Showing posts with label Trade Show Measurement. Show all posts
Showing posts with label Trade Show Measurement. Show all posts

Wednesday, August 28, 2013

Measurement Tip 28


10 Steps to Better Visitor Attraction, Experience and Commitment for Increased ROI at Trade Shows and Market Events

I liken many companies I see at trade shows to a fisherman who simply hopes a specific species of fish will jump right into his or her boat!  It is a pretty unlikely scenario.

The step most critical to success in any marketing event is to attract enough people to your booth or space who can personally increase your revenue or reduce your cost. If the right people appear, they must also be properly engaged and quickly qualified so they are not lost among less important guests.  It is important that the staff concentrate their efforts on priority guests. If a large percentage of your guests are targeted, engaged and properly managed, you will have a great show. If the percentage is small, your results will be less than desirable.

Put yourself to the test and see how many of these steps you take as an exhibitor, or perhaps, observe as a visitor to an exhibit experience: (Check the ones you practice or observe regularly)

___ 1) Define the priority targets addressable at the event, by product set
___ 2) Attract them with targeted pre- and at event promotion and most especially through personal invitation by your executives and sales team
___ 3) Train the staff to engage each visitor and quickly separate the targets from the non- targets
___ 4) Have a specific engagement plan for each type of targeted individual
___ 5) Convey visitor specific, high priority information that is relevant to the needs and desired benefits of each targeted visitor set
___ 6) Set pre- determined commitment goals for each targeted visitor set (specific steps and activities that are the result of the exhibit interaction).
___ 7) Ensure that the sales team agrees that the commitment goals are in the company sales cycle for that product set
___ 8) Have a foolproof system in place to record the commitments and define what information is required (hint: gather enough to enable an effective follow-up)
___ 9) Provide motivation and support for the visitor who has committed to follow-through with you after the event.  Ensure adequate post-event communications.
___ 10) Pack your event with as many pre-scheduled meetings as possible with high priority customers, prospects, suppliers, partners and others who can improve your profitability in some way

How many did you check?  

There are few things that will increase your results and ROI at marketing events more than following these steps. It takes planning and the participation of your executives, sales team and event staff.  It also requires training.  When done well the results will speak for themselves and you will be seen not only as an event manager, but also as a manager of the business.

Ed Jones

If you would like to learn more about Constellation Communication's event measurement services, please contact us directly at +1.770.391.0015 or admin@constellationcc.com

Thursday, August 1, 2013

Measurement Tip 27



“Mending the Message”
To Improve Event ROI!


Next time you take a stroll through a trade show exhibit hall, ask yourself, “Can I tell what these companies do by looking at their exhibits?”  Better yet, “What is their primary selling proposition?”  And, “Can I spot a clear message that is strong enough to compel a prospect to actually enter their booth?”

Chances are you will end up more baffled than educated about exhibitors’ offerings.  In fact, the sales message — that clear and distinctive clarion call to action, one that will compel prospects to wake up and take notice — will too often be buried under the “hip” graphics, clever but vague ad themes, and space-age superstructures.  All the money spent on pre-mailers, plasma screens, display graphics and other pyrotechnics actually served to decrease the ROI if the prospect didn’t get the right message.

A good message must be built into the trade show or event strategy from the start.  Spending more time on crafting the message upfront—getting total buy-in from top management, marketing and sales, those who will be working the booth, plus all copywriters, designers, agencies and studios involved in strategy implementation—can reap significant rewards come show time.

A good exhibit floor message must answer one question—What (the magic message) do I need to tell you (the prospect) to get you to do (desired behavior) what I want you to do (marketing objective)?   It is equally important that the message encourage a behavior on the part of the prospect that is measurable, so that you can quantitatively evaluate your event ROI.  Branding is important, but if your display, pre-show marketing, advertising and at-show activities only create fuzzy, warm feelings about your company, they’re not working as hard as they should for you.  

 The Culprits 
Most companies begin the event planning process with all the right intentions (although it is amazing how many companies do not even go to the trouble of preparing a written message platform).  Nevertheless, these good intentions often break down during implementation, usually as the result of the pragmatic everyday pressures of the business world, resulting in numerous “disconnects” in the execution process.  How many times have you shown your “finished” display to management the week before the show and ended up scrambling at the eleventh hour to make last minute changes, with the final product ending up as a sorry compromise?  Failure to get management buy-in upfront invariably leads to a botched, inefficient process.  Considerable angst can be avoided by getting approval on a written message platform and a few rough sketches early on in the process.

Other culprits that prevent the intended strategy from being realized include emphasizing design over content. “Design by committee” too often results in a water-downed compromised approach, failure to fully brief copywriters, designers, studios and agencies on the precise message to be communicated. This also results in failure to adapt messages to different industries and shows, trying to load too many messages into an event, and—most importantly—an “inward looking” perspective that fails to take into consideration the customer’s mindset. (Boastful, self-serving clichés, such as “best-in-breed,” “state-of-the art,” “leading-edge technology,” or “total solution” are indicators of narcissistic messages.  A good event message should explicitly state how your company solves the prospect’s business problem better, cheaper and/or faster.)

The Solution
How do you avoid wimpy messages and all the costly false starts, revisions, and organizational angst that are all too common in the event planning process?  Here are a few tips:
 

1.         Appoint a “Keeper of the Message”

Someone who is responsible for crafting and riding herd over the message throughout the process with management and everyone involved in the implementation process.

2.         Develop a work-flow process map.

Process is key. There’s a time for research and input, a time for planning, a time for reviews and approvals and a time for implementation.  Appropriate personnel need to be involved at the appropriate times.  Lay it all out for everyone to see and stick to it.

3.         Put together a market/message matrix.

The matrix should include prospects by industry and job responsibility down one side and the messages that will compel them to your company along the top row.  The matrix should take into consideration the varying needs of different target market segments for each and every event, including where the prospect is in the commercial persuasion process (e.g., “unaware” versus “knowledgeable and in the market”). What do you need to tell purchasing agents in the healthcare industry to take notice?  How can you recraft the message to impress CEOs in the same industry?  What is the message that will create a buzz about your company among VPs of manufacturing in the automotive business?  Sit down with your marketing and sales teams, work through the message matrix, and use it when you put together your annual trade show strategy.

 4.        Incorporate customer input.

Don’t assume you know what will turn on the customer. Do some market research.  Include a good customer in the planning and review process.  Show him a sketch of a pre-mailer or display and get his reaction.  Do some “reverse-engineering” of the commercial persuasion process.  Sit down with a few customers (not prospects) and have them retrace for you the various steps, including messages that they heard during the sales process that ultimately led them to your company.

5.         Write-up message platforms for each event.

Put it in writing.  What’s the dominant compelling message (your “elevator pitch”) that the pre-mailers, display, and at-show activities should deliver verbally and graphically?  What are the key subpoints you want those working the booth to emphasize?  What do you say when the prospects mentions Competitor X?  Do you have organizational-wide buy-in to responses to the 20 or so most challenging questions prospects are likely to ask? Hold an internal workshop if you need to hammer out your key messages and responses, put everything in writing, and distribute the document (password protected) to everyone involved in the process, from the CEO to the display house.


6.         Build-in quantitative measurement.  

Measurement forces everyone in the process to think and not be satisfied with lazy messaging (such as “Tomorrow’s Technology Today” and other tired bromides).  Every aspect of an event can and should be measured. 

7.         Don’t be afraid to experiment.

Event marketing remains more of an art than a science.  If you aren’t quite sure what message is going to bowl over a prospect, try two.  Break your mailing list in two, send different variations of your material and see what version delivers the best results.  Design your display so that you can easily change out messages or graphics and see which version attracts more visitors to your booth.  Is it, for example, a back wall with beauty shots of the prospect’s industry, or hard numbers that underscore the cost-savings you can generate for customers?

8.              Employ the concept of “Message Hierarchy.”

It is okay to put your company identity at the top, in bright neon if you wish!  Let everyone know where you are.  However, the targeted individuals are who you seek, so be sure the next most prominent signage is devoted to the “What’s In It For Me?” for your targets.  This allows the visitors you want to see to self-select based upon interest, applicability and need for your offerings. Ten feet off of the floor should be the equivalent of “Street Signs” that identify what is available for your visitors to see, learn or experience.  Finally, the features, benefits and details should be portrayed at the desktop and back wall level.

9.              Ensure consistency between the corporate advertising and PR plans during the time frame of your event. 

Nothing can undo a successful ad or PR campaign, or a successful event marketing activity like disconnected if not contradictory messages.  Your first step in developing the written message plan should be with the corporate and marketing communications folks in your company.

10.           Ask customers for feedback on your messaging after the event.

What resonated and what didn’t?   What was the major learning point of value they derived from their visit?  Are they more inclined to buy as a result of being at your event? And if so, how much will they spend?  As part of your post-event measurement, evaluate your messaging and you will be able to make focused improvements at every subsequent event.

Before you call in the event agency or invest in a new high-tech exhibit, you might consider spending a bit more time with good-old pencil and paper and a flip chart or two. Work through your message strategy with your marketing team before you start spitting out tactical plans.  It will pay big dividends in your event ROI.

#    #    #

Here is a little test that might surprise you.  Choose which of the two messages is the best (Don’t fudge by looking ahead!)
                                                                                                     
A

The World’s First “PC” based Scanning-Electron Microscope!

  • Leading-edge solution
  • Superior Interface
  • Best-in-breed tracking software
  • Ease-of-use

B

Automated Micro-Particle Analysis for
Pharmaceutical Production Powders Under 10 microns

  • Meets FDA 1098
  • Approved for inhalable powders
  • 100x faster than laser techniques


Answer:


“A” is an example of a typical vague, inward-looking message that will do little to attract or persuade prospects or customers... 

“B” - While this message may lack “creativity,” it explained what the company/ product did (without even mentioning the product!) indicated a speed improvement of 100x, and contained the key buzzwords that would stop targeted prospects dead in their tracks.

Hint - The buzzwords prospects use are gold - Your buzzwords are lead.



Effective messaging is the one of the most important parts of your event marketing plan and essential to attracting and persuading your targeted audience to act upon your behalf. 



 Ed Jones
President, Constellation Communication 

 For help developing your event's creative or strategic brief, please contact Constellation Communication at 770.391.0015 or email inquiry@constellationcc.com

 

Thursday, December 20, 2012

Measurement Tip 20



Six Straight Forward Steps for Banner Trade Show and Event Marketing Results in 2013
Can you believe it? It’s show time in 2013!  As you read this, many of you are already on the show floor, enthusiastic that your event marketing program will be a success this year. That success rests largely on how effective your plans are for each show.
Here are six simple steps that will prepare exhibit managers and their extended teams to deliver the increased performance and measurable results their companies are looking for through effective planning:
Planning for Success - Exhibitors who come to the show with a good plan will capitalize on the rich business opportunities and achieve good results in marketing, sales, business process enhancements and profit improvement.  Planning for each event must begin with enough lead time to implement the plan.  Some shows require planning as much as one year in advance, or more.  Most shows and events require planning to begin three to six months in advance.
The planning process should foster and support internal discussions with the extended event teams and expand planning participation to others who should be involved.  Here are the six sequential planning concepts that you should include in your process:
1. Set Realistic Business Improvement Objectives - Map out a broad set of goals for each show. Include an array of business development and marketing communications goals.  Address activities and accomplishments in each of the three event phases: a) pre-event, b) at event and c) post-event.  Identify the most important accomplishments and top measures of success at each event.
(See my blog post “Value is A Lot More Than Leads…” http://constellationcc.blogspot.com/2012/03/value-is-lot-more-than-leads-how-to.html for a deeper explanation and examples). 
2. Target Market Identification, Attraction and Content Mapping Should Be the First Elements of the Plan - Targeting activity allows exhibitors to correctly identify the attractive, high-value targets available through participation in a show or event and to match their products and messages to each targeted audience. This activity will also greatly improve the quality of visitors and produce more, well-qualified leads.  
3. Develop Effective Messaging and Communications Plans – Weak or ineffective messaging is one of the most common reasons for event marketing failure. There are specific requirements of trade show and marketing event messages that must be studied and well executed in order for your program to work.  Communications must span the periods before, during and after the show using a variety of traditional and new digital and social media tools to facilitate post-event activity among sales ready leads. Additionally, the various media available through event activity must produce the maximum exposure practical from show participation. This includes managing the press opportunity and generation of press results associated with the event. 
4. Combine Elements 1 – 3 into a Cohesive Plan – This plan should pull everything together into an interactive planning format that aids in team coordination and communication over the ensuing weeks before the show.  It must also set proper expectations with upper management.  The plan document is quite often a PowerPoint deck that is updated and presented weekly or bi-weekly on a planning call for the extended team.
The event plan should address the qualitative objectives of the company and business units, as well as quantitative elements of performance and effectiveness.  Use the four elements of payback, revenue development, revenue retention, cost reduction and value of promotion to detail value and the key performance measures to detail exhibit, staff and program effectiveness.  (See Measurement Tip 7 http://constellationcc.blogspot.com/2011/12/measurement-tip-7.html).
5. Brief and Train Your Staff on the Plan and Effective Visitor Engagement and Management Skills – Pre-show training and briefings may be any combination of on-line and live presentations on the knowledge and skills necessary to execute the plan. The exhibit manager must ensure the staff is properly trained on effective visitor engagement, qualification, management, presentation and demonstration delivery and the commitment skills necessary to convert visitors into sales ready leads. 
6. Measure and Report Your Results - Obtaining and reporting your results should be as straight forward as evaluating and documenting your activities “According to Plan” using the elements of the five elements above. If consistent measures (and plans) are used for each show and event, the entire event program may be evaluated on an event by event basis and as a whole. Comparison of one event to another, and to future events under consideration, is possible when your results are consistently reported.
(See the case study “How Trade Shows Can Influence Executive Perceptions, Positively Influence Financial Markets & Gain Top-Level Visibility for Event Managers” http://constellationcc.blogspot.com/2010/11/case-study-how-trade-shows-can.html  for more insight on managing executive perceptions.) 
2013 is a great year to refine your planning process and to implement an event marketing measurement program if you have not already done so.  We wish you great success in 2013 and please feel free to call upon us with questions or needs.   


To get started on your event marketing measurement needs, please email us today at edjones@constellationcc.com or call us +1.770.391.0015.

Ed Jones
President, Constellation Communication

Wednesday, February 8, 2012

Measuring Payback and CRM Value for Marketing Events

A great tool for conveying the value of your marketing events is the payback ratio. This is the ratio of the total value of estimated revenue, revenue retention, cost savings and promotion value gained through event activity, divided by the event cost. It is expressed as $XX/1, for example $42/1. The payback ratio serves not only as an indicator of event efficiency, but also as a useful way to compare past, current and future events. The payback ratio is based upon estimates of the four main categories of value derived from marketing events:

1.Revenue (or gross profit margin) from New sales –This element of event value is the most difficult to document as so many people and steps may be required to close a sale and sales cycles can be quite long. It is possible to estimate revenue impact using acceptable internal assumptions such as the “close ratio” associated with well-qualified leads from an event and the “average value of sale” for sales that result from those leads. The best approach is to discuss these assumptions with your sales team and get their agreement. It is also best to have the sales team define the “next step” expected of people who become leads through their interactions at an event. Use “closed loop” systems such as sales automation, warranties, registrations and other types of tracking aids where available.

2.Retention and Growth of Current Revenue Base- Customer Relationship Management (referred to as CRM) is a very important function in companies today. Existing customers and the revenue they provide are the most profitable for most companies. I have heard criticism about companies that devote their event marketing resources to interaction with existing customers, yet I would suggest this is one of the most valuable aspects of event marketing. Keeping customers up to date, reassuring them that their needs will be met, and thanking them for their business has a direct and measurable impact on retention and profitability.

One of our large consumer package goods clients assesses the revenue addressable at an event, broken down like this:

A.How much total market share (expressed in terms of revenue, number of customers and potential customers, average number of products per customer or target, etc.) is addressable at this particular event? (Addressable Revenue)

B.How much of that total is comprised of our current customers, representing existing revenue? (Retention target)

What is the growth opportunity on the existing revenue base at this event (Growth target)? For example, the percentage of current customers that are likely to be cross-sold into an additional product line(s) may help establish a growth revenue target for an upcoming event. The average annual value and lifetime value of a customer are important measures in defining the scope of the opportunity.

C.How much does that leave as additional market share addressable at the event? (Conquest target)

Defining the addressable revenue targets in this manner helps to understand and report the potential value of an event as well as add focus to the tactics and activities planned for the event.

If a company places a heavy weight on CRM as a trade show marketing goal, then it is important to know how well their CRM initiatives are working. CRM is essentially a process for providing optimum value to customers to support obtaining maximum revenue value for the company. Therefore, it is wise to use measures of success that relate directly to customers. Trade show CRM assessment should be consistent with any other enterprise-wide measures and metrics applied to other CRM initiatives. Briefing senior management CRM success measures and applying these metrics on an ongoing basis will help to ensure continued funding of your CRM activities.

As mentioned, customer feedback should be incorporated into assessments of trade show performance. Customer measures may include increases in average order size, the number of contacts required to close a sale, number of calls and time devoted to customer service or support, changes in customer satisfaction results, and marketing measures such as net promoter scores. Many of these measures provide some basis for estimating potential return on investment, such as a cost savings through reduction of reliance on customer service or technical support.

Trade show activities can be tied to improvements in customer acquisition, retention, and perhaps reactivation. Many companies know their retention rates and changes in the retention rates can be significant measures of success. They also must then agree how improvements in these areas will potentially impact profitability. Measurements may exist regarding the percentage of reactivations among lost customers for the year. Tracking these types of measures over time can assist in identifying trends of improvement related to events.

Estimating the potential value of CRM efforts is similar to estimating sales opportunity in a sales funnel. What is the effect upon the retention rate among customers seen at events where a CRM initiative was in effect? And by extension, what is that change worth in profitability? The same could be applied to “reactivated accounts.”

Investing in retention of existing customers and their revenue base at events can make really good sense. Take for example a business with any level of attrition each year. Let’s say an initiative is developed for events that will result in reaching and retaining 10 customers among the 50 or so that are lost each year. The average value of a customer addressable at these events is estimated at $750,000. It is a simple process to determine if event initiatives are a worthwhile investment:

Multiply the number of customers retained or reactivated (10) by the average annual revenue value of a customer addressable at events ($750,000): (10 Customers X $750,000) = $7,500,000 in reclaimed revenue. Multiply that times the profit margin on sales associated with existing customers (it will be higher than for new customers, say 35%) and you will find $2,625,000 in profitability attributable to those customers who would otherwise be gone. That level of contribution is likely to provide a fairly high percentage of justification for the entire event program budget in addition to the other monetary values of new revenue development, cost avoidance and promotion value accomplished at those same events.

If an event is a key element in managing the relationship with an account for the year, such as your premier customer conference or the largest annual conference you attend together, then the value of that activity would likely be a significant portion of the overall amount a company spends on maintaining the business. If the event you are considering is not a main part of relationship management then it might represent only a small fraction of your company’s effort. Regardless, if you add up the current annual revenue of the customers you will entertain or brief at an event, those numbers are usually impressive, and demonstrate what is at risk if those relationships are not maintained.

3.Cost Savings – Cost savings and expense avoidance achieved through trade show activity can be quite substantial. Events present “one on many” and “many on many” opportunities. This value element is a real, traceable source of ROI on an event.

Everyone in your market universe may be gathered in one place, thinking about the same concentrated range of topics. Prospects, customers, suppliers, allies, analysts, press, executives, sales, product management and marketing are all at a single event, usually at their own expense. The number of potential interactions is huge. Consider special approaches to maximize the time, place and focus available through the event.

Be sure your activities at your next event are aimed not only at the income side of the profit equation, but the cost side as well. Realizing these benefits requires dialogue with those managers who can take advantage of the opportunity your event provides. They may also help you estimate the value of doing multiple things at an event instead of doing them one at a time in the future at additional expense.

Reporting these results in your event measurement report will add credibility and financial justification for your investment beyond the primary goal of increasing sales.

4.Promotion Value – This is often the least reported source of ROI, but promotion value at a marketing event provides real, identifiable value. Promotion value may be calculated using “ad equivalency” values, which are derived from what an equivalent advertising cost to accomplish a similar promotional impact would be.

“Ad Equivalency” is a less popular metric today than it was even a few years ago. It is still useful to report promotion value in terms of total impressions made at marketing events as this provides an idea of “reach”. “Gross Impressions” are those that fall on the eyes and ears of anyone. “Targeted Impressions” are those that fall on the eyes and ears of those who fit your target profile. The total impressions are the sum of all gross and targeted impressions made as a result of show budgeted activity. These activities often include promotion activities in direct marketing, media (including digital and social media) show exposure and exhibit exposure.

The payback ratio is a simple measure of success for your event marketing program. By adding the monetary value of all the tracked and estimated revenue and cost avoidance represented in the categories above, we can compare apparent value of an event to its cost. Using the payback ratio as an index is a great way to convey the value of your marketing events. The payback ratio provides qualitative and quantitative analysis of events and often greatly facilitates the discussion with executives over event strategy and funding.