326 | The State of Trade Shows in 2024 with Katie Hunt
Jan 23, 2024
auto_awesome
The podcast dives into the evolving landscape of wholesale trade shows as we approach 2024. It discusses effective strategies for engaging with buyers and the importance of making a great first impression. Listeners learn about the advantages and misconceptions of trade shows, especially for new businesses. The conversation highlights how trade shows can foster essential connections and adapt to changing buying patterns post-pandemic, revealing new challenges and opportunities in the wholesale market.
The traditional necessity of trade shows for wholesale success is diminishing as businesses now have alternative resources to connect with buyers.
Trade shows still provide unique in-person engagement opportunities that foster lasting relationships and valuable feedback between sellers and buyers.
Deep dives
Shifts in Wholesale Trade Show Necessity
There is a common misconception that participation in trade shows is essential for wholesale success, but this is no longer true. Historically, trade shows provided manufacturers with quick access to buyers and helped establish a brand presence; however, the landscape has changed significantly. Now, businesses possess an array of resources and tools to connect with wholesale buyers without the need for trade show participation. For those new to wholesale, focusing on product development and sales strategies first is advised before committing to trade shows.
Benefits of In-Person Connections at Trade Shows
Trade shows still offer valuable opportunities for both sellers and buyers that are often unattainable through online platforms. For sellers, trade shows allow them to showcase their products to a variety of buyers, including major retailers like Target and Anthropologie. Additionally, these events facilitate important face-to-face interactions, which can lead to establishing long-lasting relationships and valuable feedback about products. Buyers benefit similarly, as they can physically assess products, enhancing their purchasing decisions while efficiently managing their time by sourcing multiple products under one roof.
Evolving Trade Show Landscape and Buyer Behavior
The trade show landscape is evolving, with a notable increase in choices available for participants. Many sellers are now opting for shared booth spaces, which allow younger businesses to enter the trade show circuit more affordably, fostering a collaborative spirit. Significant shifts are also evident in buyer behavior, as many retailers now prefer smaller, more frequent orders influenced by online platforms offering favorable terms. As the wholesale buying process elongates, sellers must adapt to these changes and be patient, recognizing that establishing connections at trade shows is a crucial step in their sales journey.
I have been doing so much good content for other people and I’m doing my best to bring it back around so that you all have access to it and know about these resources.
Recently, the team of Aeolidia asked me to weigh in with my thoughts on the changing landscape of wholesale trade shows for their blog. The post features comments from Arianne Foulks of Aeolidia, Abby Glassenbeg of Craft Industry Alliance, Morgan Cros, the founder of Original’s Duckhead, and myself — all of us shedding light on our thoughts about in-person wholesale trade shows as we head into 2024.
I used this post as a starting point for this week’s podcast episode. We’re going to dive deeper into my personal thoughts on the state of wholesale trade shows and elaborate on some of my comments made in the blog post.
Today’s episode is sponsored by our Unlock Buyer Secrets Interview series. To make a strong first impression with wholesale buyers, we need to do a few things really well:
We need to make it easy for stores to purchase from us
We need to have clear pricing and terms & conditions
We need to clearly communicate and add value at each touchpoint
We need to focus on building strong relationships with our customers.
And all of this becomes infinitely easier when we actively listen to our customers. This on-demand interview series will give you a competitive edge by providing an exclusive window into what buyers want and need from you. And, the best part, it's only $27 bucks.