Grow the Exhibition Industry

Exhibitions have evolved into a new approach, focused on sector-specific shows through extensive collaboration, mergers and acquisitions. Unlike the developed world, our country has neglected the exhibition industry. However, now that we have associations such as the IEIA (Indian Exhibition Industry Association), the IESA, and the EEMA, we have a tremendous opportunity to leverage exhibitions for maximum growth.

About Exhibition Industry

The exhibition industry includes companies that exhibit and host events for commercial and artistic purposes. While the term “exhibition” generally refers to permanent displays, in widespread usage, exhibitions are usually regarded as temporary and are frequently scheduled to start and close on specified dates and times for a definite period. Exhibitions are classed into three categories based on the contents of the products/services displayed: art exhibitions, interpretative exhibitions, and commercial exhibitions.

How Is Exhibition Used For Promoting A Business?

As a pure communication tool, the presentation of an exhibition belongs mainly on the test bench. There are more affordable yet equally spectacular alternatives. However, suppose you’re looking to expand your business into new areas or target new demographics. In that case, exhibitions are a worthwhile investment, given the increasing importance of targeted marketing, and many of these activities can serve as a platform for new business activities.

The Exhibition Industry’s Economic Importance:

Handicrafts, food, electricity, and automation, among other vital fields, are rapidly expanding, requiring special attention. As a result, business growth necessitates a platform that facilitates interaction and multiplies growth opportunities. Therefore, leveraging exhibitions for maximum growth is crucial for today’s business environment.

• Exhibitions assist in competition intensity, including growth and employment. Essentially, they serve as an intermediary between buyer and supplier.
• It enhances the company’s image and brand recognition while introducing new items.
• Displaying at exhibitions helps companies build and maintain customer relationships, find new business partners, and establish their overall brand.
• They serve as both product and market research test markets.
• They assist in raising awareness of the company, analysing the competitive positions, and preparing for the sale of products and services. They help understand the competitors, their presentation, and the products they are selling. Exhibitions are essential for new businesses.
• Exhibitions produce more sales leads than practically any other type of marketing or promotion.
• They establish a value proposition inside a favourable business environment that enables customers to generate new leads and network—all under one roof.
• The value of the knowledge imparted and the individuals interacted with over three to four days of an event is immeasurable compared to other marketing tools.

Steps for Growing The Exhibition Industry

Exhibitions can be effective marketing vehicles. Nevertheless, they are not beneficial to all businesses. Before you participate in exhibitions, consider your business condition and conduct research. The current industrial picture reflects improvement for smaller events and organisers, but more arrangements are required for larger exhibitions to grow. We have to make a few essential modifications, and then we will see significant positive results. With improved infrastructure and government assistance, the industry’s size will only continue to grow in the coming years.

• The Current Status of the Industry

The industry will change as state governments recognize the value of exhibitions to the state economy. Investing in long-term infrastructures such as mega convention centres and associated services will be encouraged due to this.

For the industry to gain credibility and access to bank finance, it needed Industry Status. Thousands of individuals employed in the industry would benefit.

Additionally, industry recognition will result in the availability of educational facilities for professional management, grassroots training and development, and safety and sustainability programs, attracting more skilled individuals to the domain.

• Training and Efficient Management

Associations such as the IEIA, IESA, and others can collaborate with universities throughout the country to offer courses in exhibitions management.

The IEIA, in collaboration with IAEE, offers a CEM Certification Program, but few can afford it. Educating the youth will benefit both the industry and our country’s economy.

It is critical for the Trade Fair Industry to present itself to the Government as India’s largest unrecognised sector.

• Employment Opportunities

The exhibition industry, which has grown at an 8.8% average rate over the last five years, is expected to increase at a 12.13 per cent annual rate over the next five years, altering the local economy.

Several jobs are available in this industry, contributing to reducing unemployment in the country.

Conclusion

Leveraging exhibitions for maximum growth can be an excellent approach to marketing your business and its products and services. They’re also a perfect opportunity to connect with other industry professionals and expand your customer base. India ranks first in terms of enhanced performance in terms of the exhibition industry’s perspective and specific performance. The trade-fair sector welcomes people from all disciplines who want to be a part of a movement changing the course of economic growth. With continuous government assistance, the exhibitions industry is expected to reach a double-digit level in the next few years.