"Should we invest in this trade show?"

Over the years, a recurring question has reverberated from my clients and bosses alike: "Should we invest in this trade show?"

It’s a query that spans the spectrum of events, from those costing a modest $400 to opulent affairs with price tags soaring to $500,000. And yes, you read that right. There are companies shelling out half a million dollars on a trade show, with even their CEOs scratching their heads, asking their team if such a hefty expenditure is justified.

The justification often thrown around is rooted in tradition and perceived expectation: "We've always done it this way. The industry expects us to." But should business decisions, especially ones with significant financial implications, rest solely on tradition and vague expectations?

The answer, of course, is no.

Instead, one can adopt a more analytical and strategic approach. And to guide you through this process, here are some tips to ensure that your trade show investments genuinely align with your business goals and offer tangible returns.

Before committing time, resources, and budget to a trade show, consider the following factors:

1. Aligning with Your Sales and Communication Plan

Trade shows should never operate in a vacuum. Instead, they ought to serve as the pivotal lynchpins within your broader sales and communication strategy for a targeted market. When you’re promoting a product or service, a trade show can act as the annual North Star, guiding and anchoring all your strategic efforts. By integrating the trade show into this bigger picture, it not only gains purpose and direction but also offers measurable milestones to gauge success year after year.

The Funnel Approach: Visualize your targeted accounts as a funnel, progressively narrowing down as it approaches the trade show. As you navigate your sales and communication journey, there should be a consistent build-up of leads. By the time you reach the trade show, it transforms into more than just a platform for exhibits. It becomes that climactic moment – the final thrust – offering you the golden chance to not only convert those lingering prospects into concrete sales but also to celebrate and fortify the sales milestones you've already achieved. This culmination at the trade show symbolizes the fruition of all your strategic endeavors leading up to that point.

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2. Measuring Financial and Brand Impact

For any significant business activity, measurement is the key to understanding its success. If you aren't currently measuring the financial and brand impact tied back to the trade show, it might be an indication that it's not the best choice.?

Key Performance Indicators (KPIs): Have well-defined KPIs integrated with your Customer Relationship Management (CRM) system. This integration enables you to monitor the trajectory of leads, conversions, and other pertinent metrics from your trade show participation.

Objectives and Key Results (OKRs): Start by setting tangible, incremental OKRs that align with your trade show goals. For instance, you might kick off with an objective to gain 100 new followers on LinkedIn. As momentum builds, this could transition into achieving 100 likes for posts related to the trade show. Progressively, you might target a 20% uptick in brand mentions or interactions linked to the trade show.

Embracing such a tiered approach to OKRs ensures that you're always on a trajectory of growth, continually refining your strategy based on measurable outcomes. This dynamic combination of KPIs and evolving OKRs provides a robust framework to not only measure but also enhance your trade show ROI (Return on Investment).

Brand Awareness Surveys: Conduct surveys before and after the trade show to gauge the impact on brand awareness. This will provide insights into how your participation has shaped market perceptions and brand value.

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3. Preparing for the Show

Your communications team will likely be burning the midnight oil, meticulously crafting materials, and setting up the perfect stage to showcase your brand. With such a significant workload on their shoulders, it's prudent to bring in additional sales or marketing leadership to oversee and orchestrate activities on the show floor. This bifurcation of roles is not just efficient; it's essential to harness the full potential of your trade show investment.

Divide and Conquer: Ensure that every team member who will be attending the show has a clear role. Assign team members to attend specific speaking engagements and set walking itineraries for each person. They should provide their notes as bullets and attachments so that a coordinator can collate and distribute them after the show. This division of tasks ensures a comprehensive understanding of the event offerings and trends.

Provide the team guidance and templates: Trade shows are veritable gold mines of information. However, without the right tools and direction, even the most enthusiastic team member might only scratch the surface. ?Encourage the team to focus on understanding suppliers, customers, and competitors to identifying potential gaps in the market, such information can be invaluable for future business strategies. Templates can include matrices to capture product information, product/customer experience feedback questions, and market gap analysis forms.

4. Targeting your Audience

Ensure that the trade show caters to your target audience. There’s little value in attending a show if the attendees aren’t your ideal customers or if they aren't decision-makers.

Who are the most important accounts you want to meet at the trade show? Once you have your list, reach out to them before the show to schedule meetings and demos.

5. Considering Logistical and Financial Challenges

Trade shows aren't just about potential benefits; they come with costs - booth space, travel, accommodations, marketing materials, and more. Make an exhaustive list of the costs, even though it will be challenging, but it is worth periodically validating. It’s essential to balance the expected benefits against these tangible costs.

6. Assessing Past Performance

Take a hard look at the results from your past and future tradeshows. Did you achieve the objectives set out? Was there a tangible ROI? Were the decision makers you expected there, why, or why not?

Past performance can offer valuable insights into future potential.

Conclusion

Trade shows can be potent tools for businesses when approached strategically. However, it's essential to ensure they align with your business goals and offer genuine value. By meticulously planning, setting clear objectives, and constantly measuring impact, you can validate and maximize your trade show investment, driving both brand awareness and sales.