If You Aren’t Monitoring These Metrics, You Don’t Know What You’re Missing
Digital marketers have a fund of data at their fingertips, from bounce rate to total visits to everything else that working in the online realm has to offer.
But what about face-to-face marketers and salespeople? What metrics are important to consider when preparing to market a product or service at a trade show?
Here are six metrics that can help you tell how you are doing.
On the sales side…
- Opportunity Win Rate
Opportunity win rate is a measure of how many people you reached divided by how many sales you are making to that audience. By evaluating and comparing your strategy based on opportunity win rate, you can see how effective your sales strategy is on a per-person basis. It's a valuable metric that can help you compare past presentations and exhibits to determine which ones were most effective at regardless of how many people were in attendance at the show.
- Average Deal Size
Look at your revenue per sale to determine how profitable each new customer is. This allows you to determine the number of new customers you need to acquire in order to make the exhibition profitable.
- Sales Cycle
Sales cycle is a measure of the average amount of time it takes for a sales team to convert a lead into a paying customer. If the sales team has a short sales cycle, you can hopefully count on selling a lot of products at a trade show. Large-investment products (like exhibit program for example) lend themselves to longer sales cycles. For these products, it may be more beneficial for you to focus your strategy on generating highly qualified leads and brand marketing.
That is what Sales should be measuring. What should you be measuring?
As an exhibit marketer, you're responsible for delivering a space and an experience to attendees. But over and above that you are responsible for delivering value to your company. To measure the marketing value of your program, consider these metrics.
- Customer Retention
Sales may be busy closing new business deals, but who's looking out for the customers you already have? If your customers are at the show, they are a prime target for all your competitors, so you'd better treat them like VIPs. Advance invitations to visit the exhibit, staff alerts to offer a cordial welcome when they arrive at the booth, access to wanted special events, one-on-one opportunities with top management — all go a long way to show your current customers that they are important to you.A measure of your success is how many current customers take you up on your invites and spend time with management. Assign a value to this.
- Cost Savings
Evaluate the cost savings for having company executives or sales staff meet during the show rather than at a separate company event. Use the show floor to recruit staff and evaluate new suppliers, activities which could otherwise require additional travel, hotel, and transportation costs. Don't forget the cost savings that sales efforts at the show represent over individual sales calls. Lastly, consider the value of the leads gained at the show over the cost of purchased lists and email campaign overhead.These are costs the exhibiting at a trade show can eliminate and directly benefit the bottom line.
- Promotional Value
By assigning values to attendees who pass by your exhibit and those who visit, along with the people who responded to your emails, any news coverage, any special events you plan for the show whether in-exhibit or offsite, you can estimate a cost for “gross impressions.” Then contrast that with the value of your audience who are your actual targets, you are able to prove total promotional value for the show. (This is explained in detail in Ed Jones article for EXHIBITOR magazine “How to Measure the Value of Trade Show Marketing.”)