When it comes to trade shows, you can expect a lot of things. You can expect plenty of opportunities for networking and business expansion. What you should not do however is expect that these opportunities will just fall into your lap. To succeed at a trade show, you need to be strategic about every decision. Your resources need to be used effectively and your budget needs to be managed properly.
So, where does the first decision lie? It’s the event itself. Whatever event you decide upon has to fit perfectly with your industry, audience and business goals. If the activity doesn’t attract the right crowd or if it competes directly with your products, then it’s simply not worth pursuing.
Preparation for success
Establishing measurable objectives before setting a budget is important because this way, no details will be missed and all necessary steps will be taken. Involve employees as much as possible during planning so that they are aware of what must be done now in order for there to be no waste later on when attending the trade show.
Aside from setting goals and establishing measurable objectives, another important thing to track is lead generation numbers. This metric alone makes it clear how many leads were interested in your product but also whether they resulted in productive conversations that were worth having.
You should already have a follow-up plan prepared by the time the event concludes so that those leads don’t go cold while waiting for your next move. Sending personalized emails or phone calls, sharing relevant blogs or case studies and hosting relevant webinars will all work towards nurturing leads through to conversion.
During crunch time
Trade shows give businesses a great opportunity to showcase their products but they come at quite a price too. They require heavy spending which means you need cost-cutting strategies like digital marketing in place if you want maximum return from participating at events like these.
Begin by setting goals and creating a budget so that you can identify areas that might need some trimming. You’ll also want to focus on pre-show marketing so that attendees know exactly where your booth is and what you’re about. This could include email or social media campaigns designed to draw them in.
Once the event has concluded, evaluate its success by reviewing metrics and data collected from attendees. This may involve reviewing lead generation numbers, sales conversion rates and brand recognition; conversations held and whether these led to closed deals; as well as properly tagging all attendees so that you can attribute sales back to this event in CRM systems.
Post-show
Following up with leads quickly after each trade show will help maximize ROI because it will maintain momentum and prevent missed opportunities. The idea is to remind them of your brand by being prompt with gentle reminders sent through their inboxes.
Trade shows are a costly affair, no doubt about it. They require a lot of attention be given to budgeting so that expenses such as booth space rental, marketing materials and travel don’t get out of hand. Establishing ROI metrics such as sales or leads generated provides businesses with a way to navigate these waters more successfully while tracking results can also help refine budgeting strategies.
Gathering feedback from team members who attended the event is another key component of improving ROI for future events. Their feedback should not only revolve around the financial value of sales but intangible benefits like increasing brand recognition or forging industry relationships should be kept in mind too. Measuring trade show ROI requires setting specific business goals, using appropriate tools to track performance and being open to constructive criticism too. Being open-minded can really make a world of difference when it comes down to improving long-term performance at these events.
A budget could make or break a trade show’s success. By setting clear goals and keeping track of key return on investments, businesses can ensure that their investment was worth it.
Measuring ROI is essential when making sure you get the most bang for your buck. Direct measurements involve quantifying all the leads collected and sales made at the event or shortly after. To do this, you must set up an efficient system to collect and follow up with leads.
Indirect ROI is a bit harder to figure out but still important to measure. This involves brand exposure and networking opportunities. You can measure this through post-show surveys and social media engagement trends analysis, these methods will help you decide what marketing efforts are helping your business grow.
With all this information, you can finally bring in data-driven decisions regarding marketing efforts and booth design which will ultimately save money!