Measurement Tip 30

Gathering the Right Information at Trade Shows and Events

Most often show managers leave a trade show or event with what they consider to be a substantial amount of leads. However, once these contacts are properly formatted into a leads database, it becomes clear that event staff neglected to capture key pieces of information from the potential prospect or lead.

Information such as time-frame of purchase intent, need for a follow-up or even the prospect’s specific interest is almost always not properly documented and leaves the sales team with very little to follow-up with after a show.

Take for example, a client of ours that documented close to 300 leads at a trade show and was initially satisfied with this result. However, once the information was processed in a database it was clear that only 40% of the prospects could be deemed a “qualified” lead. Most lead entries in the client’s database had little to no additional information to pass on to the sales team for targeted follow-up.

If show managers streamline the process by which they capture leads information at a trade show or event by using a well thought-out lead documentation system and implore the value of capturing the information to event staff through pre-show training, then they can produce more promising prospect information.

Remember, training exhibit staff on the value of documenting key customer or prospect information is a process that takes time. Show managers must slowly create this “culture” shift within the organization and find an approach that works the best for their team.

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

Measurement Tip 26

Measuring The Exposure Generated at Trade Shows and Events

 

Ask a marketer why his company attends trade shows and events and his first answer will likely be “Exposure,” “Branding,” or “To maintain a presence in the industry.” Generating leads or influencing sales are usually cited after exposure related goals. However, few companies have a method to measure this exposure. Instead, most companies base their success or failure on the number of visitors to the exhibit and the number of leads generated. Both are important indicators, but more is required to provide a good indication of the value of exposure.

For these reasons, it is important for companies to develop a methodology for measuring both the quantity and quality of exposure at trade shows and events. Exposure provides a surprising level of value and is an important element in justifying participation and expense. Measuring exposure can also provide a better understanding of how events factor in the overall marketing mix. With it, marketers can compare the value provided by the event program to that of advertising, promotions and other marketing media. Exposure evaluation also provides insight into how events generate leverage for other media.

 

Measuring Quantity of Exposure

The amount of exposure is the obvious place to start. One technique for measuring exposure is to estimate the number of audience impressions achieved by various tactics and activities associated with participation in a specific trade show or event. A forecast estimate of potential impressions can be used for decision-making regarding the size and types of presence and promotion activity at an event.

The following methodology is a simplified overview of how to measure the quantity of impressions generated at an event. We will assume that the marketer researched the event and ascertained that the target audience will be present in sufficient numbers that justify participation. 

First, obtain an accurate count or develop an estimate of 1) total show attendees and 2) the subset who fit your target marketing profiles. These numbers are essential in calculating gross and targeted impressions. Gross impressions are a count of the number of times your messages, or product or company brands are seen or heard by anyone at the show. Targeted impressions, i.e. visual and audible connections with those attendees who fit your target audience profiles, will be a subset of your gross impressions, among those who fit your target audience profiles. Gross impressions have value. For example, highly respected and well-known brands tend to perform better in financial markets. Targeted impressions have an impact upon sales ready prospect development and probability of sale.

Next, approximate the number of times individuals are exposed to your individual event marketing program elements. For example, the number of times the typical attendee will pass your exhibit over the course of the show will be based on factors such as your location in the hall, the number of exhibition hours and days and the number of other exhibitors competing for their attention. For instance, if your exhibit is in the front of the hall and the show is three days in length, you might conclude that the average participant passes your exhibit coming and going from the hall on two of the three days. That would provide an four opportunities to see for the entire group of exhibition participants. If the exhibit is in the rear of the hall, the average attendee may pass only once during the show providing only opportunity to see. (Obviously not every person will see your exhibit, however many people will see it multiple times. For simplicity, we assume they somewhat cancel out unless there is more sophisticated tracking in place.)

You can analyze all other aspects of show participation in the same way. Pre-show communications, such as a direct marketing program provide the opportunity to make several impressions on each attendee with a heavy concentration on targets. A banner in the front lobby may be seen multiple times daily by most participants. A sponsorship may place your logo on signage, print and web media giving you even more impressions per attendee. An ad in the show program might give you one additional impression per attendee, while an ad on the back cover of that same program might give you three or more.

After you have identified the number of gross impressions each element of your marketing program is likely to produce, you can estimate the number that were actually targeted impressions using percentages derived from studying the show demographics and your own exhibit visitor demographics if you track them. You would use a much higher target factor for a targeted mailing than you would use for exposure to your exhibit.

If advertising is part of your show plan you may include impressions from that as well. With the estimates of total gross and targeted impressions you are armed with an important answer to the question “What do we get out of this show.” 

Estimating the Cost and Value of Impressions

If you desire you can report a qualitative but useful value of the equivalent cost to generate impressions created through an event by other means such as advertising or direct marketing. Other marketing campaigns may be measured by numbers of impressions, resultant qualified sales leads, contacts and closed business, etc. That would be a useful structure to apply to your event marketing element. This estimated value can help justify your show investment. A case in point is a division of 3M that used a particular show to introduce a new product to the market at a very well targeted show. Unaided awareness of the product name and description was measured after the event and extrapolated to a percentage of the entire U.S. market. The advertising and corporate communications VP estimated advertising expense required to create an equivalent level of unaided awareness among targeted buyers was more than twice the entire show budget! And speed to market was cut by over approx. 50% due to the "sales call equivalents" held at the show that would not have occurred with advertising. 

These same concepts can be used to estimate the value of sponsorships and promotion opportunities offered by a show or event. Estimate the number, types and value of the impressions a sponsorship will generate. Add in some qualitative evaluation such as the good will that will be extended to the host association for example. This assessment of potential value will help you evaluate which opportunities will likely to give you the largest return on investment or perhaps lead you to negotiate the cost using your estimated value. 

Measuring Quality of Impressions

The next step is to measure the quality of the impressions you’ve made. This gauges your efforts’ success not just at getting in front of your audience, but in creating the impression or image you want. It is a valuable tool that enables you to identify your success and pinpoint specific weaknesses that can be improved upon at future events.

The best way to get a definitive reading on the quality of the impressions made at a trade show or event is through a formal survey. Many marketers skip this step and base their evaluation on the feedback they receive from the customers and prospects they meet with at the event, but this method comes up short because it ignores those who didn’t interact with your staff, thereby failing in the opportunity to learn how to attract them next time. 

Start with a blind, pre-event benchmark study to ascertain the current level of awareness and the perceptions of your company or product represented in the event audience. Repeat this after the event to see what you’ve accomplished. Your accomplishment will be the movement of each variable in a positive or negative direction. Include questions that document the retention of specific messages, quantify the recall of your presence in comparison with your competitors, and give you the opportunity to learn how to connect more effectively with your audience in the future. You can even re-qualify the potential of the event by finding out what percentages of the participants have interest in your products and services. There are a number of specific measurements such as purchase intent, brand preference and net promoter™ scores that can be applied to assess the quality of your communication. 

Measuring the quality and quantity of exposure at trade shows and events gives marketers data on their return on investment that goes beyond the more obvious measures of leads and sales. It gives a true picture of the value received and goals accomplished in proportion to the dollars spent, in terms that are readily compared to the results from other marketing activities. And, because relatively few other companies are doing this, you can get a jump on the competition.

Heather DeLoach

Project Manager, Constellation Communication  

For assistance with your trade show and event marketing program, please contact Constellation Communication +1.770.391.0015

*Net Promoter Score is a registered trademark of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.

 

Measurement Tip 22

Could Just Knowing Who Attends Your Event Be the Most Important Measure of Success?

I have attended too many events where the host could provide little, if any, detail about who participated. This is quite often the case with trade show exhibit marketing. So, why is this so important?  Attracting an adequate number of targeted participants is the single most important factor in success or failure of a marketing event (or most any event.).

Hosting participants who can directly benefit your company is a prerequisite to every other aspect of a marketing or customer event.  If the right people are not present, the remaining activity is almost meaningless. Therefore, performance measurements of your efficiency in targeting, invitation and attendance results are among the most important factors in reporting results and making improvements in future events.  

  

The importance of attracting an adequate number of targeted people stems from my research over several decades.  During that time I identified three factors, which determine the success of an event:

1) The ability to attract enough people who can personally deliver benefits to the host

2) Success in communicating with these participants in a persuasive manner

3) Success in obtaining the desired behavioral response from these participants (i.e. to take a step in the sales cycle or engage in another targeted business process)

What is clear is that without adequate attendance the subsequent steps have no effect.  Keeping a focus on identification, targeting and attracting the most valuable audience for every marketing event will do the most to increase your results and ROI.  This will also help you to develop more effective criteria for defining and obtaining qualified, sales ready leads.  A simple phrase that sums these ideas up is, “Those who attend must be those who can act in a way that benefits your company!”

To make a difference in an upcoming event requires that you begin your process a minimum of 6 months before the show date.  It also requires that you involve sales, marketing and product management, if possible, in the discussions of who is targeted at an event and how the target set matches up with priority products to be showcased at the event.

This approach can open new avenues for communication with a wider group of managers within your organization.  The new players need adequate time to understand the opportunity and to “buy in” to the plan and to make their contributions to the final result.

Step 1 - Define the target audiences you seek to reach using a descriptive hierarchy:

1. Industry or Market Segment (ex: Construction)
2. Company Type  (ex: Aggregate Paving, Demolition)
3. Company Size  (ex: 1 million and above in revenue)
4. Functional Responsibility (ex: Executive, Finance)
5. Title (ex: President, CFO, V.P.)
6. Name if practical (ex: Joe Tomlin)

Consider a show that will be attended by over 100k people (net).  You will likely target less than 20% of that number.  Limited show hours and other exhibitors competing for each visitor’s attention and time may prevent your from seeing even those you target.  If you do not target your desired audiences, you will be simply hoping that one qualified fish out of every five that swim by will jump into your boat.  This is not a good proposition!  Working with a finite number of targets reduces your overall work to a more manageable and successful approach.

Step 2 – Define the addressable audience

The chart above is from an actual report showing a pictorial analysis of the “target markets” available at the composite industry’s largest show.  Each sub-market is plotted according to the percentage of total individuals participating in the event.

We can see at a glance that Transportation is the most prevalent segment represented, followed by Marine, Custom Molding and Aerospace, etc.

Now, consider for a moment that the Electrical/ Electronic products division of an exhibiting company wants to bring their entire line to the show because they are sharing in the budget.  It is easy to conclude that doing so may not be a good use of space or expense.  This is great information for answering the perennial question, “What should we show in our exhibit?”

Step 3 – Attracting the targets 

Often the best sources to consult are the demographic profile of show attendees available from show management.  You should also use contact lists available from industry publications and your own marketing database.  Develop and run a query from your target criteria developed in Step 1 against these databases.

You may purchase mailing address lists that match your criteria for direct marketing.  (Phone numbers or email addresses may or may not be available.) 

If the show management will not rent you a list, they often will launch you campaign for you.  Review you exhibitor kit to arrange purchase of a list or distribution services.

Step 4 - And beyond

Once you have identified your targets, it is up to you to design and deliver pre-event marketing campaigns and coordinated personal invitation campaigns using your executives and sales team.  Remember, prospects are only one of many valuable audiences at an event.

Track who visits your exhibit or event by stopping people at random and documenting their demographic profile. Take demographics and simple attitude responses while people wait for a presentation.  Or, you can use a tool such as exit surveys.  You can also swipe badges for as many people as possible, using a simple "giveaway" that will not attract too many of the wrong people.  Next, run a measurement report of your attendance using the registration/ leads data from show management. 

Documenting as many visitors as possible is an excellent habit to develop.  Be sure people who respond to a pre-event marketing campaign or invitation are identified in the process.  Compare your results to your original targets.  A lead should usually be a person who fits one of the targeted profiles.

When you target and invite the right participants, event and exhibit staff will be much more effective in conveying the proper information and gaining commitments for follow-through.  The people they see will be interested in what they are saying and the information will be relevant to them.

I will write more on this in the future.  Meanwhile, be sure to call me if you want to discuss ideas.

Ed Jones

President, Constellation Communication Corporation

+1.770.391.0015

edjones@constellationcc.com