We all worry about the competition which is why a recent blog posting on American Express’s Open Forum caught my eye.
What I liked about this posting is the assertion that just because a field is crowded doesn’t mean that there is no room for more players. We have seen this often with the growth in smaller, regional exhibitions. The post listed four ways you can differentiate your exhibition in a marketplace that seems saturated.
1. Identify a void in your industry–and fill it
Rather than being a pioneer and focusing on the creation of a brand-new exhibition focus on the voids in the existing marketplace.
2. Create a customer-centric culture
The customer is king, or so they say. This second suggestion takes your attention away from the event to the people who populate it – your customers. If you can create a “one-of-a-kind culture” you may have the basis of a winning formula.
3. Don’t compete on price
In a world that is increasingly cost sensitive it’s difficult to steer clear of the discussion about money. But, if you can create a reasonable rate of return, one that is sustainable, even in an area that could demand more, you have a better chance of winning customers (attendees, exhibitors and sponsors) in the long term.
4. Remember that saturation can mean strength
I found this last tip most interesting. A saturated market is often the first indication to a budding organizer that it is a market to avoid. But a saturated market also means that there is real demand for exhibitions in that industry.
Keep these points in mind and you might stumble upon a winning opportunity.
I keep searching for interesting blogs on various business issues but I can use your help. Are there sites I should be following that I have missed? Let me know.