Are Market Research Trade Shows Worthwhile?
I attended the 2 day Research and Results Trade Fair in Munich last week - http://www.research-results.com/trade-show/overview/index.html
With over 140 exhibitors from 18 countries, 90 or so workshops, a claimed attendance of around 3.000 visitors, it's one of Europe's more important industry fairs.
If you consider the likely cost of exhibiting - maybe Euro 10.000 minumum for a smallish booth, then a couple of thousand (a guess) for the privilege of giving a talk - and add on the travel and overnight costs, collateral costs, people time - it's not an insignificant investment.
My impression was that this year there were no lack of attendees - it seemed busy on both days.
My question: is it worth it? Here's what I took out from 2 days of participating and observing:
1. As a temperature test of the industry's mood, it was useful - busy, energetic, a little nervy. No question there was a more pro-active approach from people manning booths in engaging me in conversations than say two years ago. Increased Professionalism or more nervous energy? Difficult to say. Positive in any case.
2. This may seem trivial: people were more smartly dressed - almost no dull brown suits with faded yellow ties or mousy coloured blouses on show. We are beginning to look the part.
3. Meeting new players offering new options is very valuable from a Client-side perspective - it enables me to better understand the continually expanding options available.
It was interesting in itself just to see IBM's stand with its Big Data push right in the midst of MR agencies whose business model of the last 20 years or so is now being challenged. Also surprising to see unexpected new players - Paypal was there, a payments systems provider, who apparently now offers their panel for Market Research. Vision Critical was also there with a very small presence - no doubt we will be hearing more of them in continental Europe.
4. Listening and learning to new methods and approaches.
I attended quite a few workshops - which were in fact mainly talks showcasing new Insights methods. I have to be honest here - a tradeshow isn't really the right forum to share more complicated new techniques, so the more statistically driven ones I simply can't say worked for me well, there wasn't the forum to challenge or understand in sufficient depth.
Simplicity seems to me trumps - I went to one talk by Dialego (http://www.dialego.com/) on their tool on brand mapping, which was ingeniously simple and eminently cogent - easy to understand and imagine possible areas of use.
Finally, and it has to be said here - the quality standards varied wildly from workshop to workshop, and in some instances I wished there were an exit route after about 10 minutes.
So - was it worth it?
Well, attendance is free, and our Offices are only about 40 minutes from the Exhibition, so in my case the costs are purely opportunity-related.
That said, from the Client-side, I would answer the question of value of attendance with a resounding "yes" - I got to meet many potential new suppliers, understand in more depth their focus and tools, and intend to test-and-prove some new suppliers and approaches when the opportunity arises.
Whether an Agency generates enough leads that then get translated into conversions and sales is an interesting question - will I get a call from every single Agency I handed out a business card to? We'll see.
My feeling is that this particular trade fair appears to be in fine fettle - there was a vibrant feel to it, with Agencies apparently valuing the face-to-face /networking opportunties above a hardnosed ROI perspective. Maybe the sense of new competitive MR environment is creating a sense of urgency.
If I had to make a prediction, I'd say it's likely that Research and Results is well placed to thrive - expanding its relevance and growing in international status.
So - on that optimistic note - here's to Research and Results, long may it flourish!
Curious, as ever, as to others' views.