Trade shows offer a boon of opportunity for those looking to get face-time with their prospects as well as the B2B companies that leverage their expertise to host them. Events provide a personalized way to advertise and connect with an audience, while at the same time allowing media companies to expand their relationships with advertisers and widen their portfolio.
Here we discuss why events remain a major part of the marketing budget of many US businesses and how trade shows can prove to be a profitable addition to what you have to offer.
Event Marketing Remains a Major Part of Budget
For companies looking to expand their reach, trade shows are a great addition to their marketing mix. This investment is a major part of budget for B2B companies. For ad sales, they translate into new and upsell opportunities. According to Bizzabo,
- Over 20 percent of marketing budgets are allocated to in person events.
- 62 percent of marketers plan to invest more in live events in 2019 than they did in 2018.
- 95 percent of marketers agree that live events provide attendees with a valuable opportunity to form in-person connections in an increasingly digital world.
- 81 percent of marketers believe that in the upcoming years, live events will become increasingly important to their organization’s success.
These statistics alone show trade shows will remain a critical element of the marketing mix for many businesses. There is growing opportunity for Trade publishers to leverage their market expertise and expand their event portfolio:
- B2B events account for $512 billion in annual spend.
- 75 percent of those that sponsor events are constantly looking for new partnerships.
- Sponsorship spending is predicted to amount to $62.8 billion, up from $60.1 billion from 2016.
- 68 percent of B2B marketers agree that live events help generate the most leads, while case studies help convert and accelerate the most leads.
- 79 percent of US marketers generate sales using event marketing.
The demand is there. Advertisers clearly use live events and trade shows in their marketing efforts — and consider it a particularly effective use of their marketing budget.
Trade Shows Help Industry Thought Leaders Leverage their Expertise
Trade show organizers have a responsibility to connect exhibitors with attendees and share their highly valued content and expertise with those attendees. According to The Trade Group, exhibitors primarily value these connections and the qualified leads they can introduce to their sales teams.
If you have a product or service that revolutionizes the way your audience can approach their work, or have a strong network of contacts that could benefit from coming together at your event, then a trade show is a perfect way to establish yourself as the thread that connects like-minded professionals. Positioning your organization as that driving force has the potential for huge return, given the power events hold in the 2019 B2B landscape.
Trade Shows are Profitable, Pure and Simple
“There are literally entire corporations founded on the economics of producing trade shows,” writes Geoff Beers at The Balance. “That should tell you just how profitable this industry can be, even if you only hold one show a year.”
Attendance fees and vendor packages are not the only way to create revenue through a trade show. You can also offer sponsorship packages, complete with messaging and positioning for the brand. “Most sponsor packages include signage placement around the show, premium booth positioning, and the option for sponsors to engage with attendees through the use of free samples or intercom messages,” writes Beers. “The key to landing lucrative sponsorship deals is to make sure the brand is offered exclusive exposure that cannot be found through other types of advertising.”
You Can Use Trade Shows to Widen Your Portfolio and Audience
Event marketing is popular and profitable — and you should do everything you can do take advantage of that happy confluence. According to event marketing company GES, “Trade shows are evolving from traditional networking events into immersive experiences that excite the consumer.” Adding trade shows to your advertising offerings should reflect this new opportunity for engagement.
But to do so effectively, you need the right information. With good intel on who invests in event marketing and why, you can take a strategic approach to hosting a trade show or any other event.
With MediaRadar Events, hosting companies teams can:
- Instantly see who is sponsoring events. Quickly search for brands that participate in events using the missed business and power prospecting reports.
- Easily know who is exhibiting at events. See if a specific brand values events in the Integrated Account Review.
- Get spend estimates for sponsorships. Determine how much your competition is charging their sponsors for event participation
- Calculate your share of the event market. See where you stand among your competitors and how events contribute to your market penetration.
MediaRadar Events will be released in June 2019. For more information, schedule a demo today.