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 21

How does anyone determine the success and ROI of a party, networking event or even a golf outing held during a conference or event?

Hospitality and other ancillary events abound at trade shows and conferences.  Most of the ones I have attended were not planned to deliver much in the way of ROI.  However, it is quite practical for receptions, mixers, networking events and even golf outings to produce important and valuable accomplishments for your company and to expand the value derived from participation in the main marketing event or trade show.  Here is how…

My model for event value considers four overall benefit categories for any face-to-face activity.  These four questions will lead you to plan for and establish measures for your accomplishments.  Not every event will provide accomplishments against all four values.  The examples given are in terms of ancillary private events:

1) How will an ancillary event increase sales opportunities for the host? Meeting new prospects and accomplishing the initial steps in establishing relationships benefits sales results.  Sales may be able to provide an estimated value for a new prospect.

2) How will the activity protect and retain existing customers and revenue? A private affair for current customers is a good example. Using an event to protect your existing customer base and then to up-sell a customer provides value you can prove for the company. Current customers may be introduced to new programs or incentives at an ancillary event.  Explore customer retention rates, the average revenue value of a customer and estimated cost to replace a lost customer for your value estimates.

3) How will the event save the host money? Bringing high-value contacts, prospects, partners and suppliers together at the same time to see something or someone (such as an executive or expert) in one place may avoid several future trips and perhaps, events at your company’s additional expense. A great example is a mixer for the press and media when your company is launching a new product.

4) How much exposure will the event generate for the host company's products and brands?  Exposure is counted in the form of impressions. This is the same metric used in advertising and PR efforts. Use signature ancillary events and their associated promotion and publicity to position your company, products and priority messages. Another worthy objective is to establish your company as a thought leader by providing provocative and valuable content during the event. If possible, seek out assistance from your communications team members to help you estimate what the exposure generated at an event may be worth.

Develop your event plan to deliver accomplishments in each of the four elements of value.  Then you can apply metrics to document achievements.  

The basis for all measures is personal interactions.  Counting interactions with people who fit targeting criteria is the basic measure for elements 1 - 3.  Estimate a value for each person "activated" via their interaction with your team at the event for each of your defined goals. The activation may be to become a committed lead, to resign as a customer, to attend a function in lieu of a future one, or to receive your images and messages.

For value #4, Promotion, count impressions made on people. Impressions are visible or audible images of your company's brands and messages that fall on the eyes and ears of many different target audiences addressable through the events. Use your advertising cost per impression as a guideline to estimate value.

If you collect and report any results in the form of accomplishments in any or all of the elements of value listed above, your management will be more confident with their investment and with you as a competent manager of the business.