By Michael R. Czinkota and Ilkka Ronkainen
More than 24,500 trade shows yield an annual $100 billion in revenue worldwide which means that even in this hyper-digital age, marketers and customers still find these events worthwhile.
Executives surveyed on trade shows ‘ usefulness have said that exhibitions provide unique value not found in other marketing channels. Firms appreciate the personal interaction with their stakeholders. Clients can, in turn, evaluate product matches.
The U.S. Department of Commerce’s International Buyer Program (IBP), a joint government-industry effort, recruited nearly 13,500 prospective buyers from international markets to come to U.S. trade events in order to meet U.S. exporters. For example, Pack Expo shows consistently welcome visitors from more than 120 nations and provide them with access to the latest technologies, as well as networking opportunities and education programs. As a result, the IBP is said to generate more than $900 million in exports. More than 49% of this growth came from U.S. firms that exported to a new market.
Further, the costs of closing a sale through trade shows are estimated to be much lower than closing a sale through personal representation. Th e average cost of making the first face-to-face contact with a potential customer through an exhibition lead is $96, compared with $1,039 without.
Read the full article here: trade shows April 2015
Michael R. Czinkota researches international business and policy issues at Georgetown University. He served in trade policy positions in the Ronald Reagan and George H.W. Bush administrations.
Ilkka A. Ronkainen is a member of the faculty of marketing and international business at Georgetown University. Their joint book is International Marketing, 10th Edition.