Trade show organisers have probably had to work harder than anyone else during the recession. The expenditure in this area is often the first thing scrapped in a marketing budget review as extravagant. This isn’t a surprise given most companies attending trade shows fail to manage their attendance properly from the outset. They are not ruthless about why they are attending and what they want to get out of the show. Going because you always have is a poor approach to marketing and business.
But done well, with appropriate consideration given to pre-event traffic generation, trade shows can be your most profitable marketing mix tool. Why? The lion’s share of your new business still comes through word of mouth, endorsement and personal selling, so it makes sense to be right in the heart of any gathering of your clients and customers.
I tackled this very issue in a recent post following my experience at the Total Packaging show in Birmingham.
From a metrics perspective, there is a lot that you can do to measure the effectiveness of attending an exhibition. Working through the following thought process throws up things to consider and the metrics to be employed to measure them. In these recessionary times, I’ve deliberately kept to the tangible lead generation focused activities.
1. Why, what, who? Start at the planning phase, and decide what you are exhibiting, why and to who? If you haven’t got a credible reason to exhibit and/or nothing new to promote, don’t.
2. Focus on ‘new’. Make a maximum of three key messages the core part of all pre-show and show communication. The rules of high impact PR apply throughout, so ‘new’ always works best and attracts the most interest. Demonstration and presentation are fantastic ways of getting ‘new’ across. This could be product, service, data or insight related. And ‘new’ doesn’t have to mean available – a measurable metric might be to take a set number of enquiries, even orders for a previewed/future product or service.
3. Calculate Total Project Cost. Price up space and stand costs, design & logistics costs, hospitality, literature, email/advertising costs, hotels, lost sales force productivity through being taken off the road and management time.
4. Apply a Cost Per Enquiry. Having a Total Project Cost will allow you to start to consider cost per enquiry and allows you to start to work out how many enquiries (and convertible orders) are required to cover the investment of attending.
5. Set enquiry/order targets. Plug in your rough order value and calculate how many orders will be needed to cover this cost and then ideally turn a profit.
6. Set specific enquiry targets. With all the previous steps completed, you’ll be able to allocate enquiry targets against the cost of attending, per product/service line exhibited, per sector and per sales rep. This gives you a minimum of four ways to set lead generation metrics, and informs what you should do next to promote your attendance at the show, to who, and by who.
7. Agree pre show marketing targets. Allocate enquiries to each element of pre-show marketing (personal sales call, invite, email, visit to site, online registration). Offer customers pre-registration. Stage an event or give a presentation within the trade show and use the sign up to this as a metric. Set up a daily blog/email summary/Twitter feed from the show and measure engagement. Twitter hashtagging is fantastic for events. Above all, set up a specific Internet landing page and employ Google Analytics to give you a thorough assessment of this. Any advertising and literature should cite all contact points.
8. The intangible. Some times it is important to attend a trade show to build or protect profile and reputation. In this instance, arrange meetings with trade publishers and editors in advance and set a metric on that, reviewable 3 months and 6 months after the show in terms of PR coverage.
This is by no means an exhaustive list but it will give your trade show planning greater clarity and focus.
Image Beacon Alliance