Beyond the Lemonade Stand:

Market Research That Works!

Effective market research helps you identify your target audiences, discover who your potential exhibitors are, and predict the success of your show. Additionally, market research can help you obtain information that you can use to publicize your show both through advertising and public relations. Although market research can be sophisticated and costly, it's possible to establish a quality market research program that is simple to implement and also relatively inexpensive.

Everyone in business does market research, even on a rudimentary level. Think about the kid with the lemonade stand. Her market research confirmed that people don't buy cold lemonade in the winter and buy lots of it on hot summer days. Our young merchant might have done some demographic research as well: She had an idea of which folks in the neighborhood were more likely to buy and which were not. Perhaps she based some of this knowledge on lemonade sales from the previous summer.

Of course, your operation is more sophisticated than a lemonade stand, but you may not have the money to hire a high-powered market research firm. However, you can conduct your own market research, simply and effectively. What follows are 10 inexpensive ways to learn about your target audiences. The information you learn will help you select the best venues, acquire a customer database for your next trade show, and discover how to improve your operations. These market research suggestions fall into three categories: before the show, on-site, and after the show.

Before the Show

You may already have access to demographic information that sheds light on the past performance of your prospective exhibitors as well as their stability and credibility as companies. However, your research should be more than anecdotal -- it must be proactive and shed a strong light on the strengths and weaknesses of your prospects and the appropriateness of their becoming part of your show.

As the often-quoted marketing visionary David Oglivie said, "We all have a tendency to use research as a drunkard uses a lamppost -- for support, but not for illumination."

Yes, lean on your research, but make sure the data you acquire tells you something significant. In fact, pre-show research should be especially instrumental in your decision of whether to launch your show at a particular location.

Here are some illuminating pre-show market research tools:

1. Acquire a list of businesses that exhibited at previous shows in the area or in locations with similar demographic trends and facilities.           Find out as much as you can about their success or failure at these shows. Ask the businesses you contact (either directly or through a mailing campaign) about show attendance, traffic patterns, their relationship with show management, and what they did in partnership with show management to market the show. Offer to share research data with them and ask them to provide you with their customer databases. In return, you can offer to use the information in your marketing efforts to promote both your show and its exhibitors.
2. Use the Internet to find out about the show's market area.                                                     Contact businesses in the show region via e-mail to invite them to attend. Poll them about the products they intend to exhibit. With this information on hand, you might be able to advise them on the proper mix of products to exhibit at your show.
3. Contact chambers of commerce in the show region and create a mailer inviting appropriate business members to exhibit.                              Include questions that will glean the demographic, socio-economic, and company profile information you seek.
4. Maintain a close working partnership with your exhibitors.                                                              All too often, the only contact exhibitors have with management is in booth selection and in drawing up a contract. Set yourself up as an advisor. If necessary, hire outside trade show consultants to help maximize your exhibitors' presentations and marketing efforts.
   

On-Site Market Research

While one of your goals is to generate a high attendance figure, equally important goals should be to help maximize your exhibitors' on-site sales, acquire leads for future exhibiting businesses, and to create and maintain a customer database. The obvious and easiest on-site data tools are customer business cards. Be aware that many people who visit your exhibits are potential exhibitors themselves. Here are other simple, effective on-site research methods.

Business cards.

Many exhibitors place a business card "fish bowl" at a prominent location at their exhibit, but they'll have better results if they take a more creative approach. For example, encourage exhibitors to offer a free gift certificate in exchange for a business card. When customers hand over their business cards, exhibitors could fill out a brief survey that provides additional information for a database that you might share with your exhibitors. You might also consider promoting a contest for the most graphically interesting or compelling business card. This can generate show-wide interest. If you advertise this promotion in local papers, you might also obtain future leads and bolster attendance.

Customer attitude surveys.

It's important to find out how your exhibitors perceive your presentation. This information helps you improve your management approaches and capitalize on your strengths. Your survey should ask what exhibitors liked and disliked, what about the venue and your services impressed them, what they'd like to see in the future, and why they do or do not plan to exhibit with you again. You can provide an incentive for filling out the surveys by giving away promotional pens, buttons, bumper stickers, or exhibitor discounts at future shows.

Ask lots of questions.

Don't just stay anchored to the show office. Work the show! Take plenty of notes and stay in close contact with your exhibitors to provide on-site assistance.

After the Show

1. Debriefing sessions.                                             When the show is over, gather your troops for debriefing sessions. Review your triumphs and defeats, analyze what you could have done better, and outline systems for maximizing the many things you did right.
2. Post-show mailers (e-mail and snail mail).          You're in the relationship-building business. Not only are post-show direct mail campaigns excellent ways to build relationships, but they are golden opportunities to gather additional market research. Implement your post-show direct mail campaign immediately after the show so that the experience is fresh in the minds of your exhibitors.
3. Work the phones.                                                  Call your past exhibitors as well as new prospects. Thank them for participating in your show and collect more research data by asking them for suggestions on improving the show. Ask them to refer other businesses to you and offer incentives when a new exhibitor signs up as a result of their referral.
   

Remember that you cannot run a trade show in a vacuum. You must take the information you've acquired to help create a compelling advertising and publicity campaign that will help you "sell" other venues. The name of the game is market research!