Trade shows and exhibitor events are the place to go when you want to expand your marketing reach and focus on specific targets. Did you know that a majority of executives who attend B2B trade shows have purchasing power? As a marketer, your company’s attendance at an annual trade show is your time to shine. You can design a fancy booth, hire the best staffers in town, and use brand-specific hashtags to create a conversation online.
But your budget isn’t unlimited. While it’s true that events take up around twenty-five percent of a company’s annual marketing budget, you still have to justify that budget. Your bosses and executives will need to know that attending the trade show is worth it, which means that you need to figure out a way to determine your event ROI.
What Is Event ROI?
You might be no stranger to event marketing metrics but even though you can count the number of leads that you acquire at each trade show, you still might not know how much money you’ve made as a direct result of attending the trade show. Event ROI is the amount of money that your company makes after spending money on the booth, staffers, and any other marketing assets you have at the trade show. Ideally, your event ROI should be greater than the cost of attending the event.
To start measuring your ROI, you’ll need to know what you’ve already spent. But that’s easy, since you’re on a fixed budget and everything from the booth construction to the staffers’ pay stubs is documented. It gets more challenging when you need to measure the incoming money.
A Few Simple Ways to Measure Event ROI
There are a few reasons to market at a trade show. First, your goal is to capture leads. These leads are worth something and you need to figure out how to quantify them. Executives with purchasing power are going to be worth more than entry-level employees, for example. But you can’t really put an exact number value on a lead until you close a transaction with the lead.
Second, you can attend a trade show to close sales. When measuring your ROI, you should start here. Calculate the total number of transactions during your event and you’ll start to see your ROI taking shape. Next, you need to think about the purchases following the trade show. You can correlate your purchase orders with leads that you captured at the event. For example, if person A became a lead during the trade show and made a purchase within ninety days after the trade show ended, you can include person A’s purchase as part of your event ROI.
Once you assign pound values to your metrics, you can start crunching the numbers. For example, if you spent ten thousand pounds on your trade show and earned twenty thousand pounds in closed sales and new leads, you’ve netted an ROI of ten thousand pounds.
So next time that you’re ready to start calculating your event’s metrics, you can rely on these simple ways to measure ROI so that your organisation understands how important trade show marketing really is. Click here to start measuring your event ROI.