After attending a trade show, your return on investment (ROI) is something every participant analyzes to determine if they had a positive or negative investment, or if they broke even. ROI is measured to evaluate the efficiencies of After attending a trade show, your return on investment (ROI) is something every participant analyzes to determine if they had a positive or negative investment, or if they broke even. ROI is measured to evaluate the efficiencies of investments related to initial cost. Having strategies both to gauge and to improve tradeshow ROI will keep your team on track to generate more leads and make the most of time and money spent. Aligning organizational and tradeshow goals by establishing communication and number-based objectives are two key factors to improve ROI.
Communication is key
If you don’t connect with prospects, you won’t build relationships or generate sales. Engagement starts months before the show does. Communication objectives are goals your team needs to establish before attending a tradeshow. These objectives are used to identify how your audience reacts to your message and the results generated. Awareness, perception and positioning are three important factors to consider when creating your message. Inform current clients of your attendance. Promote the tradeshow on your company website and social platforms. Make attendees aware of your company’s brand, capabilities, products and services before they enter the exhibit hall.
Clearly promote a specific and tailored brand message or campaign. Make sure prospects leave the tradeshow knowing exactly who your company is, what you do and how you can help them. Having a pre-show plan and discussing goals and objectives with your team before the show will be your best course of action.
Stand out from your competition. In a crowded exhibit hall, you have limited time to lure an attendee to visit your booth out of hundreds. Studies reveal that “75% of the people who go to tradeshows know exactly what they want to see, whom they want to see, and how much time they will spend on the exhibition hall floor,” (tradeshow advisory) so it is important to give attendees something to remember you by. Generating an interactive experience and having a welcoming and knowledgeable team are key components during the show. Contests, giveaways, promotions or other creative tactics can be used to increase brand awareness or engagement. These methods can be helpful at the beginning of the lead nurturing process. Prospects you connect with should leave with a product or material showcasing your company and contact details. Make it known that visiting your booth is time well spent. Having an alluring booth set-up and display filled with demonstrations, products, videos and visuals are powerful items that draw prospects to your booth.
Numbers do not lie
Communication methods are important when tracking your tradeshow ROI, but measuring quantifiable or numbers-based objectives are just as significant. Having a pre-show strategy, is important for generating post-tradeshow ROI. How are you supposed to calculate and gauge results if you never establish goals? For many companies, there will be more than one objective used to measure tradeshow success.
3 Prepared Objectives
- Determine the amount of sales leads you’re looking to generate.
- Increase sales with existing clients.
- Meet with a specific number of decision makers.
After forming pre-tradeshow goals, measure your tradeshow success when you return. Count the number of prospects you connected with at the show and how many of those you received contact information for.
5 Key Questions
- How many of those were qualified leads?
- Did your team meet its goals with the amount of leads generated?
- Were they short?
- Or did they exceed initial goals?
- Compare to past shows
Establish a follow-up process
Your team needs to know what to do with their leads after returning from the tradeshow. Connecting with leads on LinkedIn, reaching out with a personal call or email, or putting contacts into a marketing workflow are a few ways to stay in-touch with prospects. Tracking generated revenue from tradeshows can be challenging because sales opportunities are not usually closed at the exhibition itself. It make take a lengthy period of time to close leads generated from the show. Have your sales team estimate the percentage of tradeshow leads that will result in a sale and determine the value of each sale. Tracking analytics will provide measurable insights to keep your team on track and ultimately assist with meeting your sales goals.
Establishing both effective communication and number-based goals will help determine a plan before, during and after tradeshows. Meeting with your team constantly throughout this process will allow you to fix shortcomings, develop new strategies and celebrate successes. Following these tactics will keep your team on track to move ROI.
To learn about pre, during and post-trade show strategies to generate more ROI, click the link below!