With many tradeshows and conferences being cancelled or postponed due to the coronavirus pandemic, industrial marketers are facing significant disruptions to their marketing plans.
An GlobalSpec survey conducted in the earlier days of the coronavirus outbreak found that 56 percent of marketers said the shows they planned to attend or exhibit at have been cancelled. Thirty-eight percent had cancelled their own plans. Those percentages can only be higher now.
The question for marketers is what they should be doing in place of tradeshows to pick up the marketing slack.
Reinvest or Cut Back?
The survey showed that 28 percent of industrial marketers will shift their tradeshow budget to digital ads, while 46 percent said they will not reinvest that budget.
It’s understandable that companies may want to save their budget during uncertain times. However, by reducing your presence in the marketplace you may lose business to competitors who don’t cut back and you may have a harder time regaining marketing momentum when conditions stabilize again.
Those companies that reinvest at least a percentage of their tradeshow budget to digital platforms can continue to maintain visibility and generate engagement opportunities with prospects who are in various stages of their buying cycle. When the situation improves, you will be in a better position to win new business.
One coveted feature of tradeshows is the ability to meet person-to-person. While that is no longer possible when a tradeshow is canceled or postponed, you can still engage your audience, show prospects who you are, and provide a personal touch.
For years, webinars have been carving into the tradeshow market, and with good reason. Ubiquitous broadband and technology advances have allowed webinars to become an interactive, engaging experience between presenters and their audiences.
You can include real-time polls, offer live Q&A, and show video during webinars, while your audience remains at their desk.
Webinar solutions from GlobalSpec offer additional benefits, including:
- Promotion of your webinar to your chosen target audience
- Audience registration and attendee tracking
- Webinar files for continued on-demand viewing on your corporate website or other marketing channel such as YouTube
Video is another effective substitute for a tradeshow. From your office, you can film that keynote speech or educational workshop you were going to present at a tradeshow and post the video on your website, social media or supplier hub on GlobalSpec.
Engineers, particularly younger ones, are steadily increasing their use of video as a way to discover companies, products and services.
Digital platforms such as e-newsletter ads and display advertising can help you reach your tradeshow audience and achieve similar branding and visibility benefits:
- Advertise in targeted, opt-in e-newsletters that reach the same audience as you were targeting with your tradeshow. You can use the ad to promote a video or webinar that might be serving as your tradeshow substitute.
- Stay visible to your audience and keep your message in the market through the use of display ads on industrial websites. You will be able to showcase your brand to many of the same engineers and technical professionals who might see you at a tradeshow.
Tradeshows have a reputation as being time and resource intensive. You can put some of the saved time and resources to good use by updating or creating content. Your audience is always looking for educational information to help them do their jobs better, and with travel and tradeshows down, many engineers and technical professionals will be conducting more online search for content to help keep them current.
You can also consider contributing content to Engineering360.com or taking advantage of an Engineering360 product advertorial which provides engineers new ways to learn about your product offerings—a good alternative to a tradeshow. Click here for more info.
Yes, these are uncertain and challenging times both personally and professionally. However, it’s no time to panic. Instead, carefully evaluate your situation to determine how you can best persevere and succeed in your role as a marketer.