Why Trade Shows Still Matter
I would never not be the first to want to get rid of trade shows. They can be expensive, overwhelming, and sometimes generate virtually no results for your brand. However they are a supremely important part of the fashion system, and as such, they still matter.
Do not get me wrong. I love the experience and the energy of a show, and I love the opportunities and growth that they have allowed my small brand personally, but as a small brand I remember always feeling like the expense of a trade show was a huge risk, and also somehow feeling like the experience was outmoded and outdated, and there could be a better way to do things.
However, I wanted to use this time to discuss some positive aspects of the physical trade show. To be honest, my brand was built off this form of marketplace, so despite the stress and growing pains of the earlier shows (some wins and some losses), I do have a healthy respect for them and the opportunities they can give small brands.
As the US is now switching towards a virtual trade show model as a result of COVID, I am also gaining a new respect for the physicality of these shows, and the beneficial elements of participating.
Firstly, the shows provide a good space for finding and curating similar products. They are great for buyer brand discovery, and for cross selling opportunities with other small brands which might not normally be in the same place all together. If you are a small brand you should think not only about where you want to be placed in a show, but who you are next to, and whether you will all fit together in the mind of a buyer. Visibility and placement within the show is therefore key. For example, my go to show has always been Brand Assembly - a curated show which places specialty brands together (usually with a narrow product focus). The buyer knows when entering that show that they will see a good mix of curated brands within the right price point, usually specializing in one or two product categories done well.
To follow, trade shows also provide an element of routine and convenience for buyers. It is a great opportunity for all brands from one segment to be together. Since it is rare that so many small brands in the same market segment would all be together, the consolidation opportunities these shows bring is highly valuable on all levels.
It is great to know that all the specific buyers from your segment will be at the show, but even better to understand that this is one of the very few physical moments that you are with your whole market segment (before the final store). As well as being incredibly convenient for buyers, this creates valuable cross collaboration opportunities on the back end. I have had more than one experience of walking over to another booth in the show and finding myself with a cross collaboration opportunity, just because you can go and talk to the founders of other brands or their reps in person.
Lastly, it’s great to have a mix of wholesale partners attending, and access to this mix. Your wholesale partners (if done well) should achieve different goals. Some can help you productively reach your end customers and true brand advocates (those who really love your brand), others can be great marketing opportunities (for instance a large store that inspires trust), and some are great for pure sell through to your end customer.
To follow, if your end goal with certain wholesale partners for example is maximum sell through, you should be discussing with the buyers about what you can productively do next season to help both you and them achieve this goal together. Trade shows therefore should not be viewed as a one stop shop, but a place to build long term, mutually beneficial sales relationships.
Like most else in fashion, working with stores is all about the relationships that you build. Whether this is with other brands in your space or with a good mix of wholesale partners, all relationships should be mutually beneficial. Trade shows aren’t just a one way street for you to sell your product, they are a great breeding ground for new relationships and opportunities within your specific market segment (as mentioned), if they are executed well.
In sum, while I do think trade shows are outmoded and outdated in some ways, they do still provide some good opportunities from consolidation. It is clear that the the future will hold a good mix of online and offline, and while I do think this is great for lowering costs, the small brand of the future may have to work harder to achieve all these goals as stated above.
