eBusiness Weekly
Dr Keen Mhlanga
The Zimbabwe International Trade Fair Company (ZITF Company), the country’s leading international exhibition organizer with the goal of becoming Africa’s first choice in offering innovative opportunities for social and business interaction, is holding the 63rd edition of the annual trade exhibition, which began on April 25th and will end on April 29th.
A trade show’s success is determined by the number and quality of exhibitors who attend. International trade fairs and export promotion are two major export management issues. Trade shows help to develop and expand markets, whereas export assistance helps to build foreign market capability.
The Covid-19 pandemic hasn’t diminished the appeal of physical trade shows, which remain an important component of many businesses’ marketing plans. The global exhibition market was expected to contract 68 percent by 2020. The Covid-19 epidemic has major ramifications for the industry, with US$330 billion in lost sales between exhibitors.
Attending live trade shows is important to 65 percent of businesses as part of their marketing strategy.
The pandemic has also changed how people attend events, and marketers (97 percent) predict that hybrid (a combination of digital and in-person) events will increase in the future. Digital events grew in importance during the Corona pandemic. The future of trade shows in the digital age is currently a hot topic of debate.
The benefits sought by exhibitors result in two factors: product positioning advantages and interaction with key stakeholders. Exhibitors differ in terms of company strategy and trade show performance. The process of exhibiting at a trade show is divided into several stages, each of which includes a variety of activities.
The time span involved from the initial thought that a company might exhibit at a trade show to the final follow-up action often spans several years. If a trade show exhibit is to be successful, it must have strong marketing and project management skills. Many activities must be planned and managed.
Businesses consider a number of factors when deciding where to exhibit their products and services: 64 percent consider type and quality of visitors, 54 percent cost, 40 percent reasons related to the specific industry, and 38 percent geographical location.
Companies attend trade fairs with the expectation of gaining something. But what exactly are these advantages? The ultimate goal of a company’s presence at a trade fair is sales, and in some cases, orders are written on the trade fair stand.
In most industry settings, however, obtaining qualified leads to convert into sales through follow-up activity is the primary goal of the exhibit.
Conversion can take months or even years in some industries where purchasing processes are complex and/or purchases are expensive. Non-sales objectives served by exhibits include testing the market for product acceptance and locating prospective agents or distributors.
Because participation in international trade fairs causes incremental changes in exports, the macroeconomic characteristics of Zimbabwe and export destination countries, as well as the variable international trade fair participation, should be taken into account.
Participation in international trade fairs is one of the key factors boosting Zimbabwe’s export to a variety of global destinations.
The involvement in international trade shows is critical for increasing export sales. This provides exhibitors with a plethora of opportunities. Participation in international trade shows increases exports. Companies must spend more on travel expenses, but the benefits of having an international presence are enormous. Trade shows are an inexpensive way for small and medium-sized businesses, in particular, to gain access to international markets.
SMEs, primarily industrial/producers, can benefit from: networking to innovate and networking to export. In general, the size of the company is unimportant, so trade fairs are marketing tools available to any company, regardless of size. 71 percent of small and medium-sized businesses say they gained customers through face-to-face networking at a trade show.
Actual trade shows will continue to be essential for exhibitors. However, virtual event formats will supplement trade fairs to a greater extent. On-site trade shows earn points for personal contacts and live experiences, among other things.
One of the most common reasons given by businesses for not attending trade shows is the perceived expense involved. However, few people are aware that the organizers have a plethora of appealing offers aimed specifically at new exhibitors. Verify to find out if the organizer is offering an early bird discount; in some cases, companies can save money by registering early.
Many organisers provide new exhibitors with special packages, such as lower stand prices. Aside from the discounts, first-time exhibitors are usually provided with a great deal of assistance.
A new exhibitor can benefit from the organiser’s experience, particularly in terms of organizational aspects.
The main advantage of participating in trade fairs for most businesses is the opportunity to showcase new products and services. In many ways, presenting products in person can increase sales success.
All of the senses can be stimulated, providing visitors with an immersive event experience. Visitors can see for themselves the functionality and quality of products by actively testing them at the trade show.
Due to the large number of visitors, trade shows are one of the most effective means of communication. With so many existing and potential customers gathered in one place, exhibitors benefit in a variety of ways. This presents an opportunity to strengthen existing customer relationships and increase customer loyalty.
Customer requests frequently emerge from interactions with visitors. This feedback is extremely beneficial for improving products and services.
Because of the large number of potential customers, trade shows are an effective way to promote your company and acquire new customers. Face-to-face contact makes it easier for exhibitors to persuade interested parties about their products and services and gain new customers.
Quality-based competition has risen dramatically in recent years, as has the pressure to innovate, grow, and succeed in the global economy. Trade shows are an excellent venue for showcasing innovation and taking on competition.
Because of the large number of competitors represented at industry trade shows, they create high market transparency.
Participants gain a comprehensive understanding of the products and services on offer, as well as price/performance ratios and market trends, which will help them steer their businesses into the future. Cooperative agreements with other businesses can be formed.
The trade fair environment engages all of the senses, and the exhibition organizer provides exhibitors with a variety of booth options. It is difficult to concentrate on product promotion because there is no advanced form to assist with facilities. Exhibitors receive good facilities to display their products, but it takes a lot of effort to stay focused on the trade fair.
Dr Keen Mhlanga is an Investment Advisor with high skills in Finance. He is the Executive Chairman of FinKing Financial Advisory. Send your feedback to [email protected], contact him on 0777597526.
