Friday, May 31, 2013

Measurement Tip 25

How Forecasting a Marketing Event Influences Perceptions and Results
Forecasting is an essential part of planning, otherwise, there is no way to know what the results should be and therefore how much to spend as an investment. Without a forecast it is difficult to tell what elements of a plan worked and which did not. Also, a good forecast allows the event manager to set realistic expectations with executives and others about what will be accomplished, overcoming perhaps erroneous, but hazardous preconcieved notions about results. And finally a forecast sets realistic quantitative goals for the team to pursue.  
Use the following variables and metrics to develop a  forecast for an upcoming trade show or event:
Estimating Resources

Exhibit size
Budget
Number of Staff Required

Estimating Results
Number of visitors
Number of Engaged Prospects
Number of Committed Leads

Expected Sales Results

Number of Impressions - Promotion Impact(Gross and Targeted)
Advertising Equivalent Value (Media Value)

Cost Savings

Customer Relationship Management Value

Payback Ratio - ROI

It really is worth the time to estimate what an event will produce and what resources are required. For more reading on this and other event and trades how measurement topics go to our website at http://constellationcc.com.


Ed Jones
President, Constellation Communication Corporation
+1.770.391.0015
edjones@constellationcc.com
 

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