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8: Preparing your export plan > Preparing an export
marketing strategy for your firm > Export promotion > Sales
promotion > Trade fairs and exhibitions > Formulating your trade fair objectives |
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2. Formulating your trade
fair objectives
Introduction
Once you have decided on the type of
trade fair that will best meet your needs, you need to spell
out your objectives for taking part in the fair. These objectives
may be many and varied, but the most common, according to
a survey
of 500 exhibitors undertaken by AUMA - the German Trade
Fair Authority, are the following:
- The acquistion of new customers (97% of
respondents)
- The presentation of new products and processes
(90% of respondents)
- Cultivating relationships with existing
customers (89% of respondents)
- The improvement of the company's image
and product brands (88% of repondents)
- Opening up of new markets (76% of respondents)
- The conclusion of sales deals during or
after the fair (69% of respondents)
- The acquisition of new cooperation partners
(62% of respondents)
- Market research on customer behaviour or
product acceptance (57% of respondents)
Broad objectives - are trade fairs the way to go?
In deciding on your trade fair objectives, there are two perspectives that are important to consider. The first has to do with your objectives behind using trade fairs as a promotional channel in the first place. Remember that the use of trade fairs is a sub-component of your overall export marketing strategy and you need to begin by acknowledging trade fairs as one of your desired channels for you export promotion efforts. Bear in mind that participation in trade fairs is likely to be only part of the overall promotional effort of your firm. You might also decide to advertise in trade magazines, undertake a selling trip abroad or market to firms using the Internet. You could undertake these other promotional efforts in conjunction with or in place of participating in a trade fair - it all depends on what you hope to achieve. But if you believe trade fairs are the way to go, then you need to specifically state (i.e. write down) in your strategy document that you intend to use trade fairs as a marketing channel.
You should also give your reasons why you believe this to be the case. If you don't do so then you may never be fully committed to your trade fair efforts and this could have a negative impact on your overall export marketing success. By achnowledging trade fairs as a desired marketing channel, you will be more committed, focused and determined to succeed. It also justifies the (often) high expenditure of trade fair participation. We at ExportHelp strongly recommend the use of trade fairs as an export promotion channel not only for the reasons identified by the AUMA survey listed above, but for other reasons as well. Visit the following websites to read up more on the many reasons for taking part in trade fairs.
Specific trade fair objectives
The second perspective that you need to consider deals with the specific objectives that you wish to achieve by participating in a particular trade fair (which is what this section is really all about). As far as your specific trade fair objectives are concerned, we are presuming that you have already decided that trade fairs are an important necessary part of your export marketing promotion strategy (see above). We have also seen from the research undertaken by AMUA, what the typical objectives are of exporters that exhibition at trade fairs. Let's revisit them here and let's divide them into broad categories:
Making contact
- Extending your relationship with existing customers
- Identifying new potential customers
- Identifying new partners abroad (e.g. agents, distributors)
- Identifying useful intermediaries that can help with the export process (e.g. clearing agents, chamber contacts, contacts in government, information providers, etc.)
Communicating
- Increasing awareness of the firm, products or services
- To increase the prominence of the firm
- Improving the image of the company and products (i.e. brand building)
- Establishing relations with the media for future publlicity
- Conducting marketing research to better understand the market, intermediaries, customers and competitors
- To add weight to the current advertising the company
is doing in the marketplace (i.e. to link a "face" to existing advertising)
Presenting yourself
- Confirming the reliability and history of the firm as a potential business partner
- Explaining how products and processes work (i.e. educating intermediaries and customers)
Selling
- Concluding contracts during or after the fair
- Implementing new business terms and/or prices
- Opening up of new markets
- Developing new sales channels
Other objectives
Besides for the objectives mentioned above, you might also want to:
- Gather information about the marketplace that will help you with your export marketing strategy
- Get customer feedback on the products you have to market
- Identify potential buyers and/or representatives
- Learn more about the competition and the products they have to offer
- Take orders and/or to sell your products
Linking your trade fair objectives to your export and research objectives, and marketing strategies
It is obviously important that your trade fair objectives tie in with your overall exporting objectives, as well as with your research objectives and planned export marketing strategies. After all, you will be using the trade fair to gather market information and this information must support your other information gathering objectives. You may, for example, find that there is some pertinent information that you are missing and the trade fair will provide an opportunity to focus on getting the missing information.
Similarly, you will be using the trade fair to market your firm and your products. It is therefore essential that your efforts at the trade fair are closely linked to your export marketing strategy. If, for example, you intend to make use of an import agency to enter the market, then your trade fair objective may be to identify suitable agents. On the other hand, if you want to ensure that your product meets customers' needs, then you may want to ask as many potential customers what they think of your product(s).
Once you have set your trade fair objectives, the next step is to identify a suitable trade fair to participate in.
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