Topic
Measurement
Set the right goals, track ROI and ROO, and show your executives exactly what every show is worth.
Trade show measurement doesn't have to be complicated. I've heard plenty of people say it's impossible or a waste of time, but when you can't show what a show produced, you usually end up with a smaller trade show budget the next year. Start small, and measure the same things at every show so you can compare them.
Set your objectives before you go
Ask why you're exhibiting at this show and what success looks like. Leads are the most common objective, but meetings with current customers, press coverage, recruiting and finding new vendors or partners can all count. Write the objectives down and agree on them with sales before the show, so everyone is measuring the same thing.
Measure three things at a minimum
- Return on objectives (ROO). Did you do what you set out to do? Did you meet with all 10 customers on your list?
- Return on investment (ROI). Take the gross profit you can trace to the show, subtract your total show investment, then divide by that investment and multiply by 100. If a show brings in $60,000 in gross profit and cost you $30,000, that's a $30,000 net return and a 100% ROI. Open pipeline isn't realized return, so I report deals that haven't closed separately as expected return. More business from existing customers counts too.
- Budget vs. actual. Did you spend more or less than you planned, and if you spent more, was it worth it?
Define a qualified lead first
A lead count only helps if everyone captured leads the same way. Decide what makes a lead qualified and how your staff will capture that information, including the next step you want each visitor to commit to. Then follow up fast, because a lead nobody calls back is worth nothing. My lead follow-up page covers that part.
Report on every show
After every show, share a short report with everyone who has a say in the budget. It gives you an answer when someone asks what you're getting out of your trade shows, and it makes next year's show choices easier. My trade show scorecard uses the same kind of numbers to compare shows before you sign.
Start here
How to Measure Trade Show ROI When Your Sales Cycle Is Long
Measure in stages. Set objectives and a cost per qualified lead target before the show, tag every show lead in your CRM, then report at 30, 90 and 180 days: qualified leads and meetings first, pipeline created next, and closed revenue last.
3 things to measure at trade shows if you are not measuring anything else
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." That's right, metrics give us information to make informed decisions.
How should executives measure trade show results?
It's not uncommon for a CFO to review the balance sheet and see trade show expenses as #1 or #2 category on the marketing budget. This usually raises the "red flags" and leads to marketing teams scrambling for answers to the question that follows, "What are we getting out of our trade shows?"