Trade shows provide immense possibilities for brands to interact, connect, and communicate with their potential customers, investors, and stakeholders. However, different brands may have different end-result expectations from a trade show. Some may be looking for lead generation, while others might be looking for brand awareness, but all brands focus on securing a good return on their investment.
However, to achieve the desired objectives, sound planning and efficient use of dependable resources, such as TL Trade Show Display booths, are necessary. But before that, you need a basic understanding of assessing the results after a trade show.
Understanding how trade show ROI differs from trade show ROO
People often interchange the terms return on investment (ROI) and return on objectives (ROO). However, they both imply different things.
- A return on investment tells how much revenue a brand generated by attending a trade show against the cost incurred on attending that trade show. The revenue may refer to the sales as well as future business opportunities.
- Whereas a return on objectives helps brands determine how well the brand performed at the trade show against the non-sales objectives. In other words, ROO is a qualitative measurement of your expo marketing campaign.
Reasons for measuring trade show ROI
Measuring trade show ROI is essential as it can help brands in the following ways:
- Determining justification of cost incurred on attending the expo
- Evaluate the performance against various metrics to determine areas for improvement.
- Sensibly allocate resources and budget on trade shows based on the profitability driven by the trade shows.
Improving ROI from trade shows
Trade show strategies may differ from one brand to another. However, here are some common strategies that can allow you to improve your returns from a trade show:
- Reach out and communicate with your target audience before the trade show.
- Incorporate interactive product demos and clear signages.
- Engage in meaningful conversations with the attendees to comprehend their needs and expectations.
- Include various trade show games to engage attendees, which can be further translated into a lead.
- Give personalized attention to the attendees, greet them warmly, ask questions, offer solutions, and follow up with any questions and queries.
Common KPIs that determine exhibit ROI
The key performance indicators or KPIs may vary for different brands depending on what they want to achieve from a trade show. Nonetheless, here are some standardized KPIs that could determine the basic trade show ROI:
- Foot traffic, i.e., how many attendees visited your booth, can reflect whether or not your booth was engaging enough.
- The number of contacts you collect and the number of leads you generate reflect the new connections you may leverage to grow your brand.
- The number of people who shared their contact information, the number of new followers on your social media, the number of QR code scans at your booth, etc., show your brand’s engagement level.
- The number of deals you closed and sales you generated at a trade show reflects the potential of your business.
