Business events are a major economic driver for the economy. From visibility to credibility, exhibiting at a trade expo has hundreds of benefits for business. Business summits are a driver of economic growth particularly in service oriented economies that are seeking international trade and intellectual engagement to progress advantage in the Knowledge and Creative aspects of their economy. The demand for a business event is driven mainly by organisations choosing it as a forum to communicate messages, to educate or train, to promote a product, to reward or celebrate, to collaborate on issues and solutions, or to generate resources. Establishing a presence, whether big or small, for company, entrepreneurs, self help groups at a trade show gives a powerful platform for meeting new customers, reaching out to existing clientèle, and building a more established and reliable brand.
The benefits from business summits extend well beyond tourism spend and include others, such as knowledge expansion, opportunities for networking, increased relationships and collaboration, positive educational outcomes, awareness raising and profiling, and destination showcasing and reputation. It contribute to the economy in the short term, while in the long term, their legacies are broad-reaching and potentially far more valuable. Business events stimulate creativity, inspire innovation, propel productivity and drive knowledge economies. They lead to global profiling, international network creation, cultural and business development and foreign investment. From a quantitative perspective, the main benefit of these events is that they permit sales to be increased and business to be done due to the strength of the contacts made and their promotional effect.
In addition, one can have the ability to interact with the other vendors that can benefit the business. Encountering new vendors and suppliers is crucial in keeping the business venture competitive in today’s world. Despite the rise of new technologies and the virtual environment, face-to-face interaction remains one of the most effective ways to get new customers and close sales agreements.
Trade Expos bring together like-minded individuals either through the same profession or similar industries to exchange contact information and grow the company’s marketing message and brand image. The audience can include current customers or new customers, suppliers and/or future talent from other organizations where face-to-face meetings can be very beneficial.
A lot of businesses are put off exhibiting at a trade expo because of the cost. It is true because developing a great trade expo exhibit, training staff members, and travelling to the event itself isn’t a very cheap process. However, like most forms of marketing, with the right strategy, a trade expo can be a very profitable choice.
Trade expo brings all aspects of an industry together – suppliers, distributors and sometimes even consumers. This broad audience being together in one place at a specific time enables key partners to conduct meetings, negotiate sales opportunities and/or collaborate on product development projects. Since there can be face-to-face meetings, trade expo events can facilitate discussions and move projects to another level. In addition, since products can be displayed within the company booth, orders can be taken from existing or new customers thereby bringing an immediate return on investment.
With the right strategy, every trade expo is an opportunity to drastically expand customer base. The people who attend trade expo tend to be motivated, interested in the products or services it offers, and often ready to commit to a deal on the spot. With the right strategy, even a small startup can strengthen its brand by exhibiting at a trade show. However all of this depends on choosing the right trade expo.