The future of cannabis industry fairs and events

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Cannabis is a social plant and product, so it is not surprising that trade shows have always been an important part of the legal cannabis industry. In many ways, the people who work in this industry are one big family, and the 2020 COVID-19 quarantines kept everyone from seeing each other for more than a year.

During the widespread lockdowns across the country, trade shows were canceled or postponed to virtual events, and many people missed the interactions at in-person events that brought everyone together and strengthened relationships.

With the world reopening in 2021, some cannabis industry fairs have already started again, and the future looks bright – albeit a little different from what we knew before. Here are some of the most important things you are likely to notice at future cannabis industry fairs and events in a post-COVID-19 world.

Changes to the exhibition budget

For business-to-business (B2B) marketers and sellers, nothing can replace personal networking. Therefore, participation in the trade fair will not go away, but some companies can reduce their event budgets in the short term.

According to a study by FTI Consulting, almost half of the decision-makers surveyed (46%) said they plan to increase their trade fair budgets to pre-pandemic levels. Among those who expect to cut their exhibition budget after the pandemic, nearly half (49%) plan to do so by reducing the number of events they attend, and 44% expect to attend smaller, lower-cost events.

It’s important to note that virtual events have grown in popularity during the pandemic and will not go away. However, with the world reopening, companies plan to shift their focus back to face-to-face events. Research by FTI Consulting found that of the companies that wanted to reduce their exhibition budgets after the pandemic, only 37% would do so by adding virtual events to in-person events.

In other words, trade show budgets can change in the short term, but face-to-face events will remain long-term.

Trade fair goals

The main goals for companies to participate in trade shows, invest in stand space and sponsor events have always been three things: to strengthen relationships that lead to more sales from existing customers, to build new relationships that lead to new sales from new customers, and to drive sales of new products and services. Everything team members do during events should lead to conversations, one-on-one appointments, and building meaningful connections. All of this is difficult to achieve in virtual events.

The main goal of participation is of course always to increase sales through participation in trade fairs. That hasn’t changed. However, after the pandemic, the importance of some related goals has grown in importance.

FTI Consulting found that three goals have become more important for small and large companies after COVID: Networking, selling products / services and building brand awareness. On the other hand, two goals have lost their importance: to present products / services and to stay up to date on industry trends.

Trade fair experience

The first thoughts that spring to mind when thinking about the future of the cannabis industry’s trade shows and events are likely to relate to virtual event trends, the growth of hybrid events, and omni-channel experiences. And you’d be right.

The future will certainly be filled with virtual, hybrid, and omni-channel experiences. But what about the experiences on the exhibition grounds and at face-to-face events? What’s coming? What is there already?

One of the biggest changes people see at trade shows is cannabis in the exhibition space. Cannabis was never allowed at events in the past, but with licenses to use at events that are now allowed in several states – like California, which is where many larger shows take place – it’s a brand new experience at B2B conventions.

You can expect the event consumption trend to increase as more states approve consumption licenses. For example, two other popular trade fair destinations, Nevada and New York, are planning to issue consumer licenses in the near future.

The answer lies in technology. High-tech experiential solutions are changing many aspects of personal trade shows and events in our post-pandemic world. Virtual guides, robotics, virtual queues, heat maps and contactless technology are becoming the new normal for face-to-face events.

Trade fair preparations

For starters, exhibitors, presenters, sponsors and attendees at the cannabis industry trade shows will only be happy to take to the streets again and see people who have missed them. After all, this is an industry that was originally built on relationships where conversations and handshakes at industry events have spawned more companies, brands, and products than you can imagine. However, once the initial excitement subsides, the real work begins.

Getting noticed at trade shows and events after the pandemic requires more than just setting up a stand. Exhibitors need to keep up with the upcoming high-tech experiences. In addition, the sales staff at the stand must be prepared with practiced pitches and strategies for preparing one-on-one discussions in advance of the event with customers who are known to be present.

Key insights into the future of cannabis industry fairs and events

Cannabis industry trade shows and events are an integral part of any company’s marketing plan and budget, but to be successful at post-pandemic events you need to consider how personal events have changed and how your company is fitting into the new normal. Start preparing now and you will prepare your business for success.