November 1, 2013 |
Success can mean many things to exhibitors, from generating leads, sales as well as other factors such as brand awareness – but how can you bottle success to measure it effectively?
With key-buyers viewing exhibitions as the top influential information type in their arson to make their purchasing decision, exhibiting can be very profitable. Measuring success and using this information to continually improve can help your business to grow profits from exhibiting.
Here are five simple tools that you can use to measure success and to increase profits.
Setting and measuring objectives for exhibitions can help to improve motivation. Measuring the number of leads, appointments, sales and other metrics are also a helpful gauge success on a business and individual level. Knowing your businesses strongest and weakest points after an exhibition will also help to build your exhibiting plan next time.
Did you over spend or under spend on your exhibiting budget? With tight budgets, some businesses may be left in a quandary to how to deliver a stand while reducing costs. One way of potentially reducing your costs is by considering using Nimlok’s custom hire stands. Our growing custom hire range includes hanging structures, arches, pelmets, counters and benches, giving you a high quality, bespoke exhibition stand without a long-term investment.
Assessing the quality of the leads you generated is important to measure the value of the exhibition. Use a rating system, such as A-C when taking leads to help measure their quality. Add the potential estimated sales potential from these leads to forecast the estimated revenue/profit after the event.
As well as measuring the number of leads, it’s important to determine the cost per lead against your targeted cost. To work this out, divide the total number of leads you captured by the total show investment. If this figure is higher than anticipated, then either the budget needs to be reduced, or more leads need to be generated to improve your cost per lead to target.
How many orders were placed after the exhibition from the leads generated? Depending on your order cycle, you could measure this at two time-points to show fairly immediate sales as well as longer, slower burners that could still be accredited to your presence at the exhibition.
ROI is one of the most important figures you can work out post-event, to determine the percentage of profit that was made against the cost of exhibiting. For example, a ROI of 20% would mean that for every L1000 invested, the exhibit generated L1,200.
To work out your return on investment, perform the following simple equation:
ROI% = (Profit from exhibition – exhibiting cost)/exhibiting cost