Bangladesh Leather and Footwear Expo-2024, Non-Woven Expo Bangladesh-2024 at ICCB, Dhaka. Photo: NAN
Exhibitions are crucial for the
international promotion of economic products as they facilitate global
connections, foster innovation, and drive economic growth. They provide a
centralized platform for buyers, sellers, and innovators to interact, driving cross-border
commerce and creating new business opportunities. International exhibitions
serve as a critical platform for fostering global connections, promoting
innovation, and driving economic growth. These large-scale events bring
together diverse stakeholders from across the globe, including manufacturers,
industry leaders, innovators, policymakers, and potential investors. By
providing a unique opportunity for collaboration, knowledge sharing, and
networking, international exhibitions hold immense value in today’s
interconnected world.
Here's why exhibitions are important:
Facilitating International Trade:
Trade shows and expositions
significantly boost local economies through increased spending on
accommodations, food, and transportation. They create jobs in sectors like
event management, hospitality, and logistics. Additionally, these events
attract international investments and partnerships, further improving economic
growth for both the host cities and participating businesses. Exhibitions bring
together diverse stakeholders from around the globe, including manufacturers,
industry leaders, and potential investors, enabling them to connect and explore
new markets.
Promoting Innovation:
These events showcase the latest
products and services, fostering a competitive environment that encourages
innovation and the development of new technologies. Trade exhibitions
contribute significantly to cross-border commerce by providing a centralized
venue for buyers, sellers, and innovators. According to UFI, the Global
Association of the Exhibition Industry, nearly 70% of exhibitors view these
events as a primary source for new business contacts. Exhibitions act as
incubators for international partnerships, enabling billions in trade deals
each year.
Driving Economic Growth:
By attracting foreign investment
and facilitating international trade, exhibitions contribute to the overall
economic growth of participating countries.
In the Middle Ages, trade fairs
became more organized events held in specific towns and cities. These fairs
attracted not only local merchants but also international traders. They offered
a chance to see a variety of products and to make deals. These sessions played
a crucial role in the development of commerce and industry in Europe.
The Industrial Revolution in the 18th and 19th centuries brought significant changes to trade shows. With the rise of new technologies and manufacturing processes, exhibitions became a way for companies to showcase their innovations. The Great Exhibition of 1851 in London is often cited as one of the first modern trade shows, displaying goods from around the world and highlighting the importance of industrial advancements.
In the 20th century, trade shows
developed into specialized events focusing on specific industries. As global
trade expanded, companies began to see the value in presenting their products
directly to buyers and industry professionals. Today, trade shows are essential
for businesses to connect with potential clients, network with peers, and
showcase their latest innovations in an increasingly competitive marketplace.
Building Brand Awareness:
Exhibitions offer a valuable
opportunity for businesses to showcase their products and services to a global
audience, increasing brand awareness and visibility.
Economic experts have affirmed
that China and developed countries have succeeded economically through
exhibitions, as China has prepared exhibitions in all fields in order to
promote its products around the world, and thus it created a long-lasting presence
worldwide.
These experts also set many goals
for the participation of export products in international exhibitions,
including increasing the volume of exports - identifying and acquiring new
importers - opening new markets for the local product - increasing the share of
the product in the market - improving the image and reputation of the product -
communicating with competitors and getting to know their products - knowing On
importers' reactions to the product - knowing new relationships from promoters such
as agents and distributors
Generating Leads and Sales:
Exhibitions provide a direct
platform for businesses to connect with potential customers and generate leads,
ultimately boosting sales and revenue.
Exhibitions serve as a brilliant
platform for lead generation and sales opportunities. Businesses get to engage
with visitors, demonstrate products, and highlight key features and benefits,
to capture the interest of potential customers and generate qualified leads.
Visitors who visit exhibition
stands often come with a buying mindset while seeking efficient solutions to
their specific needs or challenges. Therefore, exhibitions provide an ideal
environment for businesses to showcase such solutions, address customer
inquiries, and convert leads into sales. Also, face-to-face interactions build
trust and credibility, accelerating the sales process.
Gathering Market Intelligence:
Exhibitions offer a unique
opportunity to gather valuable market intelligence, including competitor
analysis, customer feedback, and emerging trends.
Logistics and planning are
fundamentally important to the success of the exhibition. It is throughout the
planning process that the success or failure of the event is determined. At the
most basic level, this phase of the exhibition is concerned with the who, what,
when, where, and why. Oral (2001) goes on to say that it is identifying the
answers to these 5 W's that takes time, suggesting that if due diligence is
done at this stage of the process, the likelihood of a successful exhibition is
increased. It is not feasible to include in this paper all of the planning and
logistics considerations for an exhibition.
Strengthening Economic Ties:
Exhibitions foster collaboration
and strengthen economic ties between countries, leading to increased trade,
investment, and partnerships. Strengthening economic ties typically involves
enhancing trade, investment, and other financial relationships between two or
more countries or regions. This can lead to mutual benefits like increased
economic growth, job creation, and improved living standards.
Cost-Effective Marketing:
Cost-effective marketing focuses
on maximizing the impact of marketing efforts while minimizing associated
costs. It's about getting the most "bang for your buck" by
strategically choosing marketing channels and activities that deliver a strong
return on investment. This doesn't always mean using the cheapest options, but
rather those that provide the best value and results for the resources
invested.
Compared to other marketing methods,
exhibitions can be a cost-effective way to reach a large and targeted audience.
In essence, exhibitions are a powerful tool for promoting economic products
internationally, driving economic growth, and fostering global connections.
- SZK, based on online information
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