Trade Show Marketing ? Getting Prepared for the Big Event
With the increase in number of tradeshows being held across the world, it has become imperative to check the trade shows' credentials before you commit participation. Here are some quick tips on checks to ensure that you are not heading for a dud trade show: 1. Check previous history and years of experience including backing by any large industrial groups: This is the most obvious way to research on the event planners. Trade shows backed by large organizations would have greater availability of resources and marketing skills. 2. Demographics of previous trade shows: Did the last show done by the trade show provider have a decent show of visitors? Is the trade show provider boasting about the numbers on its marketing material or hiding it in some obscure corner for the number crunchers? Did the trade show provider have a professional organization draw up the demographics of the visitors? Do the demographics fit your requirement? Answers to these queries should help you decide if you should use this trade show as a sales and marketing vehicle for your company. 3. If there is a conference, who are the speakers? You should have at least heard of a few of the speakers or their organizations if they are speaking in the conference. A quick check should also be done to see if the speakers also have a booth at the tradeshow. Tradeshow booth providers usually give out speaker slots as an added incentive to exhibitors and you might like to avoid such events as they are not very genuine. 4. What is the timing of the trade show? Is it just time filler for the conference? If this is true, I would suggest that you avoid this trade event like the plague. The event planners are just putting in the booths as time filler and the trade show is not likely to be heavily promoted either. So just don't waste your marketing budget on such as event. You will all notice that such time filler exhibitions usually have very few booths in the first place and are located outside the exit area of the conference hall to catch the attendees as they dash off towards food and nature's call. 5. What is the total number of booths and what is the occupancy rate a few weeks before the show? The thumb rule is that a trade show can have about 5 to 10 percent of empty stands about 2 weeks before the event which eventually gets filled in my last minute confirmations or by sponsors. If the numbers are higher that this, you should check the official reason given by the exhibitors to ensure that you don't end up participating in a show which has too many empty stands. 6. Is the tradeshow provider offering a 'desperate' discount and doing unusual number of follow ups? If you get an offer for a trade show booth which is just too good to believe then it is probably too good to believe. 'Desperate' discounts are offered by event planners as a last ditch attempt to sell all booths as you should only participate is such tradeshows if you have unique reason to do so. 7. Testimonials and repeat number of participants year after year is another good way to check on the trade show. If you see a large number of repeat participants over a number of years, it is a good way to determine the quality of the event. Quality of location and association with service providers also help in getting to know the seriousness with which the trade show providers approach their work. I hope this article is also read by trade show providers to realize what exhibitors look out for! Patty Stripes is an editor for The Trade Show Booth, check out her latest articles about using a trade show exhibit booth, used trade show display and advantages of a compelling trade show booth design
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If you've taken the trouble to establish the real of your product or service, you ? and your prospect ? already know that the value far exceeds the price you are asking. (If not, you better go back and rethink the math.)
So if they are saying "no," or simply not saying "yes," it either means they are experienced buyers waiting for you to spontaneously cut your price, or it means they just do not see a sufficiently compelling value?yet.
Cutting your prices will almost never lead to new sales if they didn't plan on buying in the first place, and the effect on your profits can be devastating. Follow these numbers:
Let's say you sell a product for $100. Your cost is $70. That means it carries a thirty percent margin-your profit is $30. Now, to make a sale, you are "forced" to cut your price by twenty percent. Your new selling price is $80. All things being equal, your profit is now $10-instead of $30. That means a 20% price reduction cost you 66% of your profits.
TWO-THIRDS OF YOUR PROFITS for a 20% price reduction!
Cut your price much more and your profit quickly goes to zero. Or lower.
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Once you lower prices, they tend to stay low. That $100 widget you just sold for $80? Well, sorry to say, but it's now an $80 widget.
Even more damaging, your like-minded competitors will almost definitely lower their prices, and you, my friend, are in a price war. To win in this scenario, you need deep pockets to sustain a losing position for the duration.
So for these three reasons-depressed profit margins, permanently lowered prices, and the devastation of a price war-it's a bad idea to lower your prices to buy business-regardless of the economic climate.
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The two main strategies are clarifying and quantifying the value, and packaging products or services to maintain higher prices.
Here's an interesting example. One of my clients-a software company-had a hot prospect who didn't want to buy the typical contract for software maintenance. They felt that 18% per year was just too expensive, and wanted to pay ad hoc instead.
My client knew this was a bad idea. Customers without maintenance contracts typically become your worst. Why? Because they know it's going to cost them each time they pick up the phone for support, so they try not to. Thus, they don't get the right level of service, they don't know how to use the product and they don't get the results they paid for in the first place.
And even though it's their fault for skimping, they point the finger at you and badmouth your company.
On my advice, my client offered the prospect a four year non-cancelable maintenance contract, and gave them the first year for free. And although it was a 25 percent reduction in total purchase price, it never lowered the per year pricing, and it actually guaranteed more than the prospect's original commitment.
Plus, my client locked in that customer for four full years, during which time they rightly expect to sell them additional products and services.
Price cutting is the "lazy man's" response when it's hard to make sales. Unfortunately, it may not boost total revenues, and results in drastically lowered profits on the sales that do get made. Often the outcome includes permanently reduced prices and margins, and even a price war, which has disastrous consequences for all players, except very deep-pocketed ones.
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There are other approaches that not only maintain price levels, but even support higher ones. To get an overview of those approaches, visit http://www.lemberg.com/tipsandtools.html and download "5 tactics to avoid price cutting."
--PL
Paul Lemberg. All rights reserved
Reprint rights freely given. Please click here for details.
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