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Take Steps To Increase Your ROI
So your company has decided to exhibit in the industry’s largest trade show, or perhaps a more intimate niche show. Now what? How will you measure your return on your company’s investment of time, money and manpower to pull off a successful show? What makes a trade show successful anyway? How do you determine whether your company should exhibit in the same show next year?
Companies in all industries around the world struggle with these questions trade show after trade show, year after year. In this short read, we hope to offer advice on how to address these questions and provide you with tips and facts to use when making important business decisions with respect to trade shows that will ultimately lead to maximizing your return on investment (ROI).
According to the Center for Exhibiting Industry Research, 22% of sales and marketing executives say trade shows are their number one source for leads more than any other means of lead generation. Being prepared is of the utmost importance when it comes to exhibiting. Without a well thought out strategy, your investment could be jeopardized.
Exhibiting at industry events provides a unique opportunity to gain exposure to a high volume of potential buyers. 86% of trade show attendees are new contacts for those exhibiting and 53% of them intend to buy within 12 months. In order to maximize your investment and make the most of the prospects, your participation in the event must be well planned, executed, and promoted.
A well planned strategy is critical to maximizing your trade show investment, and the first step in planning is to set quantifiable objectives. In order to determine your objectives and goals, start by answering the following key questions:
• Why are you exhibiting?
• Who is your target audience?
• What messages are you trying to communicate?
• What is your measure of success?
• How many leads and follow-up meetings will equate to success for this show?
Once you have solidified your goals, identify your objectives for reaching those goals. Remember, objectives should be specific, focused, timely and measurable.
In order to meet the outlined goals and objectives for the event, it is necessary to promote your company’s participation in the show before, during and after you exhibit. According to a 2006 Market Reality eSurvey, the average trade show showcases 286 exhibitors, making the competition steep. Because of limited time, 76% of attendees have pre-set agendas before ever stepping foot on the show floor. In order to maximize your company’s return, consider the possibilities of promoting your presence at the show well in advance in order to land yourself a spot on the attendee’s agenda.
Pre-promotion increases booth traffic by 30%, and provides the initial steps to success. To get started, identify your desired targeted audience. Consider initiating a variety of marketing mediums to reach your desired market and ultimately drive home your company’s message.
For example, prior to participating in the next trade show set an expectation by planning to increase existing customer revenues by $500,000 through face to face meetings at the trade show. Prior to the event, send personalized emails to your existing clients, hand write a letter and host a private client appreciation dinner while you have your audience captive.
If your goals are set on acquiring new business leads during the trade show, send email promotions or mailers prior to the event inviting potential visitors to stop by your booth for a peak at your latest products and services. In addition, invite potential visitors to pick up a gift or enter a drawing to win a desirable prize. All of these promotions will help the attendee remember your company and could possibly land your company a spot on the attendee’s agenda.
At-show promotions create an experience for the visitor and, thus, generate enthusiasm for your presence at the show. Successful promotions attract, communicate and reinforce your company image, and often times include some type of take-away product/premium. A few helpful tips when selecting a promotional product/premium:
• They should be of high perceived value
• On the desk is better than in the desk
• They should provide a direct link to your products and services
Most importantly, create an interesting message to relay to passer by’s by educating your booth staff on how to speak to potential clients conveying a consistent, accurate and concise story about your company that a potential client will remember. Additional quick and easy tips for improving your on-site presence at a trade show include, coordinating your dress, purchasing available sponsorships from the hosting association and inviting potential clients for meetings in your booth on the day of the show.
If you build it, they will come.
Trade shows are like busy highways, with mobs of people whizzing up and down the lanes. Your booth is comparable to a billboard competing for attention on a congested highway. With so much competition, it is easy to miss the mark when it comes to getting your audience to take notice of your booth. With that said how will you diversify and stand out to the crowd?
In addition to a fully engaged marketing plan, you must think strategically about your booth graphics and design. Long gone are the days of hanging banners and black drapes. In today’s trade show world, it’s all about product, lifestyle and appealing sensory graphics. Your booth is the climax of the story you want to tell, and it is the chief tactic for capturing the visitor’s attention. With only 3 minutes to reach each prospect, it should provide a well orchestrated message while stimulating the visual, auditory and olfactory senses of the passer by.
A lot to ask from a 10 x 10 space, but it is the catalyst for gaining more time with your audience, and should clearly state who you are, what you do, and what you are offering. Graphics and messaging should be large, colorful and bold and be consistent with your corporate identity.
Maximizing your floor space at a trade show doesn’t necessarily mean you’ll increase your return on investment. Whether your company exhibits in an affordable 10 x 10 booth or a monster 100 x 100 booth, your ability to plan and execute a comprehensive marketing campaign is key to maximizing your return on investment. During the show, don't just get contact information, make note of what the visitor was interested in. This will help you tremendously in follow-up and increase your chances of a sale. By setting quantitative, measurable goals and objectives prior to the trade show, you set your company up for success for the post-event analysis. Did we showcase our new products successfully to our valued customer? Did we capture as many qualified leads as we expected? Are we likely to close new business from these leads? These are all questions that will assist you with completing post-show follow up.
Post-show promotions increase the impact you make on a visitor, and reminds them of their experience with you at the show. By following-up with your visitors after the show, you create value and set yourself apart from your competition. Something as simple as a thank you letter or an email can speak volumes to a potential buyer. Deferred rewards, personalized promotional products, and information packets are also great post-show communication tools. Regardless of your method for follow-up, target it for 2 weeks after the show so that it is still fresh in their memory but doesn’t get lost in their out-of-office catch up.
Things to consider when planning your budget and involvement in next year’s trade shows are simple. First, take the pros and cons assessed when evaluating your quantitative goals and objectives and compare the results amongst the various trade shows in which you participated. Be sure to compare notes on the various marketing initiatives you engaged and note what worked and what didn’t. Second, don’t be afraid to ask for help. By hiring an outside resource to manage your trade show presence, you give yourself time to continue running your business while the trade show marketing experts prepare you for the show.
Let’s face it, trade shows aren’t cheap. Therefore, if you’re going to make the initial investment in exhibiting at a trade show, take the necessary steps to ensure that you have a successful show. Increase your return on investment by engaging a fully planned and well executed marketing strategy before, during and after the show.
For additional help on your trade show display, or graphics for other pre- and post-show materials please contact us at info@mmosby.com.
Article modified from Our Two Cents: September 16, 2007
To read full article visit
http://www.dma-solutions.com/twocents.asp?id=84