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Show Me the Money Maximizing Your Trade Show Investment
By Christine Galea
Publication: Sales and Marketing Management
Date: Tuesday, March 20 2007
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You know the saying: Time is money. Yet ask many executives how they feel about their trade shows, and they'll tell you they are a waste of time and money. "Trade shows are probably the most mismanaged, misunderstood portion of your marketing budget," says Quinten Barclay, CEO of Cummings Group, a marketing communications consultancy based in Rockford, Ill. "They're a huge investment and should be
treated with no less concern than any other multi-thousand dollar investment—and when you can't measure results, it becomes a true waste of time and money."
And the situation is not improving: A Center for Exhibition Industry Research report found that more than 80 percent of the leads gathered at trade shows are never followed up on. So why has no one pulled the plug on these shows? It's because they still work. Salespeople are exposed to more prospects in a few show days than in three months on the road.
But exhibitors fail to understand there is a science to success: determining the size of the exhibit you should take, the number of people you should have at the exhibit, how to handle the lead generation process, and ultimately, how to measure the ROI of the show.
So executives, take heart: It's not impossible to get more bang for your buck at these shows, and the tactics are pretty fundamental. We've talked to the experts and they shared with us some of the most important strategies to maximize your trade show ROI.
BEFORE THE EVENT
As with any other marketing program, the basis for exhibiting success rests on how well it is planned out. "A major reason exhibitors fail is that they are inadequately prepared," says Steven Hacker, president of the International Association of Exhibitions and Events (IAEE) based in Dallas. "There is an absolute need to do preshow, onsite, and follow-up promotion. All of these components are not magic—it's what you do. Those who do it right get good results, and those who don't, get bad results. That's not to say you can't get lucky, but why rely on luck when you can do it right?"
Determine Your Goals
If there is one tactic that all the experts can agree on, it's plan, plan, plan. Deciding on concrete objectives months before heading to a show will shape the success of the event and provide benchmarks to measure the effectiveness of your presence after the show. "The greatest single failing of most companies that do not have good experiences at trade shows is that they fail to go into the event with defined objectives," Hacker says. Make sure all key members of the management and selling team are present in the planning so everyone understands what the objectives are and how to achieve them.
Remember, each company is going to have its own set of objectives—although the most common goals are lead and revenue generation. Some basic questions companies can ask themselves to determine goals are: What is the reason we want to participate? What do we want to accomplish? Do we want to garner leads from new potential customers? See current customers? Do we want to introduce new products? Are we repositioning? How will we deal with leads captured? Once goals are defined, you can then make your budget, and have a basis by which the ROI after the event can be measured.
Pick the Right Shows
Ideally you want to attend shows where you will be exposed to a sufficient number of decision makers in your industry. "There should be some kind of combination of looking at the show, using customer input about which shows they are attending, and input from your sales departments about which shows their clients are going to," says Ian Heller, CEO at ExpoMarketing Group, a trade show and events management services provider based in Irvine, Calif. "Then get together
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