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TradeShow Teacher Column

Trade Show ROI, ROO and Registration

January Topics

-  Trade Show ROI (Return on Investment) and ROO (Return on Objectives)

-  Selecting the Right Trade Shows to Register For

Linda Musgrove
TradeShow Teacher
www.tsteacher.com

Hello readers! Many of you have enjoyed my articles on insurance, floral and shipping in past issues. Now a stimulating monthly column titled “TradeShow Teacher” has been added to Exhibit City News, covering topics all over the trade show landscape designed to educate and provide strategies.

As many of you know, I am the TradeShow Teacher; and I just can’t help myself but break up today’s topics in little lessons.  And where is the fun in being a teacher if I can’t give homework? So each lesson will have some “homework” (which I am sure you could also do in the office instead of at home) you can immediately apply to your trade shows. So let’s get going class, this month we are going to cover Determining Trade Show ROI (Return on Investment), ROO (Return on Objectives) and How to Select the Trade Shows You Should Register For.

OK Class, now stop talking amongst each other and pay attention!

Lesson Number 1: Trade Show ROI (Return on Investment) and ROO (Return on Objectives)

Measuring the results from each show you exhibit at is a crucial part of understanding the value of each show and associated marketing activities. Being able to measure and quantify those to returns can also do wonders when you argue for your tradeshow budget. Now, when looking at the “return” from each show, there are two areas which should be measured; these are ROI (Return on Investment) and ROO (Return on Objectives).

These results should be compiled for each show, then included in a Post Show report and analyzed when considering to exhibit at that show next time and/or to evaluate where ROI and ROO improvements can be made. Assuming you have followed most of the TradeShow Teacher tips you will then also have great documentation that can be used while negotiating your next raise!

How is ROI Determined?

Trade Show ROI can be determined and measured in several ways: The most basic form is to compare the entire show investment, including, but not limited to exhibit space cost, marketing activities, shipping, travel and personnel costs against the sales generated from the event.

2.   For deeper analytics, measure the sales generated against:

-  Cost Per Total Leads

-  Cost Per Qualified Lead

-  Cost Per Total Attendees

TRADE SHOW ROO (RETURN ON OBJECTIVES)

Very often there is more to exhibiting at a tradeshow than just generating sales leads. Other potential goals may include winning awards at shows, getting coverage in publications, securing speaking engagements, finding partners etc.  Every show your company exhibits at should have defined goals and objectives to give a clear direction of why the company is exhibiting at that particular show and what the intended results are. An added benefit is that this data informs booth staffers and ensures they have a better understanding of their role at the show and what is expected of them.

How is ROO Determined?

-  ROO is measured by pre-determining the intended results, then recording the actual results achieved at the
   show; to analyze where improvements can be made.
 

-  For example: Let’s say one of your objectives was to showcase a new product/service and you plan to
   have150 attendees view a demonstration and fill in a post show survey; after the show you will count how
   many post show surveys were filled in and record that amount in a post show report to determine the
   company’s ROO.

LESSON NUMBER 1 HOMEWORK: Create a Basic Post Show ROI, Leads Analysis and ROO Report after exhibiting at your company’s next show.

Basic ROI Report

Basic Leads Analysis

Basic ROO Report (Example)

LESSON NUMBER TWO: Selecting the Right Trade Shows to Register For

Determining the best shows to exhibit at can be an overwhelming exercise. However once you establish a selection process, the ability to determine targeted shows that deliver the highest ROI becomes surprisingly straightforward.

A great place to start your search is by asking existing customers which trade shows they attend; these shows are likely to have prospects looking for your type of product/service. Another key place to find targeted trade shows is to find where your competitors are exhibiting; you can typically find this information on their website. There are also a variety of online trade show databases that allow you to search by items such as industry, city and month making it fairly easy to compile initial lists.

Once you have created your list of possible shows, start narrowing down that list by requesting the attendee demographics of each show and determine whether your key prospects are attending this show. Begin by establishing answers to the following few questions:

-  What is the projected number of attendees?

-  What industry or vertical does this show belong to?

-  What are the job titles of the attendees that visit this show?

-  Does your key prospect type attend this show?

-  Do these attendees having buying influence or purchasing authority?

Keep in mind that Attendee Demographics are often generated as a sales tool by the show and the data can be skewed in their favor; only a Certified 3^rd party Show Audit provides accurate data related to the show.

Other significant aspects for consideration are:

-  Will your business have enough time to prepare for this show in the most effective manner?

-  Will you have enough employees available that are well suited for staffing the booth?

·     Determine how many booth staff will be available, then determine the size of booth that will enable proficient management of traffic flow.

-  Are there any conflicting business functions and/or commitments at that time of year?

-  Can your company effectively follow up with the leads obtained after the show?

After carefully establishing the targeted shows you will be exhibiting at, contact the show for a contract to register for exhibiting. As with any contract, be sure to read it thoroughly before signing! There is no standard way to register for exhibiting, each show will have their own process; typically it is either an on-line registration form or a form to fill in by hand, sign and fax back. As with most business transactions, ask for discounts or additional value to be included in your booth price. Often you can get an ad in the show guide, a banner placement or other value included in your price.

Once you have registered to exhibit at a trade show, the amount of paperwork that follows can be colossal; stay tuned for strategies to effectively manage the massive amounts of paperwork in next month’s TradeShow Teacher column! But before the bell rings and you are allowed to move on to the next article, there’s some more homework for you!

LESSON NUMBER 2 HOMEWORK:
To speed the process for determining the shows to exhibit at when reviewing attendee demographics and/or show audits, create a list with the key facts about the type of prospects your business is looking to reach. Sales and Marketing should work as a cohesive team to ensure that targeted shows are selected. Use this basic guide below for assistance to get started and expand upon with additional targeted business information.

B2B Key Prospects

-  Industry

-  Geographic Area: (If Relevant)

-  Verticals to Exhibit In: (Ex: Insurance, Legal, Healthcare, etc.)

-  Title of Key Prospects: (Ex: VP, Director, Manager, etc.)

-  Company Size of Key Prospects

-  List of Shows Your Top 3 Competitors Are Exhibiting At

-  Purchasing Time Frame

Consumer Prospects

-  Geographic Area: (If Relevant)

-  Male/Female: (If Relevant)

-  Income

-  Interests: (Ex: Swimming, Golfing, Tennis, Crafts, etc.)

-  List of Shows Your Top 3 Competitors Are Exhibiting At

-  Purchasing Time Frame

-  See you next month, don’t be late for class!

Linda Musgrove is President of the Miami based Trade Show Training & Consulting firm, TradeShow Teacher, catering to businesses Nationwide. She has taught many companies, over the years, how to improve their Trade Show Results through Educational Trade Show Marketing Programs for individuals, departments or entire teams and with the Trade Show Training Manual she authored, titled: Trade Show Training, for Increased Return On Investment.