Susan Friedmann |
Written by Susan A. Friedmann,CSP, The Tradeshow Coach, Lake Placid,
NY, internationally recognized expert working with companies to
increase their profitability at tradeshows. Author: "Riches in Niches: How to Make it BIG in a small Market" and "Meeting & Event Planning for Dummies." www.thetradeshowcoach.com & www.richesinniches.com |
Susan Friedmann
has written 18 articles for SB Informer. |
View all articles by Susan Friedmann... |
Rising Exhibiting Costs Places New Premium on EfficiencyROI and tradeshows Susan Friedmann
July 02, 2008
There is good news in the world of tradeshow research: according to a
recent study by Exhibit Surveys, an industry research group, a
considerable number of new attendees are coming to tradeshows. At the
same time, 39 percent of attendees report that their buying decisions
are favorably influenced after viewing a company's exhibit.
That's
the good news. The bad news is that the rising fuel, energy, and
transportation costs that are impacting every sector of the economy
have not skipped over tradeshow exhibiting. The cost per attendee has
risen nearly 20 percent. A typical exhibitor is spending $261 per
attendee that they speak with -- a number that is up 15 percent over
the last two years.
The question then becomes, how do you make
the most out of every exhibit? It is no longer sufficient to simply
generate a positive ROI. You need to ensure the maximum ROI possible,
in order to justify these spiraling costs.
Here are the top five ways to get the most out of every tradeshow:
1. Do Your Homework
To
realize maximum ROI, you have to ensure that you're exhibiting at the
right shows. You will not generate a positive ROI, much less a maximum
ROI, if you're not positioning yourself in front of an audience likely
to be interested in your products and services.
Research shows
carefully before making a commitment. What shows are the largest? Which
shows attract your target audience? Some exhibitors have had great
success setting up shop at shows outside of their traditional industry
group -- this may be a strategy you want to consider.
Bear in
mind some larger organizations have their own shows. This trend has
obvious positive and negative ramifications -- but a savvy exhibitor
will be able to make the most out of the opportunities this change
affords.
2. Emphasize Pre-show Promotion
Pre-show
promotion is the single most important determining factor in generating
show traffic. If you want to have a lot of people, particularly people
who are likely to be interested in your products and services, you need
to make a concerted effort to reach out to them before the show.
There
are a number of ways to do this. Some broad-based approaches include
placing ads or inserts in industry journals, advertising your
participation on your website and industry discussion forums, and more.
You can target your best customers -- and the organizations you want to
have as your best customers -- with direct mail, e-mail communications,
phone calls, and in person reminders from your sales force.
3. Send Your Very Best People
Your
booth staffers act as your organizations' representatives. You want to
send the very best people available: individuals who have great product
knowledge, strong sales skills, the ability to think on their feet, and
can thrive in a high-pressure, high-stress environment.
Focus on
selecting staffers who are genuine and enthusiastic. An upbeat
personality is definitely a plus -- shy, introverted types may have
superlative technical skills, yet wilt when thrust into the tradeshow
spotlight. If you've a really technical audience, it's fine to bring
your best and brightest minds to be on call to answer questions -- but
leave the meeting and greeting, selling and schmoozing bit of the show
to your sales professionals.
4. Think Through Show Specials
Too
often show specials are last minute deals -- "Sign up now and we'll
give you 15% off." That's not the way to handle show specials.
For
maximum appeal, you want to craft a show special that is appealing to
your customer base -- a real savings, rather than a token percentage
off --, easy to understand, and only available for a limited time. If
you do not create a sense of urgency with your offer, your attendees
have no real pressing need to convert into customers.
Additionally,
you should include information about your show specials in all of your
pre-show promotion. Every time an attendee or would be attendee is
looking at this promotion, they're asking "What's in it for me?"
Including information about your show special can help answer that
question.
5. Focus on Follow Up
The period
immediately after the show has a tremendous impact on overall show ROI.
Within two days of the show close, you need to have thank you notes in
the mail to everyone you saw at the show, thanking them for stopping by.
Additionally,
this is the point to follow up with your hottest leads, scheduling
sales calls and moving the process forward. Nothing cools faster than
tradeshow leads, so it is imperative to strike while the iron is hot.
The
remainder of your leads should be distributed to your sales staff, so
they can act on them. Remember, introducing an element into
accountability will help boost overall ROI -- requiring your sales
force to document when and how they followed up will minimize the
amount of ignored leads and missed opportunities.
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