Fighting The FearEconomy and trade Susan Friedmann
April 17, 2009
Exhibiting in economically turbulent times is problematic. Yet the challenge may not lie exactly where you think it does.
It's
not the falling Dow Jones that's the problem. It's not the S&P, nor
the price of oil. It's not even the constant reiteration that we're
headed into the Great Depression II.
No. The problem instead
lies in the resultant consumer confidence crisis. People -- both on an
organizational and individual level -- are afraid to buy. The constant
bad news has created a perfect storm of economic turmoil, leaving
people frozen in place, uncertain what to do.
How do we, as exhibitors, address that fear?
The
first thing to do is to assess and understand what the changing
marketplace actually means to your industry. Not all sectors are hit
equally by an economic downturn, and it is never safe to assume that
what is happening to your organization is representative of what is
happening in the market as a whole.
Before determining an
exhibiting strategy, it is a wise step to take an objective look at
your industry, as well as the markets for organizations that purchase
your products and services. A consumer confidence crisis means one
thing in the high end apparel market, for example, that it may not mean
in a health care or financial services market.
Throughout this assessment, consider the following:
What are the biggest challenges and concerns my target market is facing?
What are the biggest challenges and concerns the customers of my target market face?
If
you want to be an effective exhibitor, one route to success is to
articulate your understanding of both sets of challenges and present
concrete examples of how your products and services can help attendees
address them.
There is a time for soft, suggestive selling:
that time is NOT in the middle of a consumer confidence crisis. This is
instead the point where savvy exhibitors adopt a leadership role,
positioning themselves as the expert within a marketplace, the go-to
resource who can provide more than product: you're offering guidance,
stability, and the assurance that the tough times will pass and that
they can be survived, by smart, strategic decision making.
Obviously,
every company will approach this challenge differently. Variations will
depend on industry, sector, and your previous marketing messages: it is
very difficult to suddenly shift gears and radically alter your
marketing message. However, the companies that survive and thrive in
tough times are the companies that adapt quickly and nimbly to changing
circumstances.
With that in mind, there are three universal concepts that should prove useful to every exhibitor:
1. Highlight the Benefits
Make
it very clear how the attendee will benefit from doing business with
you: increased sales, greater efficiency, enhanced productivity. Make
the value you offer a key part of your marketing message.
When
your booth staffers engage with an attendee, they need to be actively
listening. This enables them to both better understand the attendee's
situation and needs, but also to identify key points where your
organizations' products and services are likely to be of value.
2. Demonstrate Commitment
Uncertain
economic times create anxiety in buyers. They hesitate to commit to any
organization, particularly newer ones, because they do not know that a
month, six months, a year from now, that company will be there. This is
a particularly pressing concern when issues of technical support,
upkeep, maintenance and installations are involved. Most companies
don't want to buy a two million dollar machine only to discover that
when it breaks, there's no one available to fix it!
Let buyers
know you're in it for the long haul -- that they can count on you to be
there after the show. If your company has been around for a while, let
attendees know that. Sometimes the idea of a company with a long
history is seen as boring -- but in uncertain times, that stability is
appealing.
Use your marketing message to reinforce the concept
that you're going to be there for the duration. Focus on the ongoing
relationship aspect. Articulate how you keep in touch with your
customers, the mechanics of providing support, and what kind of working
arrangements you develop with your clientele.
3. Guarantee, guarantee, guarantee
Buyers
are insecure. Make them feel better by promising to stand behind your
products and services -- and fix it when there's a problem! This is a
simple and often overlooked aspect of marketing: the way your company
performs when everything doesn't go exactly as planned is often far
more important than how it does when everything's great.
Mention
your guarantees and organizational promise in your sales materials, on
signage, and especially when appropriate during conversations with your
prospects. Your would be clients want to know that you're going to take
care of them.
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