A truth that most exhibitors will deny is that they are incapable of communicating and determining the true value of their marketing efforts. Considering the popularity of trade show displays as a form of face-to-face marketing, there are numerous business owners who are still confused about the pros and cons of participating in one. While business owners are aware of the fact that trade shows are a lucrative form of marketing, they are not sure about measuring the value of the marketing program.
Once you get to know the true value of a trade show, this will result in better designs and Strategies for the future. Let’s check out of few things that you should calculate in order to understand the worth of a trade show.
Recognize the estimated effect on the revenue of your company
One of the most difficult things to track after a trade show is the company’s revenue. Calculating this gets tough because you don’t close the deal on the floor. You earn leads that are routed to the sales team for further follow-up. Depending on the length of a sales cycle, it might take years or even months to convert the lead into a sale. However, it is not that you have to wait for a year to calculate your revenue as you can get an approximate value through internal assumptions.
Take a look at your total savings
Apart from generating revenue for your company, participating in trade shows can also save you money. It goes without mentioning that every dollar saved is a dollar of profit. So, all you need to do is include any savings that your company incurred due to the program while calculating its value.
Factor in the amount spent on promotional activities
If you have to calculate the total number of impressions that were generated through the show, you have to make a list of all promotional activities that were either heard or seen by the audience. You might segregate these activities into four categories, media coverage, direct marketing, the trade exhibit, and onsite promotion. Impressions include the people who visit your booth and those who watch your exhibit from the aisle without stepping inside.
Once you are done with your trade show exhibit, it is important for you to calculate the profit that you generated so that you can understand the value of participating in trade shows. Take into account the above-listed factors while calculating the worth.
