In BtoB marketing in Japan, exhibiting at trade shows is one of the most effective channels for generating new leads. In particular, it can be said that trade shows are the biggest lead generation opportunity in many industries, including pharmaceuticals, chemicals, and medical devices. In this article, we will focus on the purpose of exhibiting at trade shows, the points to consider when prioritizing the leads you generate, and follow-up, as well as detailing tips for making your tradeshow a success.
We provide support services for overseas companies exhibiting at Japanese trade shows. If you have exhibited at a trade show but have not achieved the results you were hoping for, or if you are looking for a more efficient way to achieve results, please contact us for a free consultation.
1 The Purpose of Exhibiting at Trade Shows
#1: Four Outcomes You Can Expect from Exhibiting at a Trade Show
By exhibiting at a trade show, exhibiting companies can expect the following results.
- Increase awareness of your company, products, and services
- Acquire leads
- Acquire business meeting opportunities
- Acquire feedback on products and services
The most important of these is lead generation. Acquiring more new leads at exhibitions will link to the next step of mid- to long-term lead nurturing.
#2 Importance of Lead Generation
Having a large number of leads makes it possible to approach people via email or phone, and increases the chances of business meetings and orders, so acquiring leads is very important. At tradeshows, you can acquire leads through exchanging business cards, participating in seminars held at the venue, and questionnaires at your booth. The average number of leads you can acquire at one tradeshow is around 5% of the total number of visitors. So if the total number of visitors to an exhibition is 10,000, you can expect to acquire around 500 leads.
#3 Lead Nurturing
Lead nurturing is the process of building and nurturing relationships with leads. The majority of leads you can acquire at trade shows are potential customers, and it is unlikely that they will make a purchase straight away. The lead nurturing we are talking about here is aimed at creating contact that will help to remind them of your company. You need to build up long-term contact with leads so that when they have a problem in the future, they will remember your company.
2. Prioritizing the Leads Obtained
Once you have generated leads at a trade show, it is important to evaluate their effectiveness and prioritize follow-up. If you skip this process, you risk losing out to competitors or missing out on important business opportunities. It is important to follow up promptly while leads still remember your company. Decide on a method for prioritizing leads and a follow-up rule in advance so you can start following up the day after the show.
The Process of Lead Generation and Evaluation at Trade Shows
- Decide on the evaluation method in advance and share it within the company.
- On the day of the trade show, scan the barcodes of visitors or exchange business cards to acquire leads.
- Staff at the booth exchange business cards and explain the details of products and services. Gather information such as purchasing motivation and budget, and rank follow-up priorities.
- Immediately hand over leads with high purchasing motivation to field sales. Follow up on other leads quickly after the trade show.
Two Methods for Determining the Priority of Leads
#1 Project Based
This is a method for identifying leads who are highly likely to consider and purchase products and services, and for finding opportunities to respond to specific issues and needs.
In this method, you will ask about the following points.
- Whether they have a budget
- Whether he/she has the authority to make decisions
- Whether there is a need
- When is the time to select
- Desire to purchase (e.g. request for a quote, request for a demo)
Based on the results of the interview, the leads are classified into ranks A to C. The following is an example of the follow-up for each rank.
- A: Arrange a meeting on the spot or obtain an appointment by phone or email from the next day (field sales)
- B: Obtain an appointment by inside sales from the next day (inside sales)
- C: Send an email and follow up by phone with leads who have clicked on the URL (marketing)
#2 LTV Based
This is a method for identifying companies with high LTV potential. LTV refers to the total revenue generated from the start to the end of a transaction, and by asking about the following points, you can identify companies with large transaction volumes.
- Company size (sales, number of employees)
- Estimated usage of products and services
- Budget size
The results of the hearing will be ranked, and the same approach as for #1 Project based will be taken.
Creating a Hearing Sheet and Talking Script
The staff will ask visitors questions based on the points on the hearing sheet and record the information they obtain. Make sure that the staff can conduct the hearing efficiently and that the information can be used to take the next action quickly.
If you are using someone other than an experienced member or sales representative to staff the booth, prepare a talking script that summarises the content, flow, key points and format of the questions and answers. Using a script makes the structure of the conversation clear and is effective in preventing variation in the results of the hearing.
3 Follow-up According to Priority
Once you have acquired leads at a trade show, you should send a thanks email to all of them, and then follow up with them in accordance with the follow-up rules you have formulated in advance.
Send a Thanks Email to All Visitors
Send a thanks email to all visitors. The purpose is to maintain interest in your products / services, and to encourage them to take the next step, such as entering into business meetings.
Since visitors will visit multiple booths, it is highly likely that they will not remember specific booths, products or services. In order to ensure that they read the email and remember your company, it would be effective to include a photo of your booth in the thanks email.
Field Sales Team Will Follow Up on Leads of Rank A
Rank A leads are followed up by the department responsible for winning orders, such as field sales, with the aim of winning orders. As these are leads that have the potential to become sales, they are contacted promptly and sales activities are carried out proactively. The day after a show, contact should be made by phone or email.
Inside Sales Team Will Follow Up on Leads in Rank B
The lead for Rank B is followed up by a call from a department that is responsible for generating business discussions, such as inside sales, with the aim of obtaining appointments for web interviews. It is also important to prepare call scripts and email text in advance so that you can follow up promptly.
Marketing Team Will Follow Up on the Other Leads
Leads that are ranked C, as well as those that are ranked A but did not result in a business meeting, and those that are ranked B but did not result in an appointment for a web interview, should be the target of marketing follow-up. Add them to your house list and keep in touch with them regularly through webinars and email newsletters.
Creating Business Opportunities Through Regular Follow-ups
Many visitors go to trade shows to gather information and understand trends, so it may be the case that appointments and business discussions do not happen quickly. However, even if appointments and business discussions do not happen immediately, there is no doubt that you are acquiring leads that are highly likely to consider your products. Let’s aim to create business discussions by continuously following up on leads acquired at trade shows through email marketing and inside sales.
Conclusion
- The aim of trade shows is to acquire as many new leads as possible, and it is important to use the leads you have acquired to move on to the next step of lead nurturing in the medium to long term.
- Rank the leads using the hearing sheet, and decide in advance who will follow up on each lead and how.
- Following up on the leads you have acquired at trade shows is the most important thing, so it is most important to prepare a system that allows you to do this before you exhibit at the trade show.
We provide support services for overseas companies exhibiting at Japanese trade shows. If you have any concerns such as ‘can’t get as many leads as expected even though we exhibit at trade shows’ or ‘don’t know how to follow up on the leads we get at trade shows’, please feel free to contact us.