While exhibiting at a trade show or setting up the tactics to acquire leads, we often and most obviously ask a question that is more than important for any company to figure out before participating at a trade show: “What is Our Return on Investment?” The answer to this question means a lot as it does affect your future endeavors on the basis of the budget.
So, there are 3 major categories that are clinical to calculating exhibition ROI which are:
- Qualify/ Track Leads.
- Accurate Report from Sales Team.
- Tracking revenue.
Now calculating the first one is quite simple. When your team handles the visitors at the booth, make sure you don’t forget to collect all the relevant information and contact details of the visitors. Most of the companies use a Customer Relationship Management(CRM) tool which allows the team to know what contacts were made. At this point, a well-built partnership between the sales and market team is very much required. As the market teams use tools to capture leads, the sales team should follow up timely and adequately.
Now with the lead contact information, its time for step 2. You have to start following up with the leads within 2-3 days after the trade show ends. At that point, the sales team should not just worry about making sales and understand up to what extent the relationship was made between the brand and the customer. The marketing team should have a transparent look at the whole process done by the sales and take note of any sales in actual and how much have been done by the team. They have to make sure that the sales team is reporting the revenue from the show on a timely basis and then you can easily calculate the net revenue made from it.
However, sometimes it might be quite difficult for you to calculate and find out the exhibition ROI using such process and that’s why it’s suggested that you use the very much popular technique which requires you to take the overall cost of the show and divide it by the number of leads generated which resist into cost per lead.
Calculating and comparing the numbers will definitely help you draw up an idea about whether your participation was actually a success or not. In the end, the best thing you can do is develop a strategy, be consistent with it, and keep your sales team accountable in order to track timely and accurate revenue.