How to Get Metrics on Your Trade Show Return on Investment
As a marketer, are probably responsible for the metrics of your trade show. Executives might have asked you about the trade show’s return on investment. Unfortunately, the answer to these questions is the same every time: you’re not sure what your trade show ROI is.
For you, there might be a lot of reasons why you can’t figure out your trade show’s ROI. For instance, it might be the sales team’s fault. Perhaps they might not have told you which leads were turned into closed sales.
Well, next time you get asked about your trade show’s ROI, you’ll have an answer. You see, it’s actually quite easy to figure out your trade show’s ROI if you’re willing to put in a little bit of work.
Gather All Leads
You probably have trade show lead lists. Simply collect them and put them in one place. If there are too many lead lists because of all the different shows, simply focus on the trade show lists that you need to get metrics on. Next, you can put your list of leads in a spreadsheet.
Collect Your Customer Lists
You might need to get special access from your manager or you might need to do some digging, but every organisation has a list of accounts and invoices that they keep somewhere. This list will tell you the names of each customer who has made purchases with your company. If you feel as if you’re getting resistance from anyone, let your boss know that you’re looking for information on your company’s revenue. He or she will be willing to help you out since you’re helping the company.
Match up Customers and Lead
Next, you can look for any companies that might be listed as trade show leads and match them up with your customer database. Are there any companies that have visited your trade show and also made a purchase? If so, simply put the name of the customer next to the corresponding lead in a separate spreadsheet column labelled “bought” and then mark “yes” in the open space. You should also add a column to include the amount spent on the purchase.
This is going to take a lot of work but it’s the only way to figure out your trade show ROI. So, if you need to hire a temp, talk to your boss.
Calculate Return on Investment
Once you figure out all of the purchases made from trade show attendees, compare that number to your trade show costs. The difference will be your return on investment. For example, if your profits from a specific trade show were ten times higher than your expenses, then you have an ROI of ten to one.
Tracking Other Info
You can even track your repeat business metrics by finding out whether the customer was already a client prior to the trade show; if the customer made his or her first purchase after the trade show, then the trade show earned your company a new client. Finally, you can even track which products clients bought most during trade shows. This will help you figure out what sort of impact the trade show had on your clients in terms of targeting.