21 Jul Part 1: ANALYZE Before Starting a Trade Show Strategy
What is your trade show strategy?
This is one of the first questions you should be asking yourself when you decide you want to do a trade show.
Without a solid trade show strategy, it’s more difficult to see the end goal clearly, or at least get there. Without having a set focus on what you want to get out of something, the outcome can tend to go in many different directions based on the unexpected events that can, and will occur.
It is important that your team is clear on your trade show strategy as well. That is why we have listed the 4 main areas you and your team should focus on when developing your trade show strategy.
However, since there is so much that goes into each area we have decided to split them up into a 4 part series.
To start off, let’s focus on the company as a whole.
First, Analyze the Company
Analyzing your company should be one of the first things you do while in the process of creating a trade show strategy.
It is important to do this beforehand so that you can really figure out where you think this trade show investment might take you, and if it makes sense for your company.
Where does your company stand pre trade show?
- Are you brand new trying to get your name out there?
- Are you experimenting with new projects?
- Have you been around for awhile and it’s time to do some revamping?
- Have you been going to trade shows for awhile and need to rethink your approach?
It’s good to lay out where your business realistically is before you diving deeper into things. What would be the best case scenario or the worst case scenario after finishing up your trade show event. Are either one of those reachable? And if not, what is more fitting to your business? After answering those, ask yourself where do you think your company would be standing post trade show.
Then, think about where attending a trade show fits into your overall plan, (if the possible outcome of going to one looks promising).
Does attending a trade show fit in with your businesses strategy and comprehensive plan?
This pertains more so towards marketing. However, it can in other areas too, such as accounting and business development.
- Does it make sense to include a trade show into your marketing plan?
- Do you have enough room in your budget for a trade show?
- Can the results from the trade show get you closer to your goal(s) than something else?
Once these are answered, dive even deeper. Do a SWOT analysis to figure out your company’s, strengths, weaknesses, opportunities, and threats if you haven’t done so already. We suggest doing one every 3 months.
After you’ve spent a lot of time focusing on your company, focus next on what you have to offer such as a product or service.
Define the following questions
- What are your competitive advantages?
- How are they communicated?
- How can that communication become improved upon?
- Why should a consumer choose your product or service over someone else’s?
- What differentiates your offering to your competitors?
- Do you successfully communicate that uniqueness?
Lastly, think about your competitors
Who are they? Create a SWOT analysis for each one of them to see where they lie compared to you. How are they communicating their strengths? Basically ask the same questions you ask yourselves.
By clearly defining the answers that involve all areas of your company, it can better direct you to where you want to go next. We can assure you that you will feel more confident asking yourself if a trade show is right for you, and if there is a possibility to receive a large investment in return.
Click here for Part 2: RESEARCH Before Creating a Trade Show Strategy
Feel free to contact us with any questions, comments, or ideas!