Show Me the Money Maximizing Tradeshow ROI
Below is a MRR and PLR article in category Business -> subcategory Marketing.
Show Me the Money: Maximizing Tradeshow ROI
Summary:
Success at a tradeshow doesn’t end with the event itself; effective follow-up is crucial. To maximize the value of your hard work at the tradeshow, ensure proper post-show activities are in place.
Keywords:
trade show marketing, trade show sponsorships, target audience, trade show staff training, exhibitor staff training, trade show books, booth staff training, boothmanship, meetings, events
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Article Body:
Many exhibitors complain that tradeshows are a waste of time and money. They put in the effort but leave with nothing to show for it. This outcome is often due to neglect of a crucial component: follow-up.
While what happens at the tradeshow is vital, the activities afterward are just as important. Many companies miss the mark here. To stand out and extract full value from your tradeshow participation, ensure effective follow-up activities are in place.
Follow-Up Begins Before the Show
Research shows that over 80% of tradeshow leads are never followed up on, a staggering figure given their potential profitability. This negligence often stems from leads being treated as mere business cards with no substantive information, offering busy professionals little incentive to follow up.
To change this, focus on improving your lead collection process before the show. Clearly define what information should be captured on lead cards and emphasize its importance. Ensure everyone knows how to operate card readers and handle lead cards correctly.
Each staff member should be aware of specific, clear, and realistic goals for every tradeshow, aligned with your company’s overall marketing objectives. These goals not only motivate your team but also provide benchmarks for evaluation.
Develop a Follow-Up System
To meet or surpass your goals, a robust follow-up system is essential, ideally developed during the planning and training phase. Decide in advance how leads will be managed. For instance, designate a team member to collect "hot" leads daily and send them to the home office for immediate action. Assign a "follow-up" manager at the home office?"someone who didn’t attend the show?"to oversee the follow-up process.
Timeliness is crucial for all leads, not just the "hot" ones. While not every lead will be sent back immediately, quick actions like sending thank-you emails or letters within three to five days after the show can set you apart from other exhibitors. Remember, if you don’t follow up, your competitors will.
The Next Step: Accountability
Use contact management systems to equip your sales staff with comprehensive leads. Once leads are assigned, hold account representatives accountable for their results, requiring them to submit progress reports at regular intervals. Some companies incorporate lead follow-up performance into annual reviews, providing a strong motivation for effective follow-up.
Measuring Results
Management needs reassurance that tradeshow investments are worthwhile. By tracking your leads, you can measure sales directly attributed to your tradeshow efforts, providing both qualitative and quantitative analyses.
Calculate return on investment by dividing total show expenses by the number of leads gathered. For cost per sale, divide the total expenses by the number of sales made. Qualitative data, such as visitor demographics, product interests, and buyer intent, are invaluable for future planning.
Success at tradeshows hinges on effective lead management. Start with clear objectives, build a user-friendly strategy, and execute a thorough follow-up operation. A bit of planning and foresight will ensure your tradeshow efforts translate into tangible results.
You can find the original non-AI version of this article here: Show Me the Money Maximizing Tradeshow ROI.
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