In the balance...How do Tradeshows innovate?

The tradeshow industry just in the United States was about $16 Billion in 2019. According to Statista, that was projected to be over $18 Billion by the time 2023 rolls around. But, with a pandemic on the loose the industry finds itself on the ropes. The status quo to success is completely changed, and industry projections are tossed to the trash bin as we re-evaluate the global industry fundamentals.

The basic goals of trade shows are easy, they are about bringing targeted groups of people with a common business industry or interest together to learn, network, and drive commerce. The metrics of success are % of "happy" returning attendees, "happy" returning exhibitors, great sponsor satisfaction, and your profit margins. At the heart of the business metrics on a spreadsheet not much else matters. But event managers know that the details of success are vastly more complex and emotional. Understanding how people connect and why trade shows drive billions in transactions every year that on paper would be quicker and easier via clicks of the computer and phone calls explains the challenges event managers, attendees, sponsors, and exhibitors face.

Online "Virtual" events are being touted as the savior of the trade show industry in 2020. But it's already clear as virtual conference calls are being labelled by some desperate to just get things out there as "online events," only those who keep the original goals and customers in mind are going to survive the overhaul of the status quo that 2020 has brought. Whether virtual or in-person, trade shows must hit the needs for connectivity and commerce in a way that is productive and enjoyable to the participants. That requires producers to think about their technology but also delve deep into the human psyche. Perhaps the best recommendation to event producers is to take a moment to look beyond the technology you are deploying and put yourself mentally in the shoes or your customers. Then, make sure you are delivering against their expectations. Lot's has changed since we began 2020, but that has not.

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