Trade Shows: How to maximize trade shows Return On Investment (ROI)?

Trade Show Success: Capturing Leads, Learning, and Dominating the Market

Trade shows are a goldmine for any business, offering a chance to connect with potential customers, learn about industry trends, and size up the competition. But with so much going on, it's easy to get overwhelmed. Here's how to maximize your trade show experience:

First, remember why you are there: Getting leads and opportunities.

Set clear ROI targets prior to the trade show and calculate after the trade show your outcome. Learn from the successes and failures. Set a clear volume of leads or opportunity to capture, a booking estimated value, a revenue value. Trade shows can also be a good place to accelerate existing opportunities to expand and grow. Keep a track of all meetings you had and report on all that activity daily, ensuring you update your records, CRM etc. These are all good practices.

Second, remember that what makes a business win is its intelligence.

Trade shows are a great place to learn about the latest trends and modify your sales and marketing pitch to best fit the latest trends that will resonate with clients. Sometimes even discovering that you must reposition the product too or make it evolve related to new needs and technologies. Ask as many questions as possible as you speak to people. Listen more, pitch less is the best sales approach. The more you learn about your customer needs the more you will be able to adjust your value proposition and quote and convert it into a signed deal. Here are now a few example questions that will get you to rapidly get a good grasp of how your market is evolving or projected to evolve so that you can be a step ahead of the game. Remember, those who win are those jumping on waves at the right time.

Questions for clients, vendors, industry experts:

Here are questions generalized for any industry, emphasizing a curious and open-minded approach. The idea here is to give you a sense of the questions you can ask. This list only includes examples and should give you an idea around how curious you need to be. Remember, asking and listening in sales, and in life, is more important than presenting. 

1. Competitive Landscape:

Questions you need to find answers for:

• How are key players responding to their competition, both locally and globally?

• What are their views on their emerging competitors and new projects in other regions or countries?

• How are they differentiating themselves in the market?

• What are your own competitors doing? Evolving? How are they pricing their products and positioning their offering? 

2. Client and Market Insights:

Questions you need to find answers for:

• Are there any expansion opportunities with any of your current client base? What is the decision-making process for new projects or purchases?

• What industry other events or conferences are important to attend? 

• What are the biggest opportunities, pain points and bottlenecks in the industry right now? What challenges is the industry facing? What happens to those able to solve those challenges? What’s at stake? How can you help them solve these? 

3. Workforce and Talent:

Ask the following questions:

• What are the biggest staffing challenges you're facing?

• How do you recruit and train new employees? What does onboarding look like?

• What strategies do you use to retain top talent?

• Are there concerns about an aging workforce or a shortage of skilled workers?

• How do you partner with educational institutions or training providers?

4. Technology and Innovation:

Ask the following questions:

• What technological advancements are you exploring to address industry challenges?

• What's your timeline for adopting new technologies like automation, AI, or XR or robotics?

• How do you envision these technologies impacting your workforce and operations?

• What's the typical cycle for updating major equipment or systems?

5. Product/Service Feedback:

Ask the following questions:

• What do you love about our current product/service? What's missing?

• What are your biggest unmet needs in this area?

• What would make our product/service more valuable to you?

6. Pricing and Business Model:

Ask the following questions:

• How do you react to current market conditions (e.g., pricing fluctuations, supply chain issues)?

• Would an annual fee/subscription model for our product/service be appealing?

• What factors influence your purchasing decisions, beyond price?

7. Industry Trends and Cycles:

Ask the following questions:

• What are the key drivers of growth or contraction in the industry?

• What are the typical life cycles of projects or products in the field?

• How do you anticipate changes in regulations or consumer preferences impacting your business?

8. General Curiosity:

Ask the following questions:

• Don't be afraid to ask "why" and follow your curiosity. The more you understand your clients and their industry, the better you can tailor your solutions and build lasting relationships.