4 July 2014
Measuring the return on investment at an exhibition (ROI) should always be a necessary part of the selection process in evaluating which shows produce the greatest return for your High-end Interiors Brand.
There is no magic formula that will determine design exhibition success for your company however setting objectives relating to your ROI will give you important information that can be used to justify your company's attendance at a particular show within you marketing plan for the year.
The various objectives that cover many of the business processes, each with its own key performance indicator (KPI) that can be measured are show below, this list is by no means definitive:
Promoting the company capabilities, brand building and introducing new products are amongst the primary reasons exhibitors are attracted to exhibit, but on the surface they appear to hold very intangible opportunities for measurement, below we suggest how every objective carries its own KPI
Marketing new product/service – Quality of feedback
Building brand awareness – Number of impressions at, during, after show
Positioning/re-positioning brand – Quantity of attendees and number of impressions
Demonstrating benefits – Quantity and attendance at your product demonstrations
Boosting financial /investor perceptions – Editorial coverage in financial press
Developing new markets – Number/quality of contacts from new market
Generating editorial coverage – Number of articles
Building relationships with editors and journalists – Number of editors/journalists met
Competitive Intelligence/Industry Trends – Quality of information received
Test marketing campaigns – Number/quality of feedback sessions
Researching brand perception – Number/quality of feedback sessions
Creating new sales leads – Quantity of leads received
Finalising sales contracts – Contracts finalised/Revenue
Selling to existing clients – Revenue of add-on sales to current clients
Building prospect database – Number of new contacts
Finding new distributors/partners – Number/quality of partners met or signed up
Supporting current re-sellers – Number of re-sellers met with
Building your reputation as a partner – Number/quality of prospective partners met
Building relationships with current clients – Number of clients met with
Client education – Number of attendees at company sessions
Client satisfaction surveys – Number of completed surveys submitted
Receiving customer testimonials – Number and quality of testimonials obtained
Regaining lost clients – Number of clients won back
Credit: ©Philip Vile
Equally important to this process is setting sufficient methods to measure these goals. Often, companies set goals that are difficult to track.
If your goal is set for “number of leads obtained” for example, collecting business cards is not going enough.
You may want to consider renting the badge scanner from the show. The scanner will collect the attendee’s information and then it will be emailed to you in spreadsheet format. This makes the information easy to track as well as easy to distribute to your sales staff. If you would rather collect business cards, consider purchasing a business card scanner for use on your stand.
However that objective may not be the best indicator, if we can be more specific with our KPI description:
A lead is someone who COULD be in the market for your product or service.
A QUALIFIED lead would be better as someone who meets your specific criteria for a key target customer.
A VIABLE lead raises this bar to an even higher level – not only is this person in the market for your product or service, meets your definition for a key target customer, but they are also going to be making a purchase within the next 4,6,12 months!