Measuring Trade Show and Event Marketing
By Ruth Stevens, Author of Trade Show and Event Marketing
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When it comes to measurement, trade shows and events can be elusive targets. With all the variables at play, it can be difficult to tease out the specific incremental contribution of the event itself. Arm yourself with some planning and discipline, however, and you’ll find these events can be highly measurable for marketing purposes.
Measurement Strategy: Objectives Drive the Metrics
Your measurement strategy is fairly straightforward when built off of business objectives. Keep in mind that you must decide — in advance — the optimal tools that will help you collect the data, and make sure the resources are available. That means you need to both plan and budget ahead of time for measurement.
Your measurement strategy is fairly straightforward when built off of business objectives. Keep in mind that you must decide — in advance — the optimal tools that will help you collect the data, and make sure the resources are available. That means you need to both plan and budget ahead of time for measurement.
Philosophically, the best strategic approach to selecting metrics is by assessing actions. What is it that you want customers or prospects to do as a result of your participation in the business event? Define those desired outcomes, and you’re on your way to a strong measurement platform.
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Measurement Tools: Quantitative
In the world of trade shows and corporate events, surveys are a frequent choice for evaluating results. Even if you use lead generation forecasts or gross margin from show sales to measure ROI on an event, a survey can help you understand the reasons why the business event performed the way it did.
In the world of trade shows and corporate events, surveys are a frequent choice for evaluating results. Even if you use lead generation forecasts or gross margin from show sales to measure ROI on an event, a survey can help you understand the reasons why the business event performed the way it did.
Pre-Post Show Surveys
Often used to measure less tangible variables like brand awareness or perceived competitive positioning, pre-post surveys sample a group of attendees on their way into the exhibit hall at the beginning of the trade show, and then sample another batch as they are leaving the exhibit hall toward the end of the event. Pre-post surveys are effective in measuring changes in variables such as:
Often used to measure less tangible variables like brand awareness or perceived competitive positioning, pre-post surveys sample a group of attendees on their way into the exhibit hall at the beginning of the trade show, and then sample another batch as they are leaving the exhibit hall toward the end of the event. Pre-post surveys are effective in measuring changes in variables such as:
- Brand awareness
- Memorability or recall of key messages
- Attitude or image change
- Message impact
- New product consideration
- Audience profile
Booth Exit Interviews
To measure the immediate effectiveness of the booth and attendee experience there, an exit interview can be helpful, especially for exhibitors using a sizable booth footprint. An interviewer intercepts visitors on their way out of the booth, and requests that they answer some quick questions. Exit interviews can explore such areas as:
To measure the immediate effectiveness of the booth and attendee experience there, an exit interview can be helpful, especially for exhibitors using a sizable booth footprint. An interviewer intercepts visitors on their way out of the booth, and requests that they answer some quick questions. Exit interviews can explore such areas as:
- What prompted you to visit the booth?
- Were you treated well by the staff?
- Did someone approach you right away?
- How useful was the product demo?
- As a result of your visit to the booth, how likely are you to add the company to your short list of considered vendors?
One of the big advantages of the exit interview, when done early in the business event, is that it allows mid-course correction of any problems uncovered.
Post-Event Surveys
Contacting a sample of show attendees to ask questions about their experience is another method of evaluating trade show and corporate event results. Depending on your information needs, you may want to survey the entire attendee population, the people who visited your booth, or the group that participated in a certain activity at the business event.
Contacting a sample of show attendees to ask questions about their experience is another method of evaluating trade show and corporate event results. Depending on your information needs, you may want to survey the entire attendee population, the people who visited your booth, or the group that participated in a certain activity at the business event.
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Surveys typically support the following event objectives:
- Perform detailed reporting and benchmarking of the attendee profile
- Obtain feedback on your exhibit’s ability to attract and communicate with high-potential prospects
- Benchmark your performance against the competition
- Provide clues as to the value of your investment in events compared to other elements in the marketing mix
Post-show surveys can be used to explore such issues as:
- Audience quality
- Audience motivation for attending the trade show
- Attendee activity at the trade show
- Strengths and weaknesses of your exhibit, staff, design, signage
- Competitive comparisons
- Which products are most effective to exhibit or demonstrate
- Effectiveness of promotions and premiums
- Audience attendance/experience at other trade shows
Measurement Tools: Qualitative
Qualitative metrics, while not projectable to the entire population, can be helpful in assessing your performance. Following are a few of the more beneficial qualitative approaches.
Qualitative metrics, while not projectable to the entire population, can be helpful in assessing your performance. Following are a few of the more beneficial qualitative approaches.
Mystery Shopping
If you’re looking for an objective means of analyzing your booth’s effectiveness, consider hiring a professional evaluator to “mystery shop” your booth and assess the experience from the point of view of a customer or prospect. Many trade show consultants offer this service.
If you’re looking for an objective means of analyzing your booth’s effectiveness, consider hiring a professional evaluator to “mystery shop” your booth and assess the experience from the point of view of a customer or prospect. Many trade show consultants offer this service.
Staff Feedback
The booth staff is your first line of customer contact, and a rich source of data on most elements of interest. Staff feedback forms can be used for continuous improvement in training, exhibit effectiveness, placement, and other marketing tactics during the trade show.
The booth staff is your first line of customer contact, and a rich source of data on most elements of interest. Staff feedback forms can be used for continuous improvement in training, exhibit effectiveness, placement, and other marketing tactics during the trade show.
One word of caution: Don’t rely too heavily on informal feedback from booth staff and senior management when assessing the value of the trade show. Such comments as “Booth was crowded,” “Mostly junior people,” and “Felt light to me” can do more harm than good.
Key Account or Key Prospect Analysis
Keeping track of key account attendance can be an important success metric, especially at trade shows where you expect a relatively high level of current customer attendance.
Keeping track of key account attendance can be an important success metric, especially at trade shows where you expect a relatively high level of current customer attendance.
Make a list of key accounts, noting which were invited in advance by the sales team to visit the booth or attend a business event. Distribute the list to booth staff and other company representatives at the trade show. Ask them to check off any who were engaged in conversation, and make other comments. Subsequent analysis of customer spending correlated to contact points can often then help identify the relative importance of the trade show visit in helping to secure orders from specific customers.
Competitive Analysis
Assessing the presence of the competition is best approached qualitatively. Check the trade show guide to see who among your competitors is exhibiting, speaking, or sponsoring events. Assign competitive sleuthing duty to several of your booth staff and other company attendees, if possible. Provide them with a form to fill out that covers such items as booth size and location, products featured, staff size, visitor experience, etc.
Assessing the presence of the competition is best approached qualitatively. Check the trade show guide to see who among your competitors is exhibiting, speaking, or sponsoring events. Assign competitive sleuthing duty to several of your booth staff and other company attendees, if possible. Provide them with a form to fill out that covers such items as booth size and location, products featured, staff size, visitor experience, etc.
Metrics
There are a number of approaches you can use to evaluate the best choices among results metrics. You should base your selection on the following criteria:
There are a number of approaches you can use to evaluate the best choices among results metrics. You should base your selection on the following criteria:
- What data is available? Can it be obtained economically?
- Are the metrics accepted as reasonable by senior management, especially finance?
- Are the metrics related to, or at least consistent with, those used to evaluate other marketing investments?
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Now let’s look at the five most helpful metrics in trade show marketing.
1. Cost Per Lead (CPL)
CPL is perhaps the most fundamental unit of trade show measurement. It is generated by dividing total event program cost by the number of qualified leads generated.
CPL is perhaps the most fundamental unit of trade show measurement. It is generated by dividing total event program cost by the number of qualified leads generated.
The main benefit of tracking CPL is the ability to analyze costs on a consistent basis over time, and to compare the value of competing marketing investments. For example, ranking each event on the annual trade show calendar by CPL results can serve as a benchmark for making future event-selection decisions.
2. Cost Per Qualified Lead
Another useful number is the cost per qualified lead, which is derived by dividing the entire program investment by the gross number of qualified leads generated. Only a percentage of the total contacts will convert to immediate sales revenue, but the others can be nurtured and managed in the marketing database.
Another useful number is the cost per qualified lead, which is derived by dividing the entire program investment by the gross number of qualified leads generated. Only a percentage of the total contacts will convert to immediate sales revenue, but the others can be nurtured and managed in the marketing database.
The challenge, of course, is developing and sticking to a clear definition of a “qualified” lead. That requires some negotiation between marketing and sales. Yet without such agreement, managers risk encountering such questionable trade show marketing practices as fish bowls and contests, where booth managers attempt to gather quantities of names vs. quality.
3. Expense to Revenue Ratio (E:R)
Dividing the total expense of the business event by the total revenue associated with it is a standard marketing communications metric in business marketing. The benefit of using E:R is that it makes the relative cost of this marketing tactic easier to compare to other tactics. The company might impose a maximum E:R threshold of 2.5%, for example, to establish control over marketing communications expense.
Dividing the total expense of the business event by the total revenue associated with it is a standard marketing communications metric in business marketing. The benefit of using E:R is that it makes the relative cost of this marketing tactic easier to compare to other tactics. The company might impose a maximum E:R threshold of 2.5%, for example, to establish control over marketing communications expense.
E:R has come into wide use in business marketing situations as B2B revenues per account tend to be very high compared to a single marketing tactic, thus undermining the credibility of traditional ROI calculations. Furthermore, most B2B revenues result from multiple sales and marketing investments, making the ROI on any one “touch” likely overstated. E:R makes no such claim.
4. Activity-Based Metrics
When sales results are difficult to gain agreement on, some marketers retreat to a set of metrics that are fully under their control, most of which can be characterized as activity-based. These include:
When sales results are difficult to gain agreement on, some marketers retreat to a set of metrics that are fully under their control, most of which can be characterized as activity-based. These include:
- Number of visitors to the booth, year over year
- Number of sales appointments confirmed
- Lead mix by geography, or by product interest
- Cost per demo given, or live presentation viewed
- Actual costs vs. budget
Activity-based metrics are limited in their value, but can be helpful in diagnosing the quality of the event experience year after year.
5. Business Event ROI
Ultimately, business event marketers must demonstrate a return on their marketing investments. This is calculated by subtracting the total event expense from the expected incremental profit derived via the event and then dividing by the total expense. The result is expressed as a percent. A zero indicates a program that broke even, and a negative number means a loss on the investment. If you spend $1 million to generate $1.2 million in profit, you’ve achieved a 20% ROI.
Ultimately, business event marketers must demonstrate a return on their marketing investments. This is calculated by subtracting the total event expense from the expected incremental profit derived via the event and then dividing by the total expense. The result is expressed as a percent. A zero indicates a program that broke even, and a negative number means a loss on the investment. If you spend $1 million to generate $1.2 million in profit, you’ve achieved a 20% ROI.
ROI = Incremental Profit - Expense Expense
Conclusion
The best way to measure and evaluate events and trade shows is in the narrow context of their specifically intended outcomes. If the results are strongly positive, then the remaining measurement fine points are moot. The converse is also true. And if the results are in the middle range of uncertainty, re-read the section on defining objectives at the start of this article. Chances are if you can’t get a clear read on the value of the event on a stand-alone basis, your efforts to link it to broader marketing goals will similarly fail to inspire confidence. The bottom line: Think small, measure small changes, and build your business cases event by event.
The best way to measure and evaluate events and trade shows is in the narrow context of their specifically intended outcomes. If the results are strongly positive, then the remaining measurement fine points are moot. The converse is also true. And if the results are in the middle range of uncertainty, re-read the section on defining objectives at the start of this article. Chances are if you can’t get a clear read on the value of the event on a stand-alone basis, your efforts to link it to broader marketing goals will similarly fail to inspire confidence. The bottom line: Think small, measure small changes, and build your business cases event by event.
