‘Economic recession’. We can no longer deny it. However, it doesn’t have to be all bad! There is an upside to a recession; it makes people far more aware of the economy and particularly, how it affects them. It changes the way people think about money and investment. The same goes for businesses. In times like these, business decision makers are prompted to look to the future, look for new and better ways to become a leader in their market. They are looking for a way out of recession, but also a more stable financial future.
It is a perfect opportunity for exhibition organizers to be pushing their events to new prospective businesses who may have not considered it before. This is not the time to be scaling back on the budget for your next trade show. Although numbers may have been down this year, you should be looking to next year and beyond. Find ways to attract more exhibitors which will in turn attract more visitors.
Whilst there is a need to be seen unaffected by the economic downturn to keep financial morale high, it shouldn’t be completely ignored. Take some time to stand back and take a look at the changing industry landscape and look for ways to make future shows bigger and better.
One thing to avoid is panic discounting. Just because numbers are down, don’t try to attract vendors by offering cheap deals. This will only make people nervous. Rather than discounting your services, add value to the services you already provide. When people get nervous they want answers and solutions. They are not going to believe in hype or be taken in by “Going Cheap” marketing exercises. After a recession, people want to feel safe again.
If funding your trade show is a big issue, look to other business who stand to benefit from your show. Conference centres and hotels, car hire, local eateries, signage companies etc, all benefit from the influx of people and trade you provide. Get them involved. Maybe they can offer some incentive or discounts to the other areas which businesses have to add to their expenses when exhibiting or sending visitors to trade shows.
As an exhibition or trade show organiser you should be looking at ways to improve your industry as a whole. Exhibitors will be keen to invest in an exhibition or trade show run by an organization which looks to be moving forward and taking initiative, not one which is cutting back.
Make your show high-energy. Use plenty of signage and graphics. Create a memorable entrance feature. If you can communicate an excitement in the industry, this will carry on down through the ranks. Be seen as a leader out of recession and look to the future.
