Generating a Tradeshow ROI – Is It Really Possible?

Attending or exhibiting at a tradeshow, conference or convention can be one of the most productive and successful vehicles to:

• Take orders from existing customers/clients
• Build new relationships with prospects who could become customers/clients
• Educate clients/prospects on the company, its products/services and its Unique Selling Proposition (USP)
• Conduct market research to check-out competitors (known and new to the game) – identify products/services which might be appropriate to your company
• Test market new products/services
• Identify potential partners who might enhance the company’s ability to grow market share in markets near and far.

We find that exhibitors or attendees frequently shoot themselves in the foot by not preparing a show project plan.  Where management and line staff can be assigned responsibilities to cover specific elements of a show, the plan is rarely created.  Why? Trade shows/conferences are seen as a social event, a place where the company’s “flag” is seen, and a chance to rub-elbows with the “players” in the industry

Yet people in the know tell me that Trade Shows are intended to generate a significant RETURN ON INVESTMENT – no matter whether you’re an exhibitors or an attendee.  The concept is great but the reality suggest that they’re anything BUT!

Here’s what one marketing executive had to say to me last week:

“Craig, our sales force either attended or exhibited at 11 tradeshows last year. Out of all of them, all we got was 979 random business cards. Out of the 979 cards that we got – WE DIDN’T SELL ANYTHING! The money to go to those shows came out of my marketing budget, we have no return on investment and the CFO is asking me why?”

My question is “Why bother attending the show in the first place? Save yourself a lot of money and time. You very rarely get anything from the show and continue to follow the same money losing process over and over! After all, you’ve got all the revenue you need and who cares about the money spent on the booth.  It’s part of doing business – right? WRONG!

There are three phases to maximize the potential of generating a ROI from a Trade Show:

1. Pre-Show Planning
2. The Show Working Plan
3. The Follow-up Plan

Pre-Show Planning

Getting ready for a trade show entails creating a project plan complete with a schedule, action items and a tracking monitoring process to make sure that the plan is followed.  That requires a TRADE SHOW/CONFER-ENCE Coordinator/Manager be appointed.

Approximately 6 weeks out from the start of the show, a show strategy should be created – quantifying what goals are to achieved.  Each step required to accomplish the goal and the person (or persons) who the step is assigned indicated, trained/mentored, and the function completed.

These potentially could include:

• Identify who from the company will be attending/exhibiting and assign booth coverage responsibilities according to the show plan.
• Coordinate travel arrangements
• Requesting appointments with targeted attendees & exhibitor executives
• Mapping out & establishing goals for each function attended
• Determine what collaterals, ad specialty items are to be brought to the event.
• If you are planning to meet suppliers, independent manufacturers reps or equal, be sure to create a “meetings plan” similar to the above.
• A follow-up process needs to be created

Show Working Plan:

Now create a SHOW WORKING PLAN for everyone attending.  Keep in mind the functions, seminars, social/networking events and, of greatest importance, those appointments you worked so hard to get.

During the show, the show coordinator should track and monitor each member of the trade show team to make sure that the effort is gaining traction and getting results.

Follow-up Plan:

A debriefing is needed once everyone returns to the office to determine how effectively the trade show met or exceeded the intended goals/expectations.

A follow-up plan using Salesforce Automation Software (sales campaigns) to reconnect with targeted accounts and make sure that there is an action plan to ensure that opportunities identified at the show are converted into $’s.

Recap

If you create a show plan, manage the processes identified in this article, you will get an ROI from the effort.