Due diligence plays a vital role in ensuring success in virtually every aspect of your life. Most people like to make good, informed decisions. So why should trade shows be any different? You don’t buy something because everyone else is doing it, or jump off a bridge to do the same, but why attend a trade show just because everyone else is? What if it’s not the right show for you?
We want to share our experiences, cautions, and expert advice to highlight the importance of scrutinizing event promises and investing your budget strategically. No one wants a high-value relationship more than we do. But we also don’t want you to spend $100,000 on an expensive show that won’t deliver a return on your investment, and we wouldn’t be a good partner if we let that happen.
Whether you’re an event marketer, coordinator, or manager, this guide will equip you with the knowledge and tools to make informed decisions that unlock the true value of your event participation. From avoiding common pitfalls to evaluating event opportunities, let’s explore event marketing due diligence and avoiding the wrong trade show or event.
Evaluating Event Opportunities: Don’t Get Caught in the Hype
Event planners know how to sell the vision and potential of their events. They can cite numbers, projections, past successes and experiences, but you need to be able to discern how this will translate into success for you and your business in particular.
To do this, you need to look beyond the hype and look at the numbers and facts that actually drive value. You can assess whether an event is a good fit for your goals and target audience by conducting due diligence. Consider factors such as the venue, quality of attendees, booth location, and presentation opportunities. Don’t get carried away by promises; instead, discuss, analyze prospects, and carefully examine the fine print before making a decision.
A good way to do this is to visit the venue before you register for the show (if time permits). If you spend $2,000 on flights and hotels for a day trip to check out the potential venue and find out it’s not the right choice, good news: the $100,000 you were going to spend here could be better spent elsewhere. Find that money elsewhere by doing some thorough research.
Listen to this uplifting account of an event that happened in Chicago
The Bad Show: Avoiding the Biggest Mistake in Event Marketing
TLDR; A cautionary tale about an event in Chicago highlights the importance of due diligence. The event looked promising at first glance, but a site visit revealed that it was taking place in a hotel lobby, with booths scattered throughout. Evaluating the exhibit space and understanding the flow of the event was essential to avoid wasting resources on the wrong show. By focusing on due diligence, you can ensure that your investments are worthwhile and aligned with your goals. Don’t rely solely on recommendations; attend the event, assess the competition, and gather information to make informed decisions about future participation.
Balancing execution tasks with strategic event selection
As event professionals, it’s easy to get caught up in the execution and lose sight of the strategic aspect of event selection. Due diligence requires a careful assessment of sponsorship opportunities, goal alignment, and market fit. But what does it cost? TIME. Sometimes we have it, sometimes we don’t, but do your best to schedule time for your due diligence before you have to make decisions. Avoid jumping into events based solely on trends or external pressure. Take the time to assess whether the event truly serves your goalsBy starting small, attending events, and gathering first-hand information, you can make more informed decisions about where to invest your budget wisely. This approach allows for gradual growth and ensures your resources are allocated strategically.
This is what we call “feeling your way through events.” Like getting into a swimming pool, you take one step at a time, adjusting to the temperature of the water. You want to get a sense of what’s around you before you find yourself in a difficult situation trying to stay afloat. “Losing your autonomy in events” is like spending your entire quarterly budget on a show that promised success and ended up a failure, hurting your pride and, most importantly, leaving you—and your reporting—with a red mark.
The Importance of Due Diligence
In event marketing, due diligence is a crucial step in making informed decisions. By conducting thorough research, assessing the promise of the event, and evaluating expected value and ROI, event professionals can avoid common pitfalls and maximize the impact of their participation. By balancing practical language with data-driven insights, this guide emphasizes the importance of a step-by-step approach to event selection. By applying these principles, you can unlock the true value of your event participation and set yourself up for success in the dynamic world of event marketing.