Face to face media is evolving to more targeted and focused events
By John Failla, CEO, Tesoro Events
Reprinted with permission from min's b2b - June 2, 2008
The increasing development of trade shows that target a specific market segment has been driven by the need for both exhibitors and attendees to have a more relevant experience and realize greater ROI from their investment of time and money. In developing a niche trade show, the goal is to create an event model that becomes part of a buyer's workflow for sourcing product by effectively creating the physical manifestation of a Google search. The more important the niche (buyer segment) served, the more value created for attendee, exhibitor and organizer.
Early efforts to create niche events focused on vertical product categories or buyer segments in the interest of creating a more relevant and productive experience. While the events were more targeted, the interaction between exhibitor and attendee remained random. In the last 10 years, organizers have begun developing events that target vertical product categories in addition to taking responsibility for scheduling meetings between exhibitor and buyer. The combination of targeted categories and facilitated meetings has proven to be a compelling model for driving greater ROI for attendee and exhibitor. Strategically the model has proven effective in part because traditional horizontal show organizers find it difficult to counter.
Categories of targeted niche trade shows
Here are four niche trade show models that you can consider using to serve your market more efficiently than existing events. Virtually every market has the potential to support at least one of these models and in some markets, the potential exists to support all four.
Category 1 - Regional approach to a market: While a magazine can be delivered very efficiently to the majority of a given buyer universe, it is difficult to achieve total audience penetration with a national trade show given the time commitment required to attend a show. Publishers can utilize the development of a regional extension of an existing event to enter a market as attendees are being more selective about leaving their office to travel across the county for four to five days.
Category 2 - Events targeting a specific product category: Serving a market by isolating a single product category or a logical grouping of product categories is a proven approach to delivering greater ROI in a market. In addition, these types of events have proven to be very effective at creating a strong sense of community among the attendees and related suppliers. When supported with a companion website delivering information online 52 weeks a year, substantial value can be created. Tech Target has revolutionized B2B media in the technology market by deploying this strategic approach to the market.
Category 3 - Events targeting "Big Buyers": In most every B2B market, buying power is concentrated in the hands of a limited number of companies. Where this market dynamic exists, value can be created by catering to the unique needs of these "Big Buyers". Significant value is created for both attendees and suppliers trying to serve them. Magazines that publish "Top 200" type issues often have an opportunity to convert an editorial franchise into a compelling event.
Category 4 - Events that "host" buyers and facilitate meetings: Beyond targeting specific buyers and products, organizers are increasingly scheduling appointments for attendees with exhibitors. When exhibitors arrive, they have a detailed schedule of meetings and have prepared specific presentations based on the expressed interests of attendees. Conversely, buyers are able to accomplish in two-three days what would normally take weeks. Technology can be leveraged in these events to effectively imbed the event in the middle of the vendor selection and product sourcing process.
The key to success is using one of the targeted event models above to serve an important audience segment more effectively than existing face to face alternatives.
John Failla is CEO of events consulting business, Tesoro Events, he can be reached at 914.819.0693 or by email at john@tesoroevents.com.
