(AI free post)

Recession…

Touchy subject, right?

No business owner wants to hear this world, but as the sun is not always shinning, there are times in business when the lights can turn red.

In which case, what to do with your trade shows intentions? (for budget you can check this article)

Recessions bring more exhibitors to a show

Trade show organizers will definitely come knocking at your door in times of recession.

Because if the recession is a global one, or even just your sector’s one, they will be affected and will need to boost their sales too.

On their side a recession looks like this : more companies will exhibit, but with smaller booth size.

So things evens out for them, if they get more customers in.

But for you? Should you splash the cash 💸🎉, or keep your bucks?

The answer is, as usual: it depends.

If you know me, you know I’m a big advocate of trade shows.

They are useful in many, many ways.

So why do I say it depends?

Because the reality is that most exhibitors spend their money on trade shows like it’s Xmas, and let’s say that recession and Xmas don’t really match, unless you’re a bank selling consumer loans.

And since I don’t know how you spend your money on trade shows, I’ll advise precaution.

Like Xmas on a budget, spending should be under control

Like with most human decisions, the reality check only comes afterwards, past the hope/denial phase.

Trade show participation is no exception. It might take you weeks, months, sometimes years to harvest what you sow in these halls.

So, what should you decide? And how?

First, should you stop going in principle?

No, because there is as a principle in business development, there is what works and what doesn´t.

Trade shows do work, but not for everyone.

So, is there a way to anticipate a potential ROI and to know before you go if it’s a going to work?

There are, that’s the idea of this post.

Ready to hear it?

The 2 ways to anticipate a return on investment of conventions

One is to estimate the potential capacity for return on Investment of the trade shows you’re considering. Basically asking yourself: is it worth the squeeze? Much like when doing sales or financial projections. It will, of course, be an estimation (of the lemon), nothing guaranteed. But that can already help you select the shows you’ll go to, and the ones you need to avoid.

If you don’t know how to measure that, come to our training.

But in case you can, here’s a rule of thumb, do NOT follow the crowd (trade shows use FOMO to get you to buy), and do not get fooled by the size of the show, it’s not always what should matter (see the effect large shows have on participants).

Two is to assess how skilled and hence how efficient your team will be at squeezing the lemon.

Because If your team is not ready, you will lose your time, money, and opportunities you could have had by investing elsewhere—the notorious opportunity cost.

As you wouldn’t start a war you’re not sure of winning (it’s from Sun Tzu, not Putin), do not mobilize forces (marketing and sales mostly) for a show you’re not sure you will master and seize opportunities from.

Kpis and competence are the two keys to sucess

So what should do in final?

• Run numbers, do ROI projections and set kpis and objectives for your team.
• Help your team be in shape for the encounters, knowing what to say, when and to whom in order to convince them you’re the one they were looking for. That includes pre and post show.

If you need a trainer for that, you know where to find us.

Simple right? Yet complex, do you agree?

I call it the simplexity of shows.

Threats and opportunity costs grow in recession

In recessions, as money becomes scarce, threats from competitors grow, margins are challenged. But not only, in stressful situations, where an economic survival is at stake, opportunity costs grow, a bad choice could sink in a budget that was the last bullet in your marketing/sales baril.

So, if you have one bullet left for a trade show, make sure the prey you’re shooting at is worth it, and that you know how to shoot.

As Wannamaker said : “ half of my marketing investments go to waste, the problem is I don’t know which half…”. And in recession, half the budget could be the difference between failure and success.

If you’re interested in having this reality check, you can always click on the button in my profile “How trade show ready are you?” (it’s free).

Recessions are a good wake up call to improve your productivity.

If you know the basics of economics, you know there are two levels to growth, capital, and productivity.

When the money flows less easily, it’s a wake up call to improve productivity.

So if you’re planning on going to conventions, shows or fairs this year, I would suggest you reallocate a part of your budget to train your team and make sure they know how to run successful shows. 🚀💼

Unless you can afford wasting your money in a time of recession, in which case, lucky you.