Companies often evaluate trade show ROI using immediate, measurable returns such as number of leads collected, meetings hosted and sales made directly as a result of attending the show.
Measured the long-term value of trade shows requires taking an holistic approach; this guide can help maximize your trade show investment.
1. Invest in Market Research
Short-term return on investment (ROI) can be measured through metrics like qualified leads and sales made during or shortly after attending a trade show, while more subtle metrics like increased brand exposure and strengthened industry relationships may be more difficult to ascertain but just as essential in creating long-term success.
Automotive brands at trade shows may use experiential strategies like virtual test drives or augmented reality showcases to attract crowds and generate buzz. Although such strategies may draw traffic, their true test of success will be how many sales these tactics generate.
For a successful return on investment calculation, ensure all badges are scanned to capture contact details and implement a system to tag leads with event-specific codes in your CRM. That way, attendees will easily be identified and you can run predictive ROI calculations months after the trade show has concluded.
2. Know Your Objectives
Establishing and setting objectives prior to trade shows is the cornerstone of evaluating their return on investment (ROI). Goals may range from lead generation and brand exposure maximization; however, different industries often require unique metrics when it comes to evaluating ROI.
An IT company might prioritize lead quality and technological engagement while retail companies might prioritize direct sales and brand visibility. By understanding their target audiences’ needs, marketers can tailor their strategies and booth designs to ensure maximum effectiveness for maximum impact at tradeshows.
No matter your goals, ensure a system exists to collect and follow up on leads. This will make calculating ROI much simpler when these leads start converting to customers in the future.
3. Design a Booth That Stands Out
Companies looking to maximize ROI at trade shows must focus on designing an appealing booth that clearly communicates their brand and products, while being inviting for visitors by providing comfortable places for them to sit or stand.
Finally, they must provide attendees with engaging information and promotional materials that make them want to come back for more. Providing this kind of material helps collect contact info which is key in increasing ROI.
Finding the ideal team to manage your booth is also crucial, with friendly and approachable staff that is knowledgeable of products and services drawing more visitors in. Furthermore, they should take initiative in striking up conversations with potential leads to further drive attendance at your exhibit.
4. Track Your Results
Evaluating ROI of a trade show requires accurate information and data, and must also take into account which aspects are of primary importance to track.
If your primary goal at a trade show is to generate leads, tracking metrics such as lead scans and meetings held is key to meeting this objective. But remember that leads need to be followed up promptly and nurtured during their sales journey for them to count as successes.
Indirect ROI may be more difficult to measure, yet equally essential. It encompasses elements such as increased brand recognition and strengthened industry relationships. Companies should utilize surveys or feedback forms, as well as monitor social media for any post-show engagement or mentions – this provides an accurate indication of PR and marketing efforts’ success.
5. Engage with Visitors
If a manager asks how successful your trade show efforts were, be prepared to present evidence of ROI backed up with hard numbers, survey answers, and results to show they worked.
Make sure to send out follow up messages quickly after each prospective visitor stepped into your booth. A personal, direct note shows your attentiveness, increasing the odds of an optimistic response from them.
Evaluating meeting goals, quality of conversations and leads acquired during an event are great ways to demonstrate immediate ROI and prove the worth of your investment. Identify any tangible results such as new partnerships or closed deals as tangible evidence that proved their value at that particular meeting or event. This provides immediate evidence that it’s been worth your while!
