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Trade Shows: The Impact That Had or Didn't Have On Your Business

Discussion in 'General Entrepreneur Discussion' started by tiagosoares17.22, Sep 3, 2018.

  1. tiagosoares17.22
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    tiagosoares17.22 Bronze Contributor Read Millionaire Fastlane

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    So, the title of this thread says it all.

    What results did you get out of trade shows? What are your thoughts on getting a booth on trade shows related to your business?

    ----------------------

    I am starting out, and after a lot of research and talking with qualified and successful entrepreneurs, I realized one of my best chances to start "fast" is by getting into a trade show.

    I also was thinking to go into markets that are not fully crowded, but after some research, another "basic" thing hit me: "Go where the money is!".

    And that is the reason why I'll be choosing to sell my product in the biggest economies.

    To get a booth at a trade show, and to travel to that country, it will be a substantial investment for me.

    With all that said, what pieces of advice, lessons, and experiences have you to share with us from trade shows you have attended?
     
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  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Note: This was years ago and in an industry that is now on life support...

    I found our trade shows pretty worthless and far too expensive for any benefit.

    I did our major trade show twice and instead of finding new customers, our existing customers stopped by and said "hello!"

    When I clarified that our growth was predicated on user traffic (not companies to feed that traffic upon) I stopped going.

    Sure saying "hello" to your clients is nice, but not at a cost of $30K for 3 days. When the show is in Vegas or some other heavily unionized place, be prepared to pay an arm and a leg.

    Need a crate hauled in from the shipping port? $100.
    Need electricity? Pay an electrician $500 for a 30 second hook-up.

    It's a f*n racket.

    Obviously things might be different per the respective industry, especially if you're launching something new and innovative, but that was my experience.

    If you meet ONE person at a trade show (say a big distributor) it could really get the ball moving.

    It's a big decision that needs a really hard analysis of cost-benefit.
     
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  3. Walter Hay
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    Walter Hay Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I have exhibited at trade shows in several countries, and agree that not only the extras, but even the basic essentials are a racket.

    After experience at several shows I decided to spend the money where I could target the spend rather than relying on the effectiveness of the show promoter's advertising.

    Walter
     
  4. MJ DeMarco
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    @Vigilante has a story...
     
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  5. Crisdamien
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    Crisdamien Contributor I've Read UNSCRIPTED FASTLANE INSIDER

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    The tradeshow business should be the racket then. Lol. My slow lane job had me going to those quite a bit and it is quite honestly corporate speed dating. =/
     
  6. SparksCW
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    SparksCW Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    We sell products (retail B2B mostly) and have attended a few of the bigger retail exhibitions, the first two we did were a waste of time and money but mostly because our stand was poor.

    The third one we went all out on the stand and sold a fair amount over the 3 days and easily covered costs.

    Fourth not so good, fifth we changed stand and the show was terrible - but so was the stand.

    This year we've for some reason gone bigger, bigger stand, bigger costs. But the stand quality is much better and we've put more thought into what we are displaying and how we are displaying it.

    I'm in quite deep on the next two shows so hoping they pay off. If they don't then I think I'll look at other ways to spend the £10-15k these two shows are costing us.
     
  7. tiagosoares17.22
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    tiagosoares17.22 Bronze Contributor Read Millionaire Fastlane

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    There are two lines of thought:
    1) Start Small and Do The Unscalable - like getting in front of customers, attending local events, etc, etc.;
    2) Start Big and Go Play with the Sharks - attend trade shows, go where the money is, travel abroad, etc;

    I'm in the wine sector. The local market is full of producers. This is a very crowded space in Portugal.

    I have been to many restaurants talking about my wine and all that, but they are just not so interested because they are served and/or because they only buy from X distributor and some other acquaintances.

    After many attempts and very little success, I asked a few people what would be the best thing to do (when I have very limited resources). Believe it or not, the answer was to get into a trade show or two.

    I also listened to dozens and dozens of interviews with entrepreneurs who launched a product in a crowded space (some of them from the great podcast How I Built This.) Most of the answers came down to: "our business took off after attending X trade show and closing a deal with Y."

    I was thinking to sell mostly directly to customers, because it might end up being more lucrative (but it is more time consuming), and people advised me to not waste much time with that if my goal is to play BIG.

    I'm in no rush, but at the same time, I would like to not "waste" more time and money on things that bring little to no ROI.
     
  8. Arun Siva
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    Arun Siva aspiring 大君 of the bourgeoisie Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    Trade shows are not meant for all industries. Unfortunately in the manufacturing and heavy machineries industry (old school face to face big Egos) trade shows are literally the only way to foster your credibility and the only way to Gain clientele due to the nature of the business. Other then these intrikate industries which require a presence (more like dog and pony show) I agree with the latter that trade shows may seem AS an opportunity cost but END up a a sunk cost
     

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