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A Guide to Measuring Success in Today's Tradeshow Environment
4/11/2023
If you've heard it once, you've heard it a million times! "How was the trade show? Was it a big success?" Every event manager knows to expect the V.P. of Marketing, or even the CEO, to ask those question as soon as the last show attendee exits the building. In today's world, data is the Holy Grail. Companies are relentlessly acquiring and processing information. Those responsible for the planning, execution and results of a trade show program can no longer answer based on personal observations and gut-feel. "Our booth was packed the entire show," is just not an acceptable response. Since the cost of a trade show program is typically a major portion of a company's marketing budget, a positive return on that investment (ROI) is critical if management is going to see the value in funding a program. Without the necessary management commitment and financial support, trade show programs languish or even worse, are eliminated altogether - neither of which is a satisfactory outcome for an event manager with creative ideas and solid ambition! But measuring the ROI of a program is complex. First, "success" must be defined by setting clear objectives based on corporate goals. Then a measurement plan that translates objectives into key performance measures needs to be established. Everyone accepts that trade shows must be on budget, on time and produce a high level of participation satisfaction. However, using data to measure results, event managers can go beyond the basics and demonstrate the profound impact a trade show program can have on an organization's overall success. Implementing a Measurement Model Most trade show events do present an excellent opportunity from a marketing perspective. At Exhibitus, we walk the show floor looking for companies that have good ideas and are working to make the most of the event. We also evaluate our clients' exhibit marketing performance in a more comprehensive manner using one of the most effective models in the industry. Through this case study of a successful exhibit, we will show how it is possible to improve results and lower costs by adjusting your approach to each event. It All Starts with Understanding Potential Audience Before you can measure effectiveness, you have to know your potential. This starts with analyzing your audience. Success begins with choosing an opportune show and understanding the potential of the audience that will attend. Most events are organized by trade associations that do a good job of providing the demographics of expected attendees. The following performance summary presents the key elements of a perfectly sized, successful exhibit at an attractive show. We refer to these variables as Key Performance Measures. They detail the efficiency, effectiveness and business impact of a company's trade show marketing effort at this event.
As you will see as we continue our example, the quality of the show is a critical to the level of success and payback of the event. You don't have any control over what a show offers, but you can choose appropriate events and then design your booth, messaging and activities based on the event's characteristics and the opportunity it offers your company and marketing program.
Based on this example, let's look at the following factors:
Sales are the domain of the sales force. An important measure of success for a marketing event is to identify the "sales opportunity" it created for the company. To do so relies on a few essential elements:
Based on this example, we can conclude this was a highly successful event! Look at the qualifiers:
Most importantly, we can show our results to upper management in context of business improvement and return on investment. Not only will the program's value be evident, but the professional contribution of you and your team will be recognized and rewarded. And in some cases, we can even present a rational case for program growth! To get the full white paper, click here to download: info.exhibitus.com/measurement-white-paper or contact Lynn Reves at Exhibitus' Result Division, 470.375.6039, lynn.reves@exhibitus.com *All images courtesy of Exhibitus. Lynn Reves, Vice President - Marketing & Results Strategy, Exhibitus Lynn oversees the marketing program and Results Division, focusing on client success and proving value in program efforts. Contact: lynn.reves@exhibitus.com |
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