When participating in trade shows, it's important to predict your ROI in order to gauge which events best fit your company's goals as well as hit your target audience. Often this turns into a guessing game done through trial and error. You could survey attendees at your booth or online about their experiences, however these surveys can lead to subjective results as you're not guaranteed a response from a good sample of people who visited.
The decision of whether or not to participate in a trade show is a momentous one that puts thousands of dollars on the line. That's why it's important to be able to base your decision on objective, quantifiable data from which you can infer what works and what doesn't.
Here are five of the best metrics to measure when weighing that decision:
1. Pre-Show Promotion
When participating in a trade show, it is important to invest in pre-show promotion to attract attendees to your booth. But which types of promotion and advertising are truly successful in bringing in your target audience, creating more leads? The effectiveness of the promotion can be measured by monitoring the number of attendees the particular promoted zone of the booth attracted as well as how long attendees were standing at that area. Using these metrics, you can gauge which promotions brought in the most attendees as well as kept them engaged at your booth.
Though an obvious one, attendance is a key metric to keep track of, especially relative to the attendance of the whole event and compared to past events you have participated in. Those events that bring you more attendees relative to other events deserve more time and money in order to continue to increase your success at that particular event. It's also important to consider the more attendees you attract and engage, the less time they are spending with competitors.
An engagement occurs when an attendee stands in a key area from more than four seconds, separating them from just a passerby to a person potentially interested in your product. When participating in trade shows, it is important to continually monitor which areas are attracting the highest amount of attendees and how long attendees are spending in these areas. Using this information you can access the effectiveness of each kiosk, display, and interactive message to determine the best floor plan in order to avoid crowding and to make sure each attendee receives all the information they need about your company.
4. Target Exposure Average
Before a show begins, it is important to set benchmarks to measure the success of each key area. This can be done by setting a target exposure average which is the average time an attendee should spend at each display. For example, you would aim for a low exposure average towards the front podium because it lessens the amount of time staff have to bring in more people. However, you would aim for a high exposure average at a demo display where you are presenting the operation of your technology. Using SoleSensors you can monitor what the exposure average actually is and make changes in order to help it go up or down to reach the ideal time. This again optimizes the amount of information your attendees get as well as the number of attendees that go through your booth.
5. Cost Per Visitor
The fifth metric to consider is the cost per visitor. Because you are already monitoring your attendance and presumably know your expenditures, after each show you can calculate the amount of money each visitor actually cost you. This number is useful compared to other ways you reach your customers. For instance, is it more cost effective to appear at a trade show or invest in TV or internet advertising? Are you reaching the audience that you want with the money you are putting in? Comparing these numbers you can determine where to continue to invest in order to create the most leads and generate the highest profit.
All in all, predicting ROI and deciding which trade shows are worth your investment can be a tricky business. That's why Scanalytics is here to provide you with these five metrics that will make your decisions not only easier, but cost effective as well.
Scanalytics is among the top 10 fastest growing “Internet of Things” companies, measuring human behavior insights through intelligent floor sensors. The SoleSensor platform translates consumer foot traffic into actionable data through a dashboard interface for real-time and historical viewing of trends in physical spaces. Using the floor sensor technology, brands capture and analyze occupancy, traffic patterns and engagement times to increase conversions and improve ROI.
With over 40 million impressions to date, Scanalytics has deployed SoleSensors across the United States, Canada, Mexico, Europe and Southeast Asia. Learn more at: www.scanalyticsinc.com.