Have you ever made a huge deal without meeting the people involved? Have you ever got into buying loads of containers of raw material without checking the team behind it?
We know doing the above without proper checking is a hara kiri in the business world. We as humans always want to be sure of establishing businesses in new regions by knowing people. The same goes for people all across the world. Personal touch remains the most effective method of impressing your products, brands and value proposition to the buyers, be it domestic or international.
One of the effective ways of cost efficient relationship building for businesses for international business set up is exhibitions, B2B meets and trade shows. Exhibitions play a crucial role in international marketing strategies for businesses seeking to expand their reach and increase brand visibility globally.
Establishing and expanding International business is made effective through smart participation in Exhibitions, B2B Meets and trade shows.
Here are some main justifications for why exhibitions are an absolute necessity for global marketing:
New Market Establishments
Trade shows/exhibitions provide a base for businesses to enter new international markets as well as penetrate existing regions. They provide a platform to a diverse range of industry professionals, potential importers and buyers, and partners from different countries. They also manage companies to showcase their brand value, product/services to the business owners and buyers in the target country.
Brand visibility increases the chances of a brand being recognized, respected and demanded in any region. With all classes of businessmen from big time importers to small retailers visiting exhibitions, the brand exposure and personal touch with all of them helps in imparting a positive impression of the brand. This helps immensely in primary and secondary sales in any region. At times this helps in setting up a total channel of supply chain in a new region.
Goods and/or Services
Exhibitions are the perfect venue for introducing new goods or services to global markets. Product launches and demonstrations are also common.
Businesses can use the exhibition platform to generate interest, spread word of mouth, and directly present the features and advantages of their offerings to prospective clients and business partners. This direct interaction allows for immediate feedback, market validation, and potential sales.
Networking and Relationship Building
Exhibitions provide an ideal hub for networking and relationship building with coworkers, channel partners, prospective buyers and importers and competitors as well.
They bring together industry professionals, key decision-makers, and potential partners from different countries under one setup with all facilities ideal for chatting, discussing and getting into meaningful conversation leading to long term business relationships.
Trade shows are a hotbed of information. New products by competitors, competitors’ marketing messages, growth expectation etc all are on display in exhibitions. Gaining valuable competitive intelligence cannot be easier than such an event. Even if you go as a visitor, you will make immense use of the opportunity.
An observant participant will come back with emerging trends in markets, technology, pricing models and distribution practices that all prove to be immensely valuable for any business. Participants can use this information to stay current on market trends, spot market gaps, and adjust their global marketing strategies as necessary.
Market Research and Feedback
As a participant or an exhibitor, you have the right to collect structured as well as unstructured feedback from potential buyers from across the channels for your product lines. Professionals, buyers, importers, logistics and financing partners all are available at a single venue, making it easy for business leaders to understand the emerging eco system dynamics of his products.
Conducting direct surveys of end users makes it all the more insightful for product developments and augmenting existing products.