If you flip a coin, you might think you have a 50/50 chance right? Well you might be wrong.
If you attend an exhibition, then you will get leads right? Well you might be wrong on that too.
Most of us will typically say “heads” when asked to flip a coin, and actually, our chances might be slightly better by doing so. Research in 2012 found that things like the way people toss a coin and the weight of the coin, often leads to 51% of tosses landing on heads and 49% on tails.
So that slight advantage exists with heads even if we did not know it to begin with and just went along with what we have always done.
However, the research also found that if you use an American 1 cent coin (also known as a penny), the weighting on the heads side featuring Abraham Lincoln is such that tails is more likely to appear 80% of the time.
What appears to have been a 50/50 decision for most people, has turned into an 80/20 decision in favour of tails.
It just shows that even when we are making a simple decision, we need to ensure we have the evidence at hand to make sure we can make the right decision for our business.
I’d recommend making the same evaluation when it comes to your communications strategy. So rather than making a 50/50 punt, can you toss the coin so that it is more like tails on an American penny and therefore more in your favour?
For example, are you sure you are employing the right blend of experience and creativity to raise the profile of your business through PR and marketing?
Would you be better off arranging your own bespoke tightly organised event rather than spending a fortune on an exhibition where you don’t know whether the right people and leads will go to your stand?
Think about it, attending an exhibition means the odds are not in your favour. There is risk that your stand is in the wrong place at the end of a dead end, or that the person with the £1 million contract in their pocket is networking with your competitor because you were talking to a retired bloke who wanted to reminisce. It is also in the interests of the exhibition organiser to get more stands, and that means it dilutes the amount of potential visitors per stand.
Don’t get me wrong, some exhibitions are great, but having been to many, I also know the ones where the tumbleweed is blowing down the aisles and exhibitors look annoyed and frustrated with the time and money they have spent. I visited two of them myself in just November last year.
At a guess, I would say the odds of an exhibition working for you would be less than 50% – maybe even less than 25%.
But what if there was the American penny option, where you knew that if you shout “tails” the odds are massively in your favour?
There is that option, organise your own event with our expertise, and we will ensure that every person networks with you is a potential lead.
We will ensure those leads get quality time with you, so you can show off your business.
So when you are deciding whether to do that exhibition again, maybe it might be better to be brave and shout “tails” and do something where the odds are more in your favour.