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I've heard it many times, "Trade show measurement is impossible", "I wouldn't know where to start measuring" and "Trade show measurement is a waste of time."
If these statements were true, why would there be so many stats in baseball? Why are there so many financial statements & quarterly reports? Why do sales reps have quotas?
That's right, metrics give us information to make informed decisions. And, that's why we need to measure trade show results.
Ok, now that we're on the same page, let's look at 3 things to measure at trade shows if you're not measuring anything else:
1.) Return On Objectives (ROO)
Why are you exhibiting at your next trade show? Everyone should have at least 1, 3, or 5 objectives for exhibiting at trade shows.
The most common trade show objective is the amount of leads (make sure they're qualified leads!). Others might be the number of customers you met with, meeting with the media, competitive intelligence gathering, etc.
You get the picture. ROO measurement should be fairly easy. Did we meet with all 10 customers? Did we get a story published in the trade magazine?
2.) Return on Investment (ROI)
Many people think you can only measure this with new leads and a sophisticated CRM. The CRM helps, but it doesn't catch everything. Existing customers who buy more from you count. So does a new vendor or partner you meet at the show who lowers your costs.
I use this formula.
ROI % = (attributable gross profit minus total show investment) / total show investment x 100
Use gross profit, not revenue. Your total show investment is everything you spent to be there: space, booth, shipping, material handling, travel, staff time and promotion. If a cost is already taken out of your gross profit, don't subtract it twice.
Say the deals you can trace to the show bring in $60,000 in gross profit, and the show cost you $30,000 all in. Your net return is $30,000. Divide that by the $30,000 you invested, multiply by 100, and you have a 100% ROI.
Pipeline that hasn't closed isn't realized return. If you leave the show with $200,000 in open opportunities, that's not $200,000 of return. I report it on its own line as expected return, with the close rate and margin I assumed, and I update the ROI as deals actually close.
And if a new vendor you met helps lower your cost of doing business, count those savings when they show up. That's real return too.
3.) Budget vs. Actual
You outlined a budget before you went to the trade show, right? Well then, all you need to do is track your expenses and find out if you spent more or less at the show. Then compare that to your ROO. If you spent more, was it worth it?
Now, get out there and at least measure these 3 things at your next trade show!
Have a question? Ask me.