Trade Shows: An Invaluable Lesson In Market Research?
You may not believe it but the main thing that can break a company is a lack of research. It doesn’t matter what product or service you are trying to sell to people. What does matter is how well you’ve researched your target market!
Some businesses, especially startups, are guilty of selling to a market that doesn’t exist! As you can imagine, that’s the worst thing any business can do! You might not think it, but trade shows are an excellent way to conduct some market research.
So, just how is that possible? Keep reading, and I’ll share with you an insight into how trade shows can give you an invaluable lesson! Here is what you need to know:
You get to see what the competition is offering
Some people assume that trade shows are just filled with buyers from other companies. In other words, your potential customers. But, many competitors in your industry send “spies” out to check out people like you are up to!
It’s one of those unwritten rules in the business world. Everyone does it, and you should too. Some firms have two sets of staff in attendance. One set for their trade show booth, and the other as “walkers”.
You should consider doing the same too if you’ve got enough staff available to visit the event. That way, they can give you the highlights of what your competitors are offering. In some ways, it can give you an advantage in your industry. Why? Because you’ll learn of up and coming trends!
You get to see which stands offer the most eye-catching designs
When you exhibit at a trade show, it’s crucial that you have an eye-catching stand design. That’s because it’s one of the first things your visitors will notice. If your design looks too plain or anonymous, don’t expect many visitors!
If you’re planning on exhibiting soon, check out www.finessegroup.com for some stand design examples.
You’ll learn more than you already knew about your industry
An interesting point to note about trade shows is that they give you a strong insight into your industry. Buyers, for example, will tell you about the things that interest them for their firms. And competitors will give you an idea about the latest trends and innovations.
Sure, you might gain some of that knowledge by doing online research. But, if you want to get your finger on the pulse, attending a trade show is the way to do it. In fact, it’s a popular marketing method.
You’ll discover which products will become doomed to failure
Trade shows are also useful for learning about competing products that are ill-conceived. The thing about the business world is that some companies cut corners. And that often shows in the products and services they offer.
It’s an opportunity for you to find out how you can improve your existing offerings. If people tell you what they hate about products like yours, you can use that feedback to your advantage.
Well, I hope you’ve enjoyed reading today’s blog post. See you later!