As we come out from the malaise of the pandemic, there has been a noticeable uplift in the number of events that professional services firms have chosen to attend, perhaps hungry/desperate to re-engage their markets. My personal experience has been that whilst the halls have been full of willing exhibitors, the footfall of attendees has been somewhat disappointing. So, should you invest and how do you know if it was worth it? What might your ROI look like?
Well to be fair, this will depend on what your definition of success is. Have you attended before?
Do you have any accurate data around business leads generated, speaking slots delivered, key interviews given, uplift in website visits, LinkedIn & social media followers, increased press coverage etc?
Remember, for most firms, attending and investing in these types of events, it is about marketing rather than sales. Not many prospects will be signing contracts on your stand. So why are you going? You need to consider your objectives around space, money, people and time.
Always start with the end in mind and have a follow up plan as that is where the magic usually happens. You will need to consider elements of the following in your planning:
Permission to engage & connect with delegates/attendees.
Gathering of real time intelligence and feedback. Live marketing is measurable.
Initiate long term relationships with potential clients and referrers and enhance your visibility/credibility in your market place.
Meet and onboard new joint venture partners who may be at the same event.
Motivation of your own teams.
Let’s add some science to the game plan. Let’s look at value based on costs. Attendance is rarely cheap and if you include staff time, well it begins to look like a very serious investment.
Assume cash investment on space, stand build, giveaways, hotel and catering costs runs to $50k. Average client spend may be $10k, therefore you need 5 clients to break even on a turnover basis, assuming you work on approximately one third profit, you will need three times as many! If your closing rate is one in four you will need 20 quality leads to follow up as a minimum. Do the math before you go! Costs are often two or three times the initial outlay when you consider opportunity costs such as staff time. Always look for quality over quantity when it comes to lead generation.
Before you go
Who are the priority targets? Who are the decision makers and who are the influencers? Message them ‘We look forward to seeing you at….’. Will you collect QR Codes for data collection? Provide USB sticks to replace old fashioned brochures? Location, location, location! Branding/ Merchandising for the stand. Which team members to take. Who do you already know who is attending who you could arrange a meeting with? Which other exhibitors is it worth building relationships with to become joint venture partners?
Think about the messaging. What do you do? Who do you do it for? What is the result of what you do? Why are you different to other firms? Do you save or make people money, create value, mitigate risk, commercialise ideas? How do you make people’s lives easier? If you cannot verbalise it or write it down, you cannot sell it! Two ears, one mouth. Use in that ratio.
Whilst you are there
How will you create interest in your stand and attract visitors to engage? What impact can you create to become memorable and provide a genuine experience?
Ideas I have seen work well include gamification, quiz with prizes, magicians, Super Heroes, photo booths, loud music, DJ’s, prize draws, raffles etc.
Once you have attracted them to your stand, what ice breakers will your staff use to start a conversation? “How important is protecting you IP & new ideas/ Saving time on your construction project/ Reducing finance costs/ What have you missed about in-person events? What is the best outcome you have had from attending live events?” Maybe the best answer wins a prize.
Marketing in its purest sense is asking people what they want and then provide it to them so shows can be a great opportunity for some market research. Find out what budgets do they have, how frequent they require your service, how much they know about you, most important criteria when choosing a provider other than price?
Body language and image play a huge role. Dress code and how it is worn is important. I have seen people in suits look scruffy when others in branded polo shirts and jeans have looked sharp. Staff with hangovers, poor personal hygiene, eating or checking their phones/laptops all the time do not look like fun hosts especially on an untidy or littered stand. Be warned! That said, you need to have a roster in place to ensure you have coverage at peak times, often over the busy lunchtime period.
Trade shows and exhibitions are usually attended by trade magazines and reporters. Ensure you talk to the organisers and connect with those in the media who would be happy to share your story about your new product/service/technology/website/staff member/client etc
Remember to check out the opposition. Competitor knowledge can always be improved in this environment.
After the show
Arguably where most opportunity is lost. All the effort and expense can count for nothing if you do not follow up on those precious leads. Who decides on who is responsible for each contact to follow up? The best quality leads should not be given to anyone but the best person to convert the opportunity.
What was the agreement and therefore the expectation of the prospect? How can you add value in the most professional manner? In summary, who reaches out and offering what? Did you have a special offer on for attendees only?
Wherever possible, follow up should take place within 48 hours, even if it is just a LinkedIn request, or momentum can be lost.
Write a blog post or share a video about your experience on your website and on social media. Always good to let clients, prospects and referrers know about your expertise and networks.
I would love to know what has worked well for you in the past. Be sure to drop me a line and let me know your thoughts.