, shows are events. In our consulting practice, we have an expression: “Events are the catalysts that lead to consciousness shift”. It’s human nature to remember events. Those events are naturally associated with changes or shifts in our thinking or business consciousness. Consider the following two voice mail messages from an audio contractor to a manufacturer:

Message One: “This is Rick Williams calling from Acme Sound. I’d like to introduce myself and discuss the possibility of getting a deal on some demo gear for a tour we have coming up. Please call me back…”

Message Two: “This is Rick Williams calling from Acme Sound. Hey, it was good to meet you at NAMM. I’m calling to follow up our conversation there regarding the tour we talked about. Please call me back…” Which of the two is more likely to get the call back? Whether you are buying or selling, the same psychology applies.

HOW TO CHOOSE?

With so many show opportunities, it is difficult to choose which ones to attend or support, either as an attendee or exhibitor. Here are suggestions for wading through the increasing number of trade events in our industry.

Make sure it’s relevant. Does the show pertain to your core business, or is it on the fringes? There is no simple answer here, as some shows may be scouting opportunities if you are getting into a new business area.

Make sure it’s affordable. Travel costs, registration and exhibit fees, and the costs of special marketing materials all add up to a lot of money, even for companies that have the proverbial “deep pockets”. In addition to hard costs, remember to take “opportunity costs” into account as well. What if you miss a high paying gig while you’re away?

Make sure you’re prepared. Too many times, people decide to go to trade shows at the last minute. That generally means higher costs (travel deals notwithstanding) and fewer solid business meetings because the people you want to see are already booked.

THREE KEYS FOR ALL

There are three keys to success at shows: planning, presentation, and follow- up. Whether you are “working the floor” or “working the booth”, the same principles still apply. You need to project a good appearance, have a story to tell, and leave something behind to facilitate follow-up.

Further, you can evaluate competitors by seeing how well they stack up in the three areas described below. Remember that buyers and sellers need each other, and the fundamentals of marketing apply to both.

Planning your show activities starts with your business objectives. Ask yourself the following questions at least three months in advance of the event:

Who do I want to see? The answer is both specific (actual names) and general (profiles or categories).

How many contacts are realistic? This depends on the attendance at the show, the time you spend in the exhibit hall (plus workshops, social events, etc.) and on how much time you spend in each conversation or meeting. Set a realistic objective in advance and plan your time accordingly.

How do I measure success? Whether you’re buying or selling, this has both financial and non-financial dimensions. While you need to recoup your investment and balance the budget, it is also important to measure the intangibles, like possible long-term alliances or industry “buzz” created by your presence.

CONVEYING MESSAGES

Your presentation is what people remember you by in a business environment. As an exhibitor, there are three key presentation elements:

Exhibit booth. The appearance, look, and feel of your booth create your first impression. It needs to be both orderly and inviting, and convey your message visually.

Sales story. All booth personnel need to know the company “pitch”. Be able to answer the following three questions in a concise and friendly way:

What are you selling here? If you are a returning exhibitor, this is sometimes expressed as “What’s new this year?”

Why is your product good for me? Alternatively, “Why should I buy your product (equipment, software, business service, etc.) as opposed to something else?”

What do I do next? Assuming that your prospective customer shows some interest, prepare them for followup after the show. Send information? Call on the phone? E-mail? Let them know what to expect and when.

Take away materials. It’s human nature to want a souvenir to remember a positive event. If you want your contacts to remember your conversation longer than the time it takes for them to get to the next booth, plan to give them something tangible. Examples include business cards, catalogs, press kits, sample publications, tech data on CDROMs, or even identity items like caps, shirts, pens, fly swatters, etc. with your logo on them.

DRESS FOR SUCCESS

If you’re attending the show rather than exhibiting, the same three elements apply, simply in reverse:

Professional appearance. Make a good first impression by looking like you are ready to do business. While most shows have a “business casual” dress code, that may involve something more dressy than what you typically wear on the job.

Company story. Be ready to describe your business to new vendors, or tell your existing vendors what’s new with you. Do you focus on rentals? Installations? Design services? Tour management? Are you involved in systems integration? Make sure each person from your firm tells the same story.

Leave-behind materials. Be prepared to leave at least a business card with the people you meet. If you’re asking for something specific (like that demo gear deal), consider writing up a brief overview of the project in advance. While you still need to follow up after the show, at least the vendor has something tangible as a reminder of the conversation.

Follow-up is the third essential key to trade show success. There are three time frames for follow-up.

During the show. Some follow-up occurs before you go home. You may have second meetings with hot prospects, both in and out of the exhibit hall. In addition, it is beneficial to make notes on what you will need to do when you get home, so you don’t forget key details.

Upon return. Immediately after you get back home, list and prioritize your follow-up activities. Do you need to make phone calls, send e-mails, ship materials, write proposals or all of the above? Before you do the first task, create a list of all follow-ups so you can put them in the proper sequence.

Three months later. Trade show veterans get in the habit of evaluating their results about three months after the end of the show. That is usually enough time to determine if your show activities have paid off. How do you know? Go back to your planning notes and pre-show objectives. What came true? What didn’t? What will you do differently in the future? This exercise is the true key to continuously improving business results.

I’ve attended over 200 trade shows in our industry over the past 25 years, and I have to admit that I love them. Why haven’t “virtual trade shows” (webbased electronic versions) really caught on? I think it is because of the human factor. You can’t have a beer or a latte with someone as effectively on the Internet as you can in person. Like the magic of live events, trade shows are here to stay. See you out on the floor!

John Stiernberg is founder and principal consultant with Stiernberg Consulting, a Sherman Oaks, California based business development firm (www.stiernberg.com). He currently works with manufacturers, publishers, and trade associations on strategic planning and market development. His book Succeeding In Music: A Business Handbook for Performers, Songwriters, Agents, Managers, and Promoters is published by Backbeat Books. Visit www.succeedinginmusic.net for complete details or contact John via e-mail at askjohn@succeedininginmusic.net.