Attending industry trade shows can be an excellent way to branch out, find new leads, and improve your company's brand recognition. At the same time, trade shows can be costly to attend—especially when you factor in the costs of travel, exhibit display, marketing, and everything in between. For this reason, all businesses should calculate value and ROI of every trade show they attend. Doing so can help measure the success of each show and allow business owners to make informed decisions on which shows to attend in the future.
Determine Your Attendance Goals
The first step in measuring the ROI of a trade show is to decide on a concrete number that would make attendance at the trade show in question a resounding success. This should be a quantifiable number, whether it be the total profits from the show, new leads gained, or something similar. Without establishing a gauge for success, there is no way to calculate value or ROI.
Find a Way to Track Your Leads
A customer relationship management (CRM) tool can go a long way in tracking leads and keeping them updated. For trade shows using badge number systems, a CRM tool can not only track which visitors stopped by your booth, but which ones led to sales. Keeping track of this information is vital in calculating how much your business is making off each lead.
Calculate Profit Values for Each Customer
In addition to tracking leads, you'll also need to find a way to tag each lead with a lifetime customer value (LCV). This refers to the monetary profit you can estimate the new lead will bring your company over a long-term basis. There is no 100% precise way to calculate this, but a CRM tool should be able to help.
Of course, you'll also need to factor in all the costs associated with attending the trade show and subtract these from any profits. This includes everything from airfare and lodging to booth rentals, swag, training hours, and anything else relevant. If after subtracting these costs from your estimated profits you are still within your original goal, your trade show attendance can likely be considered a success.
Preparing for a trade show can be challenging enough without having to handle your own booth design. Save yourself the added stress and hassle by having the team at Nimlok NYC handle all of your booth design, shipping, and set up needs. Our design team has years of industry experience and has the expertise to develop a booth to help you brand stand out at your next trade show or other industry events.