Often times, it's difficult to track the return on investment (ROI) from a trade show or series of trade shows. Whether it's due to a lack of communication with your salespeople, a flawed database, or simply a lack of time, not measuring it can be detrimental to your company or organization. Let's go over some easy steps toward understanding your trade fair ROI:
1. List your Leads
According to the Trade Show News Network, a good first step in measuring your trade show ROI is to compile a list of leads from each trade show you attend. Import the list into Excel; "you'll need the spreadsheet for extra columns and calculations."
2. Obtain a List of your Customers
Your sales department probably has a list of customers and everything they've bought. Not all organizations keep this information in the same spot -- some keep an organized database while others rely on accounting software -- but it's definitely there somewhere.
3. Compare Those Lists
Did the leads from your trade show exhibit turn into customers? If so, mark it in your Excel file. Additionally, insert a column that indicates how much each lead spent.
Add up the sales that can be attributed to your presence at the trade show, then compare that to the amount it cost to have a booth at the show. The Trade Show Network reports that "if your sales were $100,000 and your costs were $10,000, then you've got an ROI of $100,000/$10,000 = 10 to 1." It's a great way to see which shows are worth attending.
While it may be time consuming, the work you put into measuring your ROI will completely be worth it. You will no longer have to waste your time at trade shows that do not generate leads! Good luck!