Here’s a little trade show secret for retailers: exhibitors attend with a serious plan.
Long before the banners are put up, the products are packed or the travel is booked, vendors exhibiting have defined what they want their success to look like. They know their sales goals, which buyers they want to meet, which products they want to showcase, and what return they hope to get on their investment. Those things are key to growing their business.
Yet many retailers arrive with only a general idea of what to look for. If brands build their business by planning for a return on investment, then retailers can do it, too.
The Promise of a Trade Show
Trade shows are designed to bring buyers and brands together in one place. For brands, it means exposure to new buyers and opportunities they might not otherwise have a chance to reach. For retailers, it means access to products, founders, show pricing specials, and inspiration that would be difficult to pull together under one roof otherwise. There are often informal networking events and industry education sessions that serve both sides of the booth.
In theory, it’s a win-win. In reality, there are rows of booths, bright lights and displays and hundreds if not thousands of products all in one place. Every day you attend can be overwhelming. The best attendees do their homework and learn to balance intention with openness.
What ROI Really Means
Most people think of a return on their investment (ROI) as a sales term, but your “return” can take more than one form, measured in different ways.
For brands, this is an easy metric to measure: the number of orders placed or badges scanned. They count industry connections and/or new relationships with service providers. Even though they look stuck at a booth, many start making connections during setup itself, looking at other booth designs and meeting potential collaborators.
For retailers, the metrics are a little different. You might be more interested in:
- new products
- new vendors
- show specials
- industry trends
- connections with fellow retailers
However, there is another big difference between retailers and brands in measuring the success of a trade show: Timing.
Brands measure much of their success from the show through orders they write at the show. Retailers, however, usually do not know the true ROI of a show until months later, when those new products are on the shelf and they see the results in their sales data.
Retailer ROI starts early
Your journey for ROI begins before you even leave home. First you need to know what you need, and that planning will make all the difference.
How to choose a show: Trade shows usually list their exhibitors well before the show. Look for your current vendors, highlighted newcomers, range of categories and how organized it appears. Your choice should support your buying strategy.
Trade shows are one of the few places where buyers, brands, founders and industry partners gather under one roof for a symbiotic exchange.
Before attending: There is a good chance you are looking for something besides merchandising inspiration if you are planning to attend a show. Know what you need in your business for the upcoming buying season, such as your budget for the show, categories that need attention in your shop and product gaps you need to fill.
Risks of going unprepared
Arriving around all the energy, there is an obvious uptick in both excitement and a potential for anxiety. Not only can you get overwhelmed walking past the booths at the show, ROI could easily turn into “Regret Over Inventory” when you return home and do not meet your goals.
Mistakes might include:
- Wasting time and money on a show that is not a good fit
- Missing show specials
- Spending too much time in the wrong booths
- Buying products that do not fit what you need
- Skipping the opportunity to build relationships with current and future vendors
- Coming home with ideas but not the orders you needed to place
At that point, it will not be about just being tired from the trip, it will be about having missed opportunities for future revenue.
Plan your best show
Show organizers work hard to bring the right exhibitors and buyers together for every show. However, factors like weather and economic conditions do not always cooperate and can have a big impact on the perception of a show’s success.
So you focus on what you can control. Make a plan that fits your company’s needs, with flexibility to be open to new items. The goal isn’t to see everything. The goal is to find what fits.
Trade shows are one of the few places where buyers, brands, founders and industry partners gather under one roof for a symbiotic exchange. They can be energizing and profitable.
However, the businesses that get the greatest ROI are not necessarily the ones who attend the most shows; they are the ones who choose the right shows and have a plan that — when executed — can absolutely seed their future.
Melissa Steadman is a strategic growth advisor and founder of Moonbridge Consulting. She helps retailers and founder-led brands make smarter decisions about growth, operations and revenue so they can build stronger, more profitable businesses.
