Tracking Your Trade Show
From a marketing standpoint, this is the moment a viewer sees your digital advertisement. As you build out your campaign strategy, you may want to consider the number of impressions you’ll aim for and when. You can count impressions on a range of platforms including social media, landing pages or even emails. Our marketing experts at Gateway encourage that there be at least 10,000 impressions minimum per trade show appearance.
Gateway’s Marketing Director Andrew Swyers suggests that “you should drive online traffic to a form where you can collect contact info.” In doing so, you are enabling your sales team to make pre-show contact, schedule appointments in advance or even incentivize a booth visit. Pre-qualifying your leads can also help you understand their needs, leading to more fruitful conversation overall.
Did you know that you can forecast your trade show results? We built out an easy-to-use calculator that uses a few simple metrics from you along with some industry standards to help you anticipate show results. Click here to give the Basic Forecast Calculator a try.
Number of Leads
Prior to your exhibition, it may be a good idea to set a goal for the number of leads. A lead capture system is a great way to track the number of badges your team has scanned at the show. As you prepare your booth staff, be sure to encourage them to only collect contact information from qualified leads (in other words, people who could potentially be a good fit for your product/services).
Actionable Next Steps
Every conversation held at the show should have an end goal or next step(s). For our team at Gateway, the action is to schedule a demonstration or provide a competitive quote. This action item will differ from one company to the next. It’s a good idea to track the number of actionable results from your show to provide a more immediate justification for your spend.
Cost Per Lead
To calculate cost per lead, divide your total event investment by the number of qualified leads collected. If you keep track of this metric for all of your shows, you’ll be able to use it as a reference point when planning your show schedule the following year. We suggest cutting back on shows with a high CPL to improve your return on investment.
The close rate for a show is calculated after the average duration of your sales cycle. If your company usually takes seven months to nurture a lead, you wouldn’t calculate this metric until seven months after you exhibit. This metric will show you how effective your campaign was and allow you the opportunity to re-evaluate your campaign and the show’s value.
ROI: You’ve heard the buzzword before, but what does it really mean? This number can be calculated a number of different ways. For simplicity’s sake, you can determine ROI by calculating the total number of sales resulting from your trade show leads. Then, subtract your total expenses. However, there are several other factors that can be included in this calculation. You could include cost reductions, promotional values, CRM value and more. For a more in-depth evaluation of your trade show ROI, set up a consultation with our solutions team.