The holidays are behind us and 2015 is here! Budgets have been trimmed, plans are in place, and event season is in full swing! With over 1,600 trade shows and conventions taking place each year in North America, it can be difficult to determine which shows to attend. Trade shows and conventions offer businesses a unique opportunity to generate leads, meet new customers, and build relations with existing accounts. To effectively accomplish your goals while at the show, you must plan accordingly.
Benefits Of Using A Scorecard to Measure Trade Show Metrics
As an event marketer, I am always looking for tools to help justify participation in trade shows and that give insight into conversion metrics. One tool I use to track and measure all the data compiled from events is called a marketing event scorecard. I have found this tool to be highly useful in helping to evaluate and measure the success of a show. The scorecard summarizes all information related to the show: quantitative and qualitative results, expenses, and feedback gathered from the event. Before you create your own scorecard, it is important that you consult all personnel involved with the trade show (such as sales, marketing, and execs) to weigh in on what measurements to include. There are four sections that I included as part of the scorecard:
Section 1: Event Information
The top portion of the scorecard includes qualitative details about the event. I find it important to include this information for current and future planning:
- Target audience
- Number of exhibitors
Section 2: Trade Show Costs
The second section is a breakdown of trade shows expenses. Costs relating to trade shows will very depending on the size of your booth, location, and labor. This tool will help you take a good look at each individual show and assess all costs associated with the event to help create a more accurate budget. Below are a few of the expenses I include:
- Exhibit booth
- Travel and expenses
- Booth shipping
- Promotional items
Section 3: ROI Measurement
The third section is a breakdown of quantitative data collected during the show that pertains to ROI. This section will help you prove the worth of the show to your company and provide you with strategic information in order for you to make any decisions before, during, and after the show. This data will enable you to determine the success of the trade show and help plan future events.
Monthly reoccurring revenue (MRR)
- Cost Per Lead (CPL)
- Cost per opportunity (CPO)
- Number of accounts
- Total Revenue
- Total opportunities created
- Total number of leads collected
Section 4: Feedback And Analysis
The fourth section is a collection of feedback given by the sales and executive teams based on their experiences while at the show. There will be times when you, as the event planner, will be double booked, and since you cannot physically attend every show it is wise to send a sales, marketing, or a member of the executive team to scope out the show and relay information.
Once all the data has been compiled and the scorecard has been completed, I recommend giving the show a grade, similar to one you would receive in school. Grade A is equivalent to exhibiting/sponsoring again. Grade B is average – the show should be placed in the consideration pile. Grade C is below average – this show should not be in the consideration pile.
I find the method of scorecards to be the most effective way to measure the success of a trade show. However, it’s important to use a tool that you are most comfortable with and that works best for your business. I hope the information I have provided helps you to at least begin developing your own tool for tracking the ROI of your next show. Do you have any ways you measure the success of your trade shows?
This article was syndicated from Business 2 Community: The Easy Tool That Helps You Track And Measure Trade Show ROI In 4 Easy Steps
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