Virtual trade shows are gaining popularity around the globe as a way for professionals to interact and exchange important information. Currently, virtual trade shows account for 1% of the market share in the event planning industry, but by the year 2015, industry experts expect that over 25% of trade shows will be conducted in virtual environments. The meteoric rise in demand for virtual trade shows is hindered only by reluctance in the event planning industry, but new firms are emerging that are positioned to take virtual trade shows to the next level.
Virtual trade shows have many advantages over the traditional trade show format. The most obvious advantage is that exhibitors and attendees do not have to travel (or even get up from their desk) in order to meet with their target market and exchange information. No longer do business owners need to invest in trade show displays, hotel accommodations, airfare, trade show literature, promotional items, or other expenses typically related to traditional trade shows. By keeping costs low, virtual trade shows allow many more exhibitors and attendees to participate than would typically be possible, which increases the value of the trade show as a whole.
One of the most difficult challenges faced by exhibitors at traditional trade shows is to distribute information to attendees in a manageable and useful way. Product brochures and pamphlets usually dominate traditional trade show environments, and most of the printed materials that are handed out find their way to trash bins within a few hours. Virtual trade shows allow for much quicker access to vital information, and virtual trade shows allow that information to be intuitively categorized, organized, and distributed. No longer will attendees return to the office with canvas bags stuffed full of trade show literature, instead they will just store the information they need in a folder on their computer.
At this point, you may be wondering what a virtual trade show looks like. Do exhibitors really produce visual displays, or is the environment purely text based? The answer is: It depends. Typically, you begin by visiting a server on the web that is pre-determined by the show coordinators. Upon arrival, you will be asked to give basic information about yourself and your company including your name, company name, phone number, e-mail address, physical address, and possibly some additional information about your relationship to the industry as a whole (e.g. would you consider yourself a vendor, manufacturer, wholesaler, etc.). Once this information has been collected, it will be used to create an identity within the virtual world that other users can view. Every exhibitor and attendee will be identified by his or her information, which virtually eliminates the problem of trade show espionage and allows users to connect directly to the people they are interested in speaking with. Once inside the virtual trade show, the exhibit hall could take on many different looks depending on the type of virtual trade show you have registered for. Many virtual trade shows are completely text-based and have the appearance of a chat room, while many virtual trade shows take place in three-dimensional worlds with visible representations of other people as well as their trade show exhibits (think Second Life).
Virtual trade shows usually integrate a number of different technologies including web seminars, video conferencing, IP telephony, and instant messaging. The goal of virtual trade shows is to simulate the quality of relationship marketing that can be found at traditional trade shows, but without the need for high dollar trade show booths or travel.
According to Exhibitor Magazine (which quoted a report by the Trade Show Bureau), more than 80% of leads generated at traditional trade shows are never followed up. This is largely due to the lack of available high quality lead management systems and/or software. Many virtual trade shows have lead management software built directly into the same system that allows you to attend the trade show. Many virtual trade show organizers allow you to tag individuals or companies to be remembered later, and also allow you to collect information (documents, price lists, etc) directly through the system. At the end of the trade show, you can view detailed analytics related to the activity of your exhibitors or attendees as well as reporting on new leads, which has dramatically increased the return on investment for many companies.
There are a few negative stigmas associated with virtual trade shows. Many people who may be very competent in their industry are not computer savvy enough to keep up with their younger counterparts. This allows many unworthy marketing experts to get an advantage over seasoned industry professionals who happen to lack computer skills. Additionally, the anonymity that is provided by the show coordinators is often exploited by users with bad intentions. If your company wants to sneak a peak at a competitor’s price list without getting caught, it would be much easier to do at a virtual trade show than it would be in person (where you may be recognized or identified). This means that virtual trade shows are still susceptible to corporate espionage.
Traditional trade shows are here to stay, but virtual trade shows are consuming an ever-widening marketing share, and trade show marketing professionals would do well to take note.
