Posts Tagged ‘ROI’

Three Ways to Maximize Your Trade Show Investment

Posted on: November 29th, 2016 by admin No Comments

A trade show is an investment in your company, and you should take the time to treat it as such. It may seem simple, but it takes time to develop measurable goals for the show. Here are three trade show strategies to help you market your company and maximize your return on investment.

Plan Ahead 

  • Determine Your focus: Will you be launching a new product? Promoti31943028 - trade show meaning world fair and exportng brand awareness? Building a fresh leads list?  Each of these goals require a unique approach.
  • Research the Show and Its Attendees: Is this the proper venue for what you are trying to achieve? Will this be the right show for you to push retail sales or build business relationships? How many of your direct competitors will also have booths? How will you stand out from them?
  • Be Memorable: Interest creates interest! Capture attention by renting a Cash Cube Money Blowing Machine or Bingo Blower. Renting or purchasing a trade show attraction is just a phone call away! How about some useful custom promotional items? Consider options like custom USB drives, household tools or sports items.

Promote Before and After The Show

  • Social Media: Once you plan the details your event, get the word out well in advance. People will be excited to visit your booth for the chance to spin the Prize Wheel or play a custom Scratch Card.
  • Trade Show Publications: Each show will offer several ways for companies to participate in their printed material.  Print a voucher for an extra turn on a Plinko Board to attract people to stop by your booth. Do a half or full-page color advertisement listing all of the attractions at your booth to ensure guarantee that your booth has a crowd of people waiting to try their hand at attractions like the Prize Safe!
  • Leads, Leads, Leads!: Maximize your social media efforts by collecting relevant information as part of the effort. These generated leads can be turned into appointments booked at the show. Don’t stop there – follow up with leads after the show and offer company consolation prizes for being a valued part of your audience.

Be Ready

  • Staff Accordingly: Whether you are looking for new clients, retail customers or to develop relationships with existing clients, make sure you bring your company’s best! Ensure your staff is aware of your goal for the show so that they can help you achieve it. Assign each booth attendant an area of focus and direct attendees accordingly to keep the booth running smoothly during peak times.
  • Too Much is Better Than Not Enough: Make sure you have enough staff coverage – if traffic is slow any extra employees can be sent home. It’s better to have too many promotional products to giveaway than not enough.

There are so many ways to make yourself memorable. It’s worth the effort to plan in advance and maximize the benefit for your trade show investment!!

Two Helpful Bits of Data for Your Exhibition Program

Posted on: November 15th, 2012 by admin No Comments

whiteboard speechMore and more exhibitors are now calculating the Return on Investment, (R.O.I.) from their show participation. R.O.I.tells you whether you are achieving your goals, and if you are adding to the bottom line of your corporate profits. However, as you are gathering the R.O.I information, it will be helpful to also look at two additional bits of factors: Your success ratio and your sales and buying cycles. Both are intertwined and will help you immensely.

Success Ratio

The success ratio addresses the conversion rate of leads to sales. Often, exhibit managers feel a sense of frustration when they talk about R.O.I. because of the time it takes to realize a sale – it may take weeks, months even years. Yet, there is pressure to report the results from the exhibit program to senior management. The success ratio is a number based on previous trends that will help you create a report to senior management that will include a projection of potential profit even if you have not received confirmed orders.

Success ratio answers the question; “If I gave your best sales person 10 highly qualified leads over the next 6 or 12 months, how many of them will be converted into firm orders?” The number will vary from 1 of 10 to 10 of 10. It all depends on your product, service, industry, etc. If you can keep track of the leads you obtain at your exhibitions and monitor them carefully over a period of one or two years, a pattern will emerge. It is this pattern that creates your success ratio.

With your success ratio in hand you are now in a strong position to predict potential and realistic profits from your exhibit activities. For example if you collected 40 high value leads at a show and your success ratio is 25% (one in four will close in the next six to 12 months) and your average opening order is $10,000 then you can calculate your gross sales from the show at $100,000. If your gross profit margin is 40% then you can calculate a R.O.I. of $40,000 for this trade show. If your costs to participate were $20,000, then your R.O.I. in this case is 200%.

Sales (and buying) cycle

The sales cycle is the average amount of time it takes from the time you first introduce a solution to a prospect until you have a firm commitment. Some sales cycles are quick and immediate, others may take years. The sales cycle is a crucial bit of information as it allows you to create realistic expectations for your organization. If you attend a trade show with overly optimistic expectations that are not grounded in reality, you run the risk of frustrating your show and sales team and losing credibility for your exhibition program. Your sales cycle is determined by tracking leads to sales. In order to be valuable, this needs to be looked at over a period of time (one or two years). During that time you will see a trend begin to develop.

There are a couple of applications for your sales cycle:

Creating a customer profile.

Prior to exhibiting, you should have created a detailed customer profile which includes demographic and psychographic information. One additional bit of information is your sales cycle. Now when you choose shows and talk to prospects, you will also be qualifying them according to your sales cycle.

Match to the prospect’s buying cycle.

Not everyone is prepared to make a decision within your sales cycle. Customers have individual pressures which will affect their decision making cycle. When you are qualifying a prospect at the booth, one of the questions to ask is “When are you thinking of adding this product?” Their answer will let you know if there is a match between your sales cycle and their buying cycle. With this distinction in mind you can develop two show strategies: one for those who fall into your sales cycle and another for those who don’t. Both may be valuable leads and worth a follow-up.

Tracking your success ratio and sales cycle takes time but its well worth the effort!

Two Helpful Bits of Data for Your Exhibition Program

About the Author
Jon Edelman provides exciting trade show marketing ideas, including advice about prize wheels, customizable scratch-off cards, money blowing machines, and other exciting trade show attractions. With years of experience in the trenches, he is an expert on booth displays, lead generation techniques, and networking with trade show vendors. Helping to build a referral-generating system, his ideas continuously lead to a boost in sales and revenue.

ROI or ROO

Posted on: November 13th, 2012 by admin No Comments

tradeshow floorThere has been an increased interest in whether face-to-face marketing at shows produces a return. Maybe it was due to the recession or simply because exhibit managers looking at the escalating exhibition budgets began asking the right questions.

Most often marketers look for a return on investment (ROI). Corporations rely heavily of the ROI calculation as a means of convincing the decision makers that the investment was worth the cost. ROI is a calculation of the profitability of the investment. The problem with using ROI exclusively in an event and exhibit scenario is that often actual sales are not realized immediately. Also, exhibit objectives are often “soft” and outside the scope of a reasonable ROI calculation. This does not mean that a ROI calculation is not achievable but it is often based on assumptions such as the success ratio of leads to sales, the matching of sales and buying cycles and so on.

The other disadvantage of ROI is how it’s used. The most common result of a ROI calculation is that it becomes the basis for reducing costs or increasing profits. If you could measure exhibit results the way you would of the purchase of a new machine, then this would be well and good. But they are not.

Exhibiting is part of the marketing process and doesn’t always lend itself easily to comparing dollars received against dollars spent. Marketing looks at other issues such as branding, generating leads, customer engagement and so on and whether these tasks have been completed successfully determines the success of the marketing exercise.

There are other measurements besides ROI: Return on Equity (ROE), Return on Assets (ROA), Return on Time (ROT), Return on Relationships (ROR), and Return on Objectives (ROO). Each calculation has its pros and cons but the measurement most often embraced by exhibit marketers is Return on Objective.

The first step in ROO measurement is to clearly articulate the exhibit objective. For example if the objective is to reinforce the brand you first need to ask, what is our brand message? You should be able to articulate your brand message in two or three clear and concise key messages.

Next you need to answer the question, “Which attendees will be most likely to find value in my messages?” In most situations you don’t want to talk to each visitor at the trade show. What you need to do is to create a profile. While you may think you know the end buyer or user or your product, you might not know the people who can influence that buyer?

With this information you are in a good position to create a measurable objective. You might say “I want to meet 47 people at the trade show who fit closely into my profile and am able to introduce them to my three key messages.”

Now there is one more step. In order to know if you are achieving your objective you need to build into your measurement strategy a testing mechanism. Testing indicates whether the key messages you are conveying in fact were understood and are of value. Testing can be as simple as looking for spikes in web-traffic to exit surveys. It all depends on the sophistication you are looking for and the resources you have at your disposal.

The beauty of exhibit marketing is in the quality of contacts traffic shows attract. Measuring ROO then, puts you in a superb position to measure the quality of contacts rather than the quantity.

And, at the end of the day what’s more important?

Focus, motivation and stimulation – three things made possible when you take the time to create well-formed objectives for your exhibit program. If you are not setting objectives now; think about what you might be missing.

 

Jonathan Edelman provides helpful advice about trade show strategies. With years of experience in the trenches, he is an expert on booth displays, follow up techniques, and using trade show marketing strategies to boost revenue.

How to Determine the ROI of a Trade Show

Posted on: November 8th, 2012 by admin No Comments

How to Determine the ROI of a Trade ShowEvery marketing dollar needs to be squeezed fully in order to produce results, or to evaluate which of those dollars contributes to the sales process.  All too often this thorough analysis has been deferred because marketing is unsure of the best methodology for analyzing the results.

Determining ROI on trade shows is daunting, especially for those new to investing in exhibitions.  How does one go about it?  What are the best practices for it?  Well now we have the answer.

Exhibit Surveys, along with several trade show industry organizations (IAEE, CEIR and PCMA) have created an ROI Tool Kit that any exhibitor can use to determine the effectiveness of their trade show program.

And the best part – it is free!!

You may have been to a show earlier this year and want to assess the value of that activity or you may be planning for next year’s show schedule.  Or you might be questioning if you should have a larger presence on the show floor.  Well all those questions and more can be answered with this ROT Tool Kit.

The Tool Kit answers questions regarding exhibit expenditure and its return.

Pre Event Planning:

  • Should we exhibit?
  • How many staff is needed to engage our Potential Audience?
  • How much space is required to attract and accommodate our Potential Audience?

Post Event

  • How many of our Potential Audience did we reach?
  • How active were our staffs in reaching the Potential Audience?
  • What is the ROI potential from leads obtained?

Having answers to these questions takes the guess work out of marketing.  With solid results, plans can be created to take full advantage of this proven marketing strategy.

Like any new tool or program, it will take a bit if learning to totally grasp the dynamics of it, but once the learning curve is mastered – one or two passes through the tool should do it – you will have a valuable instrument to determine the return on all those shows you manage.

One fascinating aspect is the “what if” capabilities of this tool-kit.  It allows you to adjust some parameters, like booth size, booth staff, etc. and compare resulting numbers based on alternative specifications.  This planning based on variable objective parameters provides a point of reference for a decision to scale up or scale back your show activities.

 

Jonathan Edelman provides helpful advice about trade show strategies. With years of experience in the trenches, he is an expert on booth displays, follow up techniques, and using trade show marketing strategies to boost revenue.

Trade Show Budgeting – Increasing Your ROI

Posted on: November 5th, 2012 by admin No Comments

Trade Show Budgeting - Increasing Your ROIIn hard economic times one of the first things many companies look at cutting back on is the marketing budget and attending trade shows is often a very first casualty. Trade shows generate billions of dollars in sales every year and rather than cutting this profit making activity from the corporate sales effort there are powerful arguments for actually gearing up with trade shows when the rest of your competition are removing themselves from the arena leaving their prospects and customers to you!

Trade show attendance is not that cheap which is why many companies look at this activity as a prime target for chopping the cost. Marketing managers need to demonstrate attendance is a good investment and the best financial indicator is ROI or Return On Investment. You have two ways of achieving a higher ROI – increase the sales over capital invested or decrease the amount of capital you need to invest – it’s simple on paper not so easy in practice.

Investing in all the kit you need to establish an eye catching display will cost you tens of thousands in some instances but you can equip your display team with a fraction of this by using a pre-owned booth and display equipment. There are a lot of companies who have withdrawn from the market as part of their recessionary cost-cutting measures but all they have done in reality is dump their exhibition equipment onto the market which is saturated with pre-owned gear.

You can source excellent pieces of display equipment for the fraction of the price and even better, when you come to exhibit at a trade show you are going to be one of a diminishing crowd of companies still exhibiting. The low cost of investment now required with second hand equipment will guarantee you achieve a high looking ROI which is going to help you persuade the bean counters that cutting the trade show activities is not a good business decision!

There is nothing you cannot source in the pre-owned market and there is a thriving industry collecting and refurbishing displays; the market is carrying a lot of stock at the moment as a result of many businesses disposing of items but you should take the time to find a specialist who can source and put together a first rate display for you. You may pay a little more for the service but the result you will get will be a highly customized display for your business which nobody will be able to distinguish from being brand new.

Aside from generating a higher ROI, you can also use the following to support your business case in maintaining trade show attendance. Trade shows are frequently viewed as a cost or overhead by financial managers who fail to see the results of the contacts and relationships generated in sales and marketing terms – the truth is, trade shows are a profit center and cutting them from the budget is a sure fire way of leaving the door open to your competition to take your customers and business.

Working a trade show on a budget can be difficult. But with creative marketing and low-cost rentals like plinko boards, a raffle drum promotion, or video game attractions, you can keep cost down and still have a great presence at the trade show. Additionally, you might want to consider event photography — a relatively low-cost and has a great payoff once your guests see pictures of themselves having fun! These are just a few of the many savings-conscious tactics discussed in the article.

Boosting the ROI of Your Trade Show Marketing

Posted on: October 21st, 2012 by admin No Comments

Boosting the ROI of Your Trade Show Marketing Planning for trade shows requires a substantial amount of time and effort. And the cost of attending the shows, including booth space, displays, and travel expenses, can be significant. Too often, business owners dedicate valuable resources toward their trade show strategies without having a clear plan for closing deals and increasing revenue. Predictably, they return home from the shows, empty-handed and wondering why they bothered in the first place. Exhibiting can be incredibly effective with the right trade show marketing plan and proper execution. In this article, you’ll learn how to boost the ROI of your trade show marketing to make the entire effort worthwhile.

What Kind Of Information Do You Need?

The key to closing deals, increasing your company’s revenue, and enhancing your trade show marketing ROI is following up with the leads from the event. Your planning should begin long before the trade show arrives. Identify the type of information that you and your exhibit staff will collect during the event. This will obviously include each lead’s name and contact information. But, you may also want to collect their website and email address, along with their specific needs and whether they have the authority to make a buying decision. Your trade show marketing plan is incomplete without this follow-up system in place.

Training Your Exhibit Staff

Once you have identified the type of information that you and your staff will collect, devote time to training your staff. Establish the expectation that their purpose is to qualify visitors as leads. Train them to approach visitors and engage them in friendly conversation. They need to inquire about the visitor’s needs, collecting information as they qualify them. Your booth staff is the front line force of your exhibit. Their effectiveness at qualifying leads and collecting information is integral to your overall trade show strategies.

Setting Lead Goals

Before the show arrives, establish lead-collection goals for each employee who will be working the event. The goals will help your staff remember their purpose while encouraging them to hit their targets. Plus, by quantifying the number of leads that you expect your staff to collect, you can establish a performance benchmark by which to review future lead-collection efforts.

Developing A Follow-Up Strategy

It’s not enough to plan to call every lead that you collect at the show. You need to carefully organize how your follow-up system will work. It is arguably the most important component of your trade show marketing effort. If you neglect to arrange your follow-up system in advance, you’ll likely fail to act on all of the leads.

Assuming that your entire staff is not working the show, assign an employee who is remaining at home to follow up on the leads. The earlier this happens, the better. At a 3-day event, an attendee may visit your booth during the first day. If you wait until you arrive home after the show to follow up, the lead will have cooled. Each day, have one of your booth staff collect the leads and either overnight them or email them to your employee back home. That employee should begin the follow-up process immediately.

Your Trade Show Marketing ROI

The ROI of your trade show marketing is a direct reflection of your follow-up strategy. Identify the information that you need for each lead. Train your exhibit staff to qualify visitors and collect the information. Establish quantifiable lead-collection goals for each employee. Finally, formulate your strategy for acting on those leads. The process of boosting your ROI is firmly within your control. You simply need to plan and execute.













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