Companies and marketers find trade shows and industry events to be quite beneficial. However, as you are probably aware, attending exhibitions requires both time and money. Businesses and companies spend approximately 30.2% of their overall marketing budget on events and exhibitions, according to Forrester's research.
Given the large sums of money that are been invested on trade shows, how can businesses get the most for their investment? Six techniques to increase the return on your trade show investment are discussed today. Please continue reading!
Increasing the Return on Investment (ROI) from Trade Shows
1. Create a content strategy for the show's pre-show.
A strong pre-show content strategy is essential for optimizing return on investment. It is not enough to just have a fantastic booth; you must also build interest before to the event.
However, merely increasing your content creation will not have a significant impact on your return on investment. Create material that highlights the importance of the event as well as the value prospects will receive when they visit your booth.
Create appointments in advance: Garner list of attendees contact for your product ahead of time. Give them a quick description of your business or product, and then ask if they would be interested in scheduling 10 to 15 minutes of booth time. In the event that you have a standing calendar invitation to meet with you, people will be less inclined to miss your exhibit.
The primary and most important step is to advise your prospects on how to locate your booth. Provide them with a booth number as well as a guide or a unique aspect to help them locate your booth. The display halls at trade shows are quite packed. Make it simple for potential customers to locate you. You should also publicize any freebies, product demonstrations, competitions, or other advantages that your prospects will get if they stop by your booth during the event's pre-show.
2. Attract media attention to the trade show by promoting it.
The major form of trade show lead generation is through booth visits—but this isn't the only technique to generate leads. The organizers will almost certainly invite journalists, news networks, and industry experts to offer press coverage if the conference is significant enough to warrant it.
A unique chance for guests to acquire media attention for their firm and goods will be presented. Nonetheless, it's crucial to remember that reporters are not going to simply walk up to your booth and ask for an interview on the spot. Due to the fact that media outlets plan their event calendars months in advance, you must catch their attention early in order to fully benefit from the coverage they provide.
In order to attract media attention during your next trade fair, you may follow these steps:
3. Make the most of the booth.
It should go without explanation that if you want to attract new clients and prospects, your booth must be noticeable. But always remember that your primary objective is to turn prospects into paying clients! Despite the fact that trade show visitors may flock to booths with attention-grabbing, outlandish ideas, you will only increase your return on investment if you provide something of substance.
Simply follow these tactics to attract guests to your booth and turn them into leads before they go.
4. Follow-up After the Trade Show
Assuming you performed a good job at your booth, guests may likely have you scheduled in their calendars and be looking ahead to your phone call when you arrive. If that's the case, you've fulfilled your main objective of advertising your product and building relationships with potential customers.
However, it is crucial to devote the same amount of thought and time to your follow-up approach. Consider adopting the following actions to increase the return on your trade show investment:
5. Calculating the Return on Investment from Trade Shows
The only way to determine the success of the event show is to track your return on investment (ROI), just as you would with any other marketing campaign. If you don't measure your return on investment, you'll never know if your approach is producing results, improving over time, or becoming stale.
The most basic method for calculating return on investment is: (Profit – Expenditure / Expenditure. The "Profit" figure only reflects sales that occurred as a direct consequence of your trade fair attendance; everything else is excluded. Of course, you will not have access to these numbers immediately. Before you can figure out how much profit you made, you must go through the whole sales cycle with your customers.
Ensure to tag every trade show lead with an event-specific keyword in your customer relationship management system. Once leads begin to convert into paying clients, we can instantly identify participants and analyze their return on investment (ROI).
6. After-Show Analysis
Previously, we discussed how to assess return on investment (ROI) after a trade show visit. However, given that you do have those figures in hand, you may still be unsure about the significance of trade shows and industry events in general.
What we recommend is as follows: Begin by comparing your return on investment from the trade show to your typical event ROI. Did your performance improve or deteriorate? Also, compare the amount to the return on investment (ROI) of your typical marketing effort. If you discover that your return on investment (ROI) at your most recent trade show was lower than usual, analyze your tactics and determine what you can do to enhance your results.
Here's an illustration: In the month of December 2014 you visit two trade exhibitions. You produce nearly the same amount of leads at each of your gatherings. However, you received far more product demo requests at the second exhibition than you did at the first.
You examine your actions and ask yourself, "What did I do differently?" Would that be your booth set-up that caused the problem? What is your marketing plan for the show's run-up? Alternatively, you might have presented an alternative giveaway option. Later, you discover that you employed a creative but congested booth design at the second trade show, which attracted attention but ultimately detracted from the emphasis placed on your goods. You then utilize this knowledge to shape your future trade show booth design, so increasing your return on investment from the trade show.
Takeaways for Increasing the Return on Investment from Trade Shows
Not every trade event will be worthy of your time and attention. In contrast, if you completely avoid using them, you will lose out on a significant chance to interact with prospects. Take a look at this example of how useful trade exhibitions can be if the approached right (source):
LeadGarner can provide you with further information on how to improve your B2B marketing approach. Our B2B contact database is the answer you've been looking for to achieve your marketing objectives.