It is a well-known fact that trade shows participation give enterprises benefits when they do well during the day of the convention. They generate leads, they lead to partnerships, networking opportunity, and the most cost-effective marketing ploy available to businesses, big or small. Trade shows, in spite of the cost they entail, generates pros that return tenfold. Again, if you do well.
However, nothing this good comes only with benefits. There are some downfalls that you need to be aware of and we are going to discuss 3 of those in this article.
1. Costs Related to Trade Shows Participation
Exhibiting is rather expensive. Knowing this, you should have extensive financial resources at your disposal to cover all the costs needed. For example, when attending the trade show, the first budget that needs to be allocated is for your booth since it is vital for the day of the show in order to get professional stands for rent in Singapore, for example, since this would attract customers to your brand, even if you are only able to make superficial contact at first. As long as you are able to acquire their contact details, you can always get back in contact with the potential client or customer at a more appropriated time.
In addition to the money you spent for the booth, you will also need to think about lodging and accommodation, marketing prior to the event, as well as expenses to make your booths functional such as electricity and internet accommodations. Regarding the internet connection, it might be better if you buy internet of your own such as those portable pocket WiFi because the internet provided by the organizers is too expensive, and at times can be unreliable. Besides, if your own portable internet device, you can reuse it for the next trade show that you are participating in.
2. Leads May Not Turn into Sales
Leads are one of the best things to come out of trade shows. These are normally individuals from the foot traffic that expressed interest in your brand. That is when you ask for their contact details, mainly to contact them during the trade show if they won anything especially if you have set any games.
Unfortunately, during trade show participation, these leads may not be able to directly pay for any products that you may have to offer for multiple reasons. Some potential sales may never come to fruition and some may be delayed.
3. Competition Can Be Fierce during trade shows participation
Trade shows are a gathering of businesses from different industries, and that includes the industry that you are in. Several other booths will probably offer similar products and services as you offer. If you do not stand out, then, your competition surely will. They will attract more foot traffic taking away any potential leads that you may have, qualified or not. Basically, you lose, and whatever promise you initially have had may go out the window.
Competition is fierce in trade shows, in spite of the friendly nature that they try to promote. You need to gather as many ideas as possible in order to apply the best one to stand out and win your public over.
Of course, trade shows are beneficial for branding and sales, and they aren’t only cons to them, but knowing them ahead of time will help you fully benefit from your trade show and get you the results that you are expecting as much as possible.