Trade shows can be incredibly useful events for businesses trying to drum up new business or for trending an industry or market sector. They are where the players of an industry display all the newest and best for all to see. That said, trade shows can get fairly expensive, which can deter many from exhibiting or even attending. However, attending a trade show can have some substantial benefits for you and your product.
There are incredible networking opportunities at trade shows, assuming you are willing to potentially leave your comfort zone and strike up conversations with total strangers. Many people dislike receiving cold calls and emails, and so this allows you to meet with potential decision makers face-to-face. You could end up talking with the exact person you’ve been trying to reach for months to pitch your product, which then may lead directly into a licensing deal.
You believe in your invention. Your family and friends all believe in your invention. You think it’s incredibly useful, and people are going to want it…or would they? Being able to present your idea to industry professionals can give you valuable insights into the viability or your product in the industry. For instance, an executive working specifically in the space of your invention could provide an educated opinion on the likelihood of success as well as provide you with competitive, regulative or other aspects that would have bearing on your invention, thus improving your chances of hitting the mark during product development.
- Market Research
Trade shows are great for learning what direction your industry is headed. Just simply walking around the show and observing what companies have on display can give you very good insights into current and future trends. Further, it can help you determine where your idea fits into the market. There may be a company or two that have something similar to your idea, so you now have the opportunity to check it out in person, allowing you to compare and ask questions. You may also come across potential licensees that you may have never heard of, opening up even more opportunity for you and your idea.
Overall, trade shows can be very useful tools for inventors and entrepreneurs looking to get their product idea licensed. There are ample opportunities for you to network, receive instant feedback on your idea, and check out industry trends to make sure your idea fits within the market. So, don’t just sit at your desk waiting for something to happen, go out and get it done!