TRADE SHOW CUSTOMER MINDSET

It is anticipated that you are beginning to recognize that trade shows offer a distinctive environment for achieving significant sales. In this blog, we will examine the primary reason for this: the mindset of your customers upon their arrival at the show.

Experienced sales professionals understand that selling can frequently present challenges, particularly at the outset. This is due to the necessity of identifying a qualified prospect, capturing their attention, diverting them from their current tasks or existing vendors, and addressing their inherent resistance to change—even when such changes could enhance their operations and strengthen their organizations.

This dynamic shifts significantly on the trade show floor. Why? Customers are in a purchasing mindset. They have traveled to a new city, embraced new surroundings, and are specifically focused on discovering and experiencing new offerings. In other words, they have been removed from their daily routines and placed in an environment crafted to make them open and receptive. It is important not to underestimate this dynamic; there are few occasions where potential customers anticipate sales interactions and are eager for them.

This understanding is well-established, and exhibitors have leveraged it to their benefit for many years. This is one of the reasons modern trade shows often resemble lively spectacles as much as they do industry events. Organizers recognize that attendees are more receptive and uninhibited, and they capitalize on this by fostering such an atmosphere. Engaging music, eye-catching displays, and appealing models showcasing new prototypes all contribute to this dynamic. They generate a sense of momentum that naturally leads to increased sales. Buyers are enthusiastic and surrounded by others who share the same excitement. No one wants to leave without securing an order for the latest and most innovative gadgets and technologies. At trade shows, observers become purchasers; the key is providing them with a compelling reason to finalize the deal.

The urge to "keep up" can be more influential than many sales professionals anticipate. From our perspective, it often seems as though we are employing every possible strategy to engage prospects further in the sales process. Conversely, prospects frequently tend to withdraw. However, in certain situations typical of trade shows, these roles can occasionally be reversed.

The first scenario occurs when your product is entirely innovative or unrivaled by competitors. In essence, certain products are so novel, groundbreaking, or innovative that they generate their own demand. Typically, your product development team will inform you in advance if your company plans to introduce a groundbreaking new offering at the trade show. When this happens, you may be astonished at how many potential customers approach you, effectively closing the deal themselves. While this is a rare occurrence, it is indeed a remarkable one when it does happen.

A key factor that can attract customers to your business is the competitive spirit. Just as you need to be aware of other companies presenting at the trade show, your potential clients are also observing them. Over time, they will notice their peers and competitors exploring different products and upgrades. In essence, they will see the companies they compete against making efforts to enhance their capabilities. This realization can motivate them to act promptly, driven by the desire not to fall behind.

Therefore, it is essential to present yourself and your company as highly sought-after. Communicate confidently to your prospects that there is significant interest in your work and emphasize how your products and services can assist them in staying competitive and profitable in the future.

While buyers may not necessarily commit to a purchase simply because others have, the perception of potentially falling behind can prompt them to explore the reasons behind the growing interest.

Ultimately, the allure of trade shows extends beyond just the introduction of new product lines and ideas; it is the palpable excitement that truly captivates. Buyers from across the nation, and potentially globally, converge at these events. For many, this may be their sole opportunity to travel beyond rural areas for extended periods. It is important to remember that nearly every transaction is driven by emotion. Trade shows expedite the sales process by creating an environment where participants are already emotionally invested in their purchasing decisions, thereby generating momentum and accelerating all subsequent activities.

Numerous studies have consistently demonstrated this reality. For example, a survey conducted by Exhibitor Magazine revealed that over 75% of companies considered trade shows as their prime opportunity to explore new products. Additionally, a substantial percentage of these companies intended to make purchasing decisions during the event. Notably, several respondents who initially did not plan to make a purchase ultimately decided to do so.

Trade shows provide an excellent environment for sales, as they attract customers who are inclined to make purchases. By aligning with their mindset and fostering their enthusiasm, you can effectively secure numerous new orders.

Highlight: Trade Show Discounts

In addition to the various reasons attendees come to trade shows prepared to make purchases, there is another significant factor I have yet to mention: the potential for substantial discounts.

Several factors contribute to this, chief among them being habit. Those with extensive experience attending numerous trade shows over the years understand that these events were traditionally an excellent opportunity to secure special pricing on nearly any product; exhibitor booths have long been the go-to for finding rock-bottom deals. Furthermore, ineffective salespeople have conditioned customers to consistently seek and expect price reductions, regardless of the environment. Therefore, it should come as no surprise if your competitors are offering your prospects lower prices.

This implies that potential customers may attempt to negotiate prices aggressively. It is crucial to remember two key points: be well-prepared and maintain effective sales techniques. Firstly, consult with your sales manager or department director to discuss optimal strategies for managing discounts. They will likely have a plan and can inform you about the company's flexibility regarding pricing.

It is crucial to adhere to the fundamental principle: counter price objections with value. Prospective clients engage with you because they have a genuine interest in purchasing. When they request discounts, it indicates their intention to purchase, albeit with the hope of negotiating a lower price. Typically, they will proceed with the purchase regardless of the cost, so it is important to highlight the long-term advantages of choosing your offering over the immediate, minor savings they might seek.

There may naturally be exceptions to this guidance. Your company might decide to provide special trade show pricing as an incentive to secure new business before departing. Alternatively, you might offer substantial discounts on discontinued product lines or floor models that would otherwise need to be returned to a warehouse. In such scenarios, trade shows can be mutually beneficial for bargain seekers, many of whom tend to approach during the final hours of the event.

Generally, it is advisable to handle a customer's request for a discount with the same level of caution as you would on any other occasion. While declining such requests may be challenging and could potentially affect your commission, it is important to recognize that low profit margins can jeopardize your business. Keep in mind that your company may be investing substantial amounts, possibly hundreds of thousands or even millions of dollars, in the trade show exhibition. It is crucial not to compromise your profit simply because a discount is requested.

Henry, Carl. Trade Show Selling: How to Make a Year's Worth of Sales in a Few Days or Less. Unknown. Kindle Edition.