by Chris Kappes, Exhibit City News
Column: From the Corner Office
While much has been said about the power of trade shows, the profound influence they wield on trust remains a relatively unexplored facet. Why is this?
Studies consistently affirm that trust stands as a pivotal determinant of B2B sales success, making it an indispensable element for the triumph of tradeshows. Trust, in this context, significantly shapes the perception, behavior, and satisfaction of both exhibitors and attendees alike.
The sway of trust in the realm of B2B sales is multi-dimensional:
- Mitigating Perceived Risk and Uncertainty: Trust eases the apprehension that buyers often grapple with when making intricate and high stakes purchasing decisions.
- Fostering Collaboration and Commitment: Trust encourages buyers to share information, engage in cooperation, and commit to long-term contractual agreements.
- Enhancing Satisfaction, Loyalty, and Retention: By engendering trust, exhibitors bolster the satisfaction, loyalty, and retention of buyers, ultimately elevating their bargaining power and conferring competitive advantages.
Trust and Tradeshows
A recent collaboration between Freeman and Edelman DXI, the world’s largest global communications firm, unveiled an eye-opening study on the impact of live events and their value to brands and audiences. The Freeman Trust Report 2023 underscores the fact that in-person events are veritable trust-boosters. According to this report, after engaging with a brand at a live event, an impressive 77% of consumers reported an increase in trust. Of these, 33% declared a substantial improvement in trust, while 44% reported moderate gains.
This study’s significance is accentuated when we contrast it with Edelman’s 2023 Global Trust Barometer report, which evaluates trust in major institutions. Business emerges as the most trusted institution, winning the confidence of 31,000 respondents from 28 countries, followed by the defense industry, NASA, and the Supreme Court.
Building Trust: Microsoft & Lego
Trust can do wonders for exhibitors, drawing more visitors, generating leads, and boosting sales and loyalty. Let’s explore two illustrative examples:
In 2021, Microsoft took center stage at the CES trade show in Las Vegas, showcasing its new Surface devices and Windows 11 operating system. The company’s expansive and interactive booth magnetized scores of tech enthusiasts. Microsoft cemented its trustworthiness by offering free trials, warranties, and robust customer support for its products. The BrandZ Top 100 Most Valuable Global Brands 2021 report highlighted a 1.4% increase in Microsoft’s brand reputation, accrediting it to the company’s “trustworthy reputation” and its knack for meeting diverse customer needs.
Meanwhile, in 2020, Lego made waves at the Toy Fair trade show in New York, unveiling its innovative Lego Dots product line. With a vibrant and creative booth, Lego encouraged visitors to engage in playful design with its iconic bricks. The company capitalized on its trust and reputation, emphasizing its social and environmental responsibility, as well as its educational benefits for children. The Brand Keys Customer Loyalty Engagement Index 2021 crowned Lego as the top brand in the toys category, marking a 4% surge in loyalty and engagement attributed to Lego’s “ability to create emotional bonds with customers” and its remarkable innovation.
Eroding Trust
Conversely, trust issues can cast a shadow over exhibitors at trade shows. Two cautionary tales:
In 2018, Facebook faced a fierce backlash at the Consumer Electronics Show (CES) due to the Cambridge Analytica scandal, which exposed millions of users’ data without consent. Attendees visited the company’s exhibit, showcasing virtual reality products, and left with skepticism and criticism of its privacy practices and ethics.
In 2017, Samsung grappled with the repercussions of the Galaxy Note 7 debacle, entailing the recall of millions of devices prone to fire hazards. The company took the stage at the Mobile World Congress (MWC) in Barcelona to unveil its Galaxy S8 and S8+ smartphones. However, attendees and media outlets questioned the company’s capacity to ensure product safety and quality.
Key Takeaways
Trust is an intricate, multi-faceted concept, encompassing attributes like reliability, transparency, care, competence, and integrity. While tradeshows play a pivotal role in nurturing trust, they are just one component of a larger trust-building equation. Company messaging, transparency, press coverage, and staff conduct all play pivotal roles in shaping tradeshow visitor perceptions, takeaways, and, ultimately, trust.
Measuring Trust at Tradeshows
How can trust be measured at trade shows?
It can take various forms:
- Survey Method: This involves exhibitors and attendees rating their trust levels in different aspects of the trade show, such as product quality, information credibility, staff professionalism, venue security, and pricing fairness. The survey can also delve into trust-related outcomes, like the intention to revisit, recommend to others, or purchase from exhibitors.
- Behavioral Method: This approach observes and records the actions and interactions of exhibitors and attendees at the trade show. It captures indicators of trust, such as booth visits, the quality of conversations, engagement levels, and transaction volumes. The behavioral method complements the survey method by offering real-time, objective data that can validate or elucidate survey responses.
As custodians of our industry, we shoulder the responsibility of helping our clients instill trust in our institution, especially during a time when trust in many other institutions is eroding. Trust, as we know, is the product of countless small actions over time. Let us continue to nurture it collaboratively.
Chris Kappes is a three-decade executive who has served as CMO, CSO and President of leading event agencies. Kappes is a published author of two trade books, The Noise Behind Business. How to Make Tradeshows Work & How to Master the Art of Selling at Tradeshows co-written with sales expert, Tom Hopkins. Kappes shares his industry experiences and views at conferences and publications like Exhibit City News. His contact information: kappes52@gmail.com
