3 Steps to Better ROI from Trade Shows

Trade shows can be a cost- effective way of generating leads, fly the company colors and keep a handle on what is going on in the industry. But, it is important to pick the right show and carefully plan participation to get the best "bang for the buck".

The three steps preparation, execution and follow- up are equally important, and metrics are they key to success.

Each industry typically has flagship trade shows, where industry leaders exhibit and important customers visit. These will run every few years, and oftentimes have related events like training or association meetings. Another option is to exhibit at smaller, highly targeted regional shows put on by associations or industry organizations. Although narrower in scope, they are highly focused and offer opportunity to reach important target segments.

Besides collecting leads and building brands, exhibitors can talk to prospective customers about what is new and interesting, answer questions, promote new products and see what competitors are up to. Secondary benefits include a chance to entertain existing customers, and training the own sales force. Another key benefit of trade shows is branding, so it is important to put the best foot forward with a striking booth design.

Activities before a trade show

Once a good booth location is secured, the marketer sets goals for show participation. These should at least include number of leads, number of booth visitors and sales that result directly from exhibiting.

Next a communication plan needs to be defined. The foundation can be existing lead lists, combined with lists and advertising opportunities from the exhibit organizer. The plan can also include mailings inviting customers to visit, ads in trade publications and/ or show catalog, sponsorships of breaks, meals or other innovative ideas. Sales Reps invite their important customers, and pre- schedule as many meetings as possible.

For longer lasting effect in the on- line echo chamber it is a good idea to write press releases with new products and other news, and invite media to meet executives in the booth or at a press conference. If the company is a major industry player, a dedicated customer event with refreshments and access to management will draw an audience, and is effective.

Staff needs to be scheduled and trained, and assigned duties ahead of time. For Sales Reps this includes scheduled time to walk the floor, and daily report back on activities and news from assigned competitors.

Activities at a trade show

Once the show is underway, the primary goal is to collect leads. To this end staff will talk to visitors to the booth, quickly asking a few qualifying questions about employer, position and purchasing needs. If the visitor is a prospective lead, she is handed off to a Sales Rep for further probing and actions. If not, it is time to move on to the next visitor. Make sure each visitors badge is scanned for the company data base, offer a small give- away in exchange.

To stay on track with goals, booth and isle traffic should be measured several times daily. Count how many people walk past the booth for one minute and multiply by 60. Then count how many people are in the booth during one minute, and multiply by 60 for an hourly count. A Hit rate can then be calculated by dividing Booth Visitors by Booth passers- by.

Working a trade show booth is a high energy activity, and brakes need to be scheduled. Staff should not sit on furniture, check e-mail or eat in the booth, as it looks thoroughly unprofessional and is not good branding!

Morning and evening time is to be used for customer meetings over breakfast or dinner. Organizing these meetings are the responsibility of Sales Reps, but management and other staff should participate as appropriate. The time after the show closes but before dinner can be used for smaller customer events, in the booth or at a nearby location. Just keep in mind there is great competition for customers attention!

"Staff should not sit on furniture, check e-mail or eat in the booth, as it looks thoroughly unprofessional and is not good branding!"

Activities after a trade show

The real selling work starts after the show is over. Within a couple of days, send a follow- up e-mail to all new contacts, thanking them for visiting the booth and extending any specials or show pricing for a limited time. Make sure any requests for literature or sales calls are fulfilled.

High value prospects get a phone call or visit, and all leads are assigned to the respective sales rep or distributor for additional follow- up.

The ROI for a show can be measured in several ways, important metrics are:

• total # of leads generated
• cost/ lead (total cost to participate/ total leads generated)
• sales conversion = total new sales/ total costs

Documenting the results from trade shows over time helps with selecting the most effective ones. Poor performing events are dropped, and new promising ones added.

TIP FROM THE TRENCHES:

Besides ROI metrics, make sure to document and share all observations about competitors and products, and use the information in product and market planning. Also while memories are fresh, do a formal debrief with booth staff, asking qualitative questions like "What worked well/ what did not?" and "What would you change for the next show?". These Lessons Learned will help improve the quality of trade show participation!

Per Ohstrom is a Senior Marketing Executive and Consultant. His website can be found here. #leadership #B2B #B2BMarketing #tradeshows