The Up-Side of a Down Economy

Ok, all signs are pointing to an economic downturn. What does this mean to your company’s marketing efforts?

Quantity does not always mean quality. This is important to keep in mind. As industry news stories tell us of decreased participation in trade shows and events in conjunction with decreased attendance, many corporate marketing and exhibit managers are re-thinking participation. In many cases, this can be a mistake.

While constantly evaluating your marketing strategy is key, be sure to take into consideration not only the facts, but also what those facts really mean. A decreased number of exhibitors and attendees, vis-a-vis a smaller show, may actually work in your favor if you strategize properly.

Let’s dissect this.

Fewer exhibitors. Who will decide not to attend this event? Definitely companies that do not see the Return on Investment (ROI) because of the decreased numbers of attendees. Some smaller companies that are struggling with the decision to attend for the same reason and probably other financial considerations. There are many more reasons, but let’s stick with these for right now. Fewer exhibitors means less competition for face-to-face interaction with potential buyers. Less competition can mean a combination of two things: more quality time in front of your prospect and a more serious prospects to talk to about your products and services. Sounds like a good reason to consider attending.

This makes sense, but, with the decrease in attendees, is it still worth it? Well of course you would need to make this decision based on your specific industry and the effect the economy is having on it. But I feel the answer a majority of the time will be yes. It is still worth it. Why? Fewer attendees does not necessarily translate into less opportunity in many cases it can mean more opportunity. After spending over a decade in this industry, I have seen a lot of ‘waste’ at shows. Companies buying or looking for new products are now becoming more efficient buyers by doing their homework BEFORE the show. They look into companies that offer the products and/or services they need and make contact before the event. This way, they can send fewer people and have more productive interaction with the exhibitor for less cost. The days of sending employees to trades show and events as a 'perk' or coming to a close. These are the people who do little more than clog thje aisles and waste exhibitors time all to pick up a few promotional items. Exhibtors are sending their best sales people and attendees are sending their most efficient buyers. Sounds like the perfect combination to me.

So how do you capitalize on this new way of doing things? Pre-plan. Reach out to prospective clients and make appointments to meet at the event. Set meetings in advance, even if it is over a cup of coffee before the event begins. Make sure your staff working the show KNOWS they are working the show and this is not a company paid vacation.

A few ways to be prepared:

-Know how to determine, in the first 30 seconds, if you are interacting with a real prospect or someone looking for free promotional items. This is not a training ground.
-Know your elevator speech forwards and backwards.
-Have a solid game plan going in and be flexible and ready to change the game plan if necessary.
-Have a plan to follow-up on your leads.

ROI

This may answer the question of whether or not to attend, but, now you need to determine what is the best return on your investment. Your event may not warrant transporting your giant custom display across country. You may be committed to the 20 x 30 you signed up for last year. No problem. Rent a display from a reputable exhibit house in the same geographical region as the event. This can save thousands of dollars. Enough to staff the display, including meals and expenses, for the entire event. Or, you may be better off downsizing the display. What was once a sign of a weakening company is now becoming a sign of a smart, experienced company. Size matters, because bigger is no longer better.

In today’s market, the trend is turning towards lightweight displays, even for the bigger ones. Less use of wood and more use of aluminum and fabrics. It makes sense, looks good, and saves money. A win-win-win situation.

Before you decide not to attend, look at all the facts and make sure it is not in your companies best interest to attend. Don’t follow the crowd, it may cost you a great account becasue your competitor is not attending either.
There is an upside to everything … even a down turned economy. Be smart and make the best of what others see as a bad situation.

Go get ‘em!