The importance of exhibitions during an economic downturn
November 2001
Analytical Instrumentation & Environmental Monitoring
It is a common reaction to trim marketing, advertising and trade show budgets during a downturn in the economy, but how will potential customers learn about your products and services that fit their needs? They will not. That is why maintaining a presence in advertising and trade shows is critical to a company's growth and success.
Many companies utilise an economic downturn to their advantage. While their competition is cutting marketing expenses, many are utilising their sales teams and their advertising and trade show rands to gain market share by increasing visibility and establishing their stability with current and potential clients.
The main reason for exhibitors to take part in a trade show is that it is the most efficient way to make multiple customer contacts in a short period of time.
According to the Centre for Exhibition Industry Research (CEIR), "Nearly two-thirds (63%) of exhibition attendees, employed by manufacturers, authorised or approved the purchase of products or services. In fact 31% purchased products or services while at the show."
A machine tool manufacturer was going to cut his trade show exhibiting budget; however, he found that staying the course brought him results. "With the changes in the economy in the manufacturing industry, I was going to cancel our involvement in shows, but I had a great show recently. Normally we have 40 or so enquiries. We had over 70, so I am going to stay in the game."
This reinforces the results of a study conducted by Getzler & Co, a New York-based corporate turnaround firm, which showed that most organisations experiencing a downturn in cash flow are better off reducing operating costs rather than cutting sales and marketing budgets. According to further research, 88% of decision-makers agree that shows help them decide what products or services to purchase by bringing many vendors under one roof at the same time.
"Trade shows provide a look at state-of-the-art equipment under one roof, " said a trade show exhibitor and attendee. "A sales associate cannot bring a multimillion dollar machine along on a sales call."
Attendance numbers might be declining slightly, however research conducted indicates that this creates an even more favourable marketing opportunity for remaining exhibitors. During economic downturns, show attendees are a more focused group of individuals. They are the key individuals, the ones who make the buying decisions. Companies will send only one or two people to a show instead of five or six. The individuals who are sent carry the responsibility to scout out and compare products and services that will enhance their company's productivity.
Reed Exhibitions SA
(011) 886 3734
[email protected]
www.reedexpo.co.za
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