The fundamental difference between a fair and a trade show is the clientele. At fairs you will need more product, since you're dealing directly with consumers. Trade shows are frequented by manufacturers, retail buyers and other industry bigwigs, which can lead to valuable networking opportunities and contacts. There are seminars by leaders in the field, as well as the opportunity to brainstorm and share ideas with fellow entrepreneurs. Often, the contacts you make with influential distributors, sales representatives and other decision makers can be more advantageous to you than actual sales.
Trade shows are more flamboyant than fairs, and competition is fierce.
The best locations are usually reserved for corporations and returning exhibitors, so you'll have to use every creative tactic at your disposal in order to make an impact. Once again, the best source of ideas are the shows themselves. Put together press kits for distribution to the media and other important contacts, and find out if there is a press room where you can leave a stack of your kits. Your costs will consist of vendor fees, hotel room and meals, which are all tax deductible. Another significant difference between fairs and trade shows involves product.