Most exhibit-marketing managers have probably heard some variation of the adage, "You can't improve what you don't measure." But merely knowing you should have a measurement plan is a far cry from implementing one. That's because there are hundreds of potential metrics and measurement tools to choose from, creating the threat of "data paralysis." Thankfully, Joe Federbush, president and chief strategist of Evolio Marketing Inc., has some concrete insights to help navigate the measurement minefield.

For more than 20 years, Federbush has helped companies develop and implement effective performance-tracking plans, and he recognizes that the rapidly evolving measurement landscape can overwhelm veterans and newbies alike. From KPIs and OKRs to ROI and ROX, the topic is rife with acronyms that can leave an exhibit manager's head spinning. Here, EXHIBITOR asks Federbush to explain how the pandemic fundamentally altered which metrics exhibitors should be homing in on, what specific strategies they should be implementing, and why we should be excited about a new generation of analytic tools.

EXHIBITOR Magazine: In-person shows are coming back, and early reports indicate a general decline in attendance but an increase in lead quality. How should exhibitors factor this into their measurement efforts?
Joe Federbush: It sounds cliché, but it's probably more true than ever: Exhibitors need to focus on quality over quantity. Since the start of the year, trade show attendance has been generally down 30 to 40 percent. To make matters tougher, a recent survey we conducted revealed that 92 percent of show organizers report attendees are waiting until the last minute to commit to an event, meaning exhibitors don't even know who will be at a show. This means exhibitors need to recalibrate their measurement strategy. In the past, program managers have been setting objectives based on total attendance numbers, which just isn't going to cut it today. They need to pay much closer attention to attendee demographics and map out exactly who their true target audience is. It's a mind shift that really should have taken place years ago.

EM: How has the pandemic affected our industry's collective attitude toward measurement and the types of metrics that are prioritized, such as return on investment (ROI)?
JF: ROI is going to remain a critical goal, and in some ways will be even more important moving forward since budgets are still going to be tight for a while. Executives want to see that a show is worth the time and money put into it. That said, I expect exhibit programs to shift their focus to the importance of return on experience (ROX). Experiential marketing was already important before COVID, and I expect that to continue.
Creating a positive ROX begins with working through show organizers to determine what products and technologies attendees expect to see and then developing an experience that aligns with those desires. Exhibit managers will want to focus on exit and post-show surveys to track and assess ROX. Develop one or two statements on a five-point scale from "strongly agree" to "strongly disagree" about whether the booth's information, offerings, and displays met or exceeded visitor expectations.

Another key ROX metric to track through surveys is staffer performance. Exhibit managers should measure the quality of staffers' engagement, interactions, and knowledge to ensure their teams are helping drive stellar experiences. Once you gather the data and assess it, work to improve from one event to the next.

EM: The other topic everyone's talking about is hybrid. What advice would you give to an exhibitor who is worried about tracking their company's in-person and online performance?
JF: Hybrid is an interesting topic. In March, 53 percent of show organizers said they are going to include a digital component, so expect about half of events to be hybrid in some capacity. However, unless you're investing a lot of time and money in the virtual component, don't expect it to generate a lot of leads or traffic.

Trying to track in-person and online components at the same time can be daunting, but it doesn't have to be. My advice is to be conservative in terms of both goals and measurement. Start by setting five to eight goals for the in-person component and do the same for online, and then create a feasible measurement strategy to track your success. And don't worry if it's not perfect right out of the gate. As the saying goes, "Don't let 'perfect' become the enemy of 'good.'"

EM: By all accounts, virtual events aren't disappearing any time soon. Everyone got a crash course in 2020, and attitudes and "hot takes" on virtual-event metrics have evolved rapidly. Where do things now stand in terms of the key metrics to focus on?
JF: The upside of virtual events is that nearly everything is trackable, and the downside of virtual events is that nearly everything is trackable. It's easy to become overwhelmed by the vast amount of data available, so the key is to focus on what's relevant to your objectives. From what we've learned so far, digital events are not stellar at creating networking opportunities or generating new leads. But they do a pretty good job at delivering other benefits: building brand awareness, promoting thought leadership, and delivering valuable information. Focus on tracking the success of those.

If you're still feeling stuck, consider four key metrics. One, collect the total number of visits and the total number of unique visitors. Take a look at who came, how long they stayed, and who returned multiple times. This will give you a good idea of who's really interested in your offerings and who just popped in for a quick look. Plus, if you have a goal about the number of target attendees you hope to engage, you'll have a clear figure with which to measure the success of the event.

The second metric focuses on the value of the experience – ROX again – which can be measured via polls and surveys. For example, ask attendees to rate the usefulness of the presented information and/or their agreement with key messages. Three, measure brand impact. This can be done using a pre- and post-event questionnaire that asks about interest level or impressions of your company and will let you know whether your online endeavor boosted brand awareness. Along the same lines, consider using the Net Promoter Score (NPS), which is very relevant to tracking brand sentiment at virtual events. Finally, measure business impact. After leaving your event or experience, are attendees motivated to schedule a meeting, download a white paper, visit your website, or do further research about your products?

EM: What are the most cost-effective measurement tools and methods that deliver insightful feedback?
JF: My favorite measurement tool is literally free: observation. Some exhibit managers never take the opportunity to step outside their booths and just watch. Start with the basics: Is your brand clearly discernible from a distance and up close? Are your products readily identifiable from the aisle? Are there several visitors that look like they want to talk with someone but all the staffers are engaged since you didn't bring enough? Simple observation is a powerful tool that doesn't cost a nickel but is often overlooked.

If you have a little money to spend, surveys give you the best bang for your buck. Develop a measurement plan and standardize reporting templates that can be replicated across events. After the up-front expenses and resources, the cost of research drops significantly over time. Plus, if you have consistency across shows, you can start to develop your own benchmarks and compare results across events to start making better portfolio, investment, and staffing decisions.

EM: What do you see as the biggest challenges for exhibit managers when it comes to collecting, analyzing, reporting, and acting on data?
JF: I really don't think it's a lack of knowledge – it's a lack of bandwidth and resources. But that doesn't mean it cannot be done. Take baby steps and start with your tier-one shows where you have more money and time invested. If you cannot do that effectively internally, look at outsourcing to an expert that can tailor a measurement program and guide you through the process to ensure you're getting the feedback you need.

Another challenge is that exhibitors are pretty bad at cutting out shows that no longer produce strong results and hit what I call the 80/20 rule: 80 percent of their time is spent working on tier-three events that only account for 20 percent of their budget, and they only spend 20 percent of their time focusing on the tier-one shows that gobble up 80 percent. A strong measurement game can really help a team identify where they should be spending their efforts and what shows need to get dropped completely.

EM: How do you see measurement evolving in the coming years?
JF: One of the biggest leaps we're seeing from a market research and measurement perspective is the growth of artificial intelligence (AI). Research companies are coming up with ways to use AI to do dive-deep analysis, especially when it comes to finding patterns in things like open-ended feedback. In the coming years, AI is going to become more and more affordable, which will be a huge benefit to those collecting data.

The other area impacting marketers is the growth of data visualization tools and software. It's an important sector to watch because it makes everyone look like a data genius and makes it effortless to communicate your data story to stakeholders. It's an exciting time to be measuring and analyzing data, and it's never been more important for companies to stay on top of their measurement game. E

For more information on the five education sessions Federbush is leading at EXHIBITORLIVE, visit www.ExhibitorLive.com.