Measuring exhibiting success
In today's highly competitive and cost-cutting environment, it's performance that counts. Bosses want results. They want to know that trade shows work and produce a return-on-investment. The basis for all trade show measurement is realistic and quantifiable goals. Start with the end in mind, i.e., know what it is you want to achieve from your trade show participation. What are your goals? You need strategies to help you accomplish goals, as well as a means of measuring your success. It is important to establish a method for tracking show expenses and revenues. Results can be measured immediately following the show, and also at timed intervals, e.g., 6-9 months after the show. The following are steps that will quantify your goals.
Generating sales leads
- Establish a realistic number of leads to be gathered daily and/or over the length of the show.
- Have each booth representative be responsible for gathering a certain number of leads.
- Decide on a rating system for measuring the quality of each lead.
- Budget for each lead's cost -- how much can you afford to spend?
- Choose what form of measurement would be most meaningful, e.g., cost per lead or cost per sale.
- Calculate costs per lead -- take your total show costs and divide by the total number of leads generated. For example, total show costs is $50,000, total number of leads generated is 500, the cost per lead is $50,000/500 = $100.
Writing orders
- Determine which products are to be sold at the show.
- Establish realistic numbers for each product to be sold or dollar volume expected.
- Calculate cost per sale -- take your total number of sales generated and divide by the total dollar income from sales generated. For example, total dollar volume of sales generated is $25,000, total number of sales is 50, the cost per sale is $25,000/100 = $250. Note: Compare this figure to the cost of your company's average field sales call.
Capturing media exposure
- Target specific publications and/or radio and television networks.
- Develop press kits.
- Issue special invitations to your targeted media.
- Track interviews with the press.
- Request copies of articles published or tapes of radio/television coverage.
Media coverage is extremely difficult to measure in financial terms because of the spillover effect it can have on sales. Printed articles can be measured in dollar value to the cost of column inch advertising, and broadcast exposure in terms of the cost of air time.
Meeting existing customers
- Establish a particular reason why customers should visit you at the show -- e.g., previewing a new product, or learning a new application for your existing product.
- Issue special invitations.
- Create a method for tracking customers. For example, design specific lead cards, or have them return a completed survey (sent to them in advance) to the booth.
- Calculate cost per existing customer -- take the total cost of attracting existing customers, and divide that figure by the number of customers who visited the booth.
Recruiting dealers/distributors
- Decide the number of dealers/distributors you want to recruit and in what geographic locations.
- Advertise in trade publications.
- Mail invitations to a targeted group.
- Develop a lead card for tracking specific information.
- Calculate cost per recruit -- take the total cost of the recruiting program, and divide it by the number of recruits.
Introducing a new product/service
- Determine the target audience to which you want to introduce your product/service.
- Advertise in trade and local publications.
- Conduct a special mailing to your target audience.
- Develop a tracking system for visitors. For example, award a gift for every visitor who views a new product/service demonstration and submits a completed lead card.
- Calculate cost per new product introduction -- take the total cost for the introductory program, and divide it by the number of visitors who viewed the product/service demonstration.
Conducting market research
- Decide what information is needed and why.
- Determine which competitors should be visited.
- Decide who is responsible for gathering the information.
- Produce a survey that captures specific information from competitors and/or visitors.
- Assign someone to evaluate and distribute the information that has been gathered.
- Measure the evaluated results against your set goals.
Spending the time necessary to set up the above measurement systems will give you exactly the kind of specific, quantifiable figures that upper management needs and wants to see. Your value to your company will increase when you can justify your program's expenses and produce assessable results.
-- Reprinted with permission from ExhibiTips, a publication by the International Exhibitors Association, 703-941-3725.