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Trade Shows Optimization

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tedfinch

The document provides recommendations for optimizing trade show revenue by focusing on lead generation and follow up. It suggests that typical trade shows have negative ROI due to a lack of qualified lead collection and follow up. The recommendations include setting lead generation goals, redesigning the booth to attract traffic, improving lead qualification forms, incentivizing sales staff, and implementing new lead tracking and follow up processes. The goal is to improve ROI by converting a greater percentage of collected leads into sales.

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Maximizing Trade Show Revenue
Overview • ROI based promotions – Brand preferences vs. brand awareness • Typical Trade Shows • Optimized Trade Show – Much greater ROI (vs the typical loss) • Concerns • Recommendations – New focus (leads, leads, leads, plus other) – Active booth, versus passive – Better lead qualification – new tool – Incentives – Better lead dissemination and follow-up – Positive ROI – better budget investment
ROI Based Promotions • It all starts with ROI Based Promotions – Every promotional dollar is invested to generate a positive ROI • ROI is not just associated revenue • Intangibles are also considered – but they are not primary – All budgets are designed from the ground up based on expected revenues • Use existing or estimated ratios to roll the numbers – Those with the least ROI are the most susceptible to cuts – Those with negative returns… fix or cut
Promotional PR • Items – Press Release – news wire services (each x $550 = $20k). ROI: The Press Releases are required to help generate hits Total Expected ROI Announcement Activity # Releases Hits (25hits/Release) (Based on $2,500/Hit) Product 5 125 312k Alliance 10 250 614k Sales Wins 20 500 1,250k Leadership 2 50 125k – Press Kits (1,000 x $4, Plus $5k x 3 Reprints) - $19k ROI: Cost. Materials required to run PR campaigns – The budget only accounts for the cost and ROI for each expense—which stands on its own. However, the overall expense also has a long and short-term residual effect since it helps ensure reviews, referencing, and Web hits.
Advertising • Objective: We have 1 new product and 2 new major release. We expect to generate new sales via the new product and releases, plus penetrate 6 new vertical markets. Total expense is $416k, our ROI is 1.8 million. – 6 different verticals, 1 ―best‖ pub per vertical, 6 placements each = 36 placements – 4 different horizontal (security) pubs x 6 placements each = 24 placements. – $6k each (with graphics/placement). Each launch campaign will run for 90 days. Total # Expected # of Close Avg $ Rev Activity Placements Leads (10/Pub) Ratio % Per Sale (15k + 5k Residual) Revenue $ Vertical Ad 60 600 15% 20k $1.8 Million * We currently get 30 leads / ad. We are using 10 “qualified leads / ad. Avg sale price, according to current configurations, is $15k, plus $5k residual (software maintenance, upgrades, future sales)
Events • Objective: Generate leads, meet customers, reseller and press meetings. Expense: $451. Return: NEGATIVE – Our primary show is ASIS. Additional events include Trade Show 1, Show 2, Show 3, Show 4. – Our ROI is based on Trade Show 1 (where we have the most accurate data) and the ratio is applied to all. – The last show we generated 600 leads at Tradeshow 1. 75 were deemed ―quality‖. We cannot attribute a single sale to these leads. – Assuming we put the tracking systems in place (current initiative outlined in appendix), and assuming we use the same expected leads and close ratio as the ad campaign (conservative), we have the following ROI: Avg # Leads Avg Close Ratio Avg Sales Total Revenue Trade Show 1 Quality Revenue Expense 600 75 15% $20k $225k $280k
Nothing is sacred… negative ROI • Sacred cows… make the best burgers!
Branding Myth • ―But it build’s brand awareness…‖ Right. – Brand awareness I know Ford exists… • They know your brand exists but I prefer a Lexus • They know your brand attributes – Brand preference • They prefer your brand • They BUY your brand – If they don’t prefer, and BUY, then your branding campaign has no value!! • Acid test: If it were YOUR $200k to invest…
Events Discussion • Based on current data, should we do Trade Show 1? • We’ve been at Trade Show 1 for 13 consecutive years. However, ROI ―kills‖ sacred cows (sacred cows make the best burgers) • Expected changes for Trade Show 1 2010, with refinements for 2011 – MUCH more aggressive at getting leads – show and daily goals – Microphone stations to draw more attention to the demos – Promotions to pull people to the booth (more traffic) – Pre & Post Day team meetings with recognition for those that pull in the most leads – A clear understanding of what we need to get out of the show (LEADS first, everything else second) – A new lead qualification form (A, B, C) with ―real‖ qualifying questions (# doors/readers, # employees, time to decide, etc.) – ―Everybody‖ works the booth to cut expense (no ½ days) – New lead tracking process (template w/managerial information for follow-up) & internal buy-in – Incentive plan with Sr. MarCom Mgr based on ―leads‖ – Reduce costs – smaller size, consolidation
Typical Trade Show • Expensive – typically negative ROI – No sales goal based on ―recovering‖ funds • Cost $400k, then need to get $400k back. Right? • Wrong. At 20% margin, need to get $400 x 5 = $2 million – How many sales will it take to get $2 million? – How many leads will it take to get that many sales? That’s the goal! • Passive booth – Sales people stand around – Booth is not designed to ―show‖ and get leads – Too many sales people go, then only work the booth part time (adds expenses) – No ―show‖ in the trade show – Poor promotions to draw walk-by traffic in to generate ―leads‖ • No leads – Most prospects are not qualified – Don’t collect enough ―pre-approach‖ information (to qualify and tailor) • Scanning cards does not work – no qualifying info • No follow-up – Leads sit in piles and never make it to the sales people – Names are not followed up on. Sales doesn’t want ―names‖ – they need qualified leads – Poor system to enter and follow-up – Sales management can’t see what happens • Result? Nobody knows (hint: it is NOT good!!)
Nobody Wants to Kill It • Tradition – we’ve been there for 10 years • We’ll be missed if we are not there • It’s part of our branding (awareness or preference) • Where do we meet our customers? • But I make sales (how much? $2 million?) • So… other promotions that generate good returns get cut • Don’t kill it—FIX it!
Recommendations • Set a goal for the show. $400k = $2 million • Determine the avg deal size per sale, close ratio of leads to sales, determines # of leads • Everything is designed to get LEADS – Secondary benefits • Meetings in booth (can use meeting rooms if no booth) • Competitive research (can troll the floor without a booth) • Market research (best not to be associated with the booth) • Meet the press (can meet at lunch tables) • Alliance meetings (meet at their booth)
Recommendations • Booth is optimized to generate traffic & leads – Not designed to SELL, but to generate leads (get curiosity & interest, selling comes afterward) • Like setting an appt – sell the appt, not the product (yet) – Mic up demo stations to draw more attention – ―Shows‖ to stop people, get them to sit (always want to sit), and complete the lead form • Promotions – To get them to STOP at the booth (vs walk by) – To qualify & complete a lead form (not scan card)
Recommendations • Changes to sales – Pre-show overview to explain new approach – Reduction of people (to maximize ROI) • No half days—everyone WORKS the booth – Pre & Post show meeting to set daily goal and recognize – Sales promotions to generate qualified leads • Spend $400k for event – why not $1k to focus on leads (and get a return) • Two awards per day for most leads (meet criteria) – Ipods, Iphones, Portable DVD, whatever works (NO cash!!) – Will deliver leads – MUST follow up to convert
Recommendations • Lead Form – Sales tells the top 4-5 questions they use to qualify an account • These questions go on the form – Qualified leads: A, B, C • A – HOT and followed up on within 48 hours • B – Warm and followed up within 2 weeks • C – Cold, will be followed up by marketing to warm them up (these are NOT leads) – If the prospect is a ―customer‖ then the person gets escorted to their sales rep. They are not a lead. • We find this out in the greet and qualifying process
Sample Lead Forms
Promotional Give Away Items • Value – Draws people to the booth • Some are not qualified and just looking for stuff – Our items are not really expensive, if they catch a fish 1 out of 5 times they are still worth it • Some want the stuff, and then we find they are qualified – Only need a few one sale to pay for these items for years • Rules for give away items – Not perishable – Not heavy or it can’t be put in their bag (send it to me) – Prefer something active, not passive – AeroProps work the best—pull, light, cheap, fun
Aero Props WORK!! • Cheap (apx. 50 cents) • Light – can put in bag • Will play with it at the show • Fly into the air to draw traffic • MUST require people to complete lead form to get! • Logo can go on propeller • Apx. 2 week lead time • Have ordered over 30,000 • Terrific response
Lead Follow Up • Sent to the regions ASAP • Entered into the CRM system for them by temp • Complete system to follow up – Managers will know the status – Working on defining now • Trade show manager responsible to ensure completed ROI
Intranet Selection Screen Select Sales category
Sales Category Selection Screen Select Leads Item from Sales menu
Select details by clicking on sales rep name. Leads Report Screen
Group Listing Screen Group Listing Screen Select group name to view lead information and update lead information screen.
Lead Details Screen Lead Details Screen Select update lead tab to edit the lead and enter the call back information.
Update Lead Screen Update Lead Screen Enter the date that you first contacted the customer. Enter refer date that you actually ―delivered‖ the lead to a reseller. Select the quality of the lead. (see key below) Enter the outcome of the call and the BP you referred the customer to.
Submit First Contact Submit Update Select submit to completed the first lead contact.
Confirmation Screen Confirmation of Update
Summary • ROI based promotions – Brand preferences vs. brand awareness • Typical Trade Shows • Optimized Trade Show – Much greater ROI (vs the typical loss) • Concerns • Recommendations – New focus (leads, leads, leads, plus other) – Active booth, versus semi-passive – Better lead qualification – new tool – Incentives – Better lead dissemination and follow-up – Positive ROI – better budget investment
Any Questions?

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Trade Shows Optimization

  • 2. Overview • ROI based promotions – Brand preferences vs. brand awareness • Typical Trade Shows • Optimized Trade Show – Much greater ROI (vs the typical loss) • Concerns • Recommendations – New focus (leads, leads, leads, plus other) – Active booth, versus passive – Better lead qualification – new tool – Incentives – Better lead dissemination and follow-up – Positive ROI – better budget investment
  • 3. ROI Based Promotions • It all starts with ROI Based Promotions – Every promotional dollar is invested to generate a positive ROI • ROI is not just associated revenue • Intangibles are also considered – but they are not primary – All budgets are designed from the ground up based on expected revenues • Use existing or estimated ratios to roll the numbers – Those with the least ROI are the most susceptible to cuts – Those with negative returns… fix or cut
  • 4. Promotional PR • Items – Press Release – news wire services (each x $550 = $20k). ROI: The Press Releases are required to help generate hits Total Expected ROI Announcement Activity # Releases Hits (25hits/Release) (Based on $2,500/Hit) Product 5 125 312k Alliance 10 250 614k Sales Wins 20 500 1,250k Leadership 2 50 125k – Press Kits (1,000 x $4, Plus $5k x 3 Reprints) - $19k ROI: Cost. Materials required to run PR campaigns – The budget only accounts for the cost and ROI for each expense—which stands on its own. However, the overall expense also has a long and short-term residual effect since it helps ensure reviews, referencing, and Web hits.
  • 5. Advertising • Objective: We have 1 new product and 2 new major release. We expect to generate new sales via the new product and releases, plus penetrate 6 new vertical markets. Total expense is $416k, our ROI is 1.8 million. – 6 different verticals, 1 ―best‖ pub per vertical, 6 placements each = 36 placements – 4 different horizontal (security) pubs x 6 placements each = 24 placements. – $6k each (with graphics/placement). Each launch campaign will run for 90 days. Total # Expected # of Close Avg $ Rev Activity Placements Leads (10/Pub) Ratio % Per Sale (15k + 5k Residual) Revenue $ Vertical Ad 60 600 15% 20k $1.8 Million * We currently get 30 leads / ad. We are using 10 “qualified leads / ad. Avg sale price, according to current configurations, is $15k, plus $5k residual (software maintenance, upgrades, future sales)
  • 6. Events • Objective: Generate leads, meet customers, reseller and press meetings. Expense: $451. Return: NEGATIVE – Our primary show is ASIS. Additional events include Trade Show 1, Show 2, Show 3, Show 4. – Our ROI is based on Trade Show 1 (where we have the most accurate data) and the ratio is applied to all. – The last show we generated 600 leads at Tradeshow 1. 75 were deemed ―quality‖. We cannot attribute a single sale to these leads. – Assuming we put the tracking systems in place (current initiative outlined in appendix), and assuming we use the same expected leads and close ratio as the ad campaign (conservative), we have the following ROI: Avg # Leads Avg Close Ratio Avg Sales Total Revenue Trade Show 1 Quality Revenue Expense 600 75 15% $20k $225k $280k
  • 7. Nothing is sacred… negative ROI • Sacred cows… make the best burgers!
  • 8. Branding Myth • ―But it build’s brand awareness…‖ Right. – Brand awareness I know Ford exists… • They know your brand exists but I prefer a Lexus • They know your brand attributes – Brand preference • They prefer your brand • They BUY your brand – If they don’t prefer, and BUY, then your branding campaign has no value!! • Acid test: If it were YOUR $200k to invest…
  • 9. Events Discussion • Based on current data, should we do Trade Show 1? • We’ve been at Trade Show 1 for 13 consecutive years. However, ROI ―kills‖ sacred cows (sacred cows make the best burgers) • Expected changes for Trade Show 1 2010, with refinements for 2011 – MUCH more aggressive at getting leads – show and daily goals – Microphone stations to draw more attention to the demos – Promotions to pull people to the booth (more traffic) – Pre & Post Day team meetings with recognition for those that pull in the most leads – A clear understanding of what we need to get out of the show (LEADS first, everything else second) – A new lead qualification form (A, B, C) with ―real‖ qualifying questions (# doors/readers, # employees, time to decide, etc.) – ―Everybody‖ works the booth to cut expense (no ½ days) – New lead tracking process (template w/managerial information for follow-up) & internal buy-in – Incentive plan with Sr. MarCom Mgr based on ―leads‖ – Reduce costs – smaller size, consolidation
  • 10. Typical Trade Show • Expensive – typically negative ROI – No sales goal based on ―recovering‖ funds • Cost $400k, then need to get $400k back. Right? • Wrong. At 20% margin, need to get $400 x 5 = $2 million – How many sales will it take to get $2 million? – How many leads will it take to get that many sales? That’s the goal! • Passive booth – Sales people stand around – Booth is not designed to ―show‖ and get leads – Too many sales people go, then only work the booth part time (adds expenses) – No ―show‖ in the trade show – Poor promotions to draw walk-by traffic in to generate ―leads‖ • No leads – Most prospects are not qualified – Don’t collect enough ―pre-approach‖ information (to qualify and tailor) • Scanning cards does not work – no qualifying info • No follow-up – Leads sit in piles and never make it to the sales people – Names are not followed up on. Sales doesn’t want ―names‖ – they need qualified leads – Poor system to enter and follow-up – Sales management can’t see what happens • Result? Nobody knows (hint: it is NOT good!!)
  • 11. Nobody Wants to Kill It • Tradition – we’ve been there for 10 years • We’ll be missed if we are not there • It’s part of our branding (awareness or preference) • Where do we meet our customers? • But I make sales (how much? $2 million?) • So… other promotions that generate good returns get cut • Don’t kill it—FIX it!
  • 12. Recommendations • Set a goal for the show. $400k = $2 million • Determine the avg deal size per sale, close ratio of leads to sales, determines # of leads • Everything is designed to get LEADS – Secondary benefits • Meetings in booth (can use meeting rooms if no booth) • Competitive research (can troll the floor without a booth) • Market research (best not to be associated with the booth) • Meet the press (can meet at lunch tables) • Alliance meetings (meet at their booth)
  • 13. Recommendations • Booth is optimized to generate traffic & leads – Not designed to SELL, but to generate leads (get curiosity & interest, selling comes afterward) • Like setting an appt – sell the appt, not the product (yet) – Mic up demo stations to draw more attention – ―Shows‖ to stop people, get them to sit (always want to sit), and complete the lead form • Promotions – To get them to STOP at the booth (vs walk by) – To qualify & complete a lead form (not scan card)
  • 14. Recommendations • Changes to sales – Pre-show overview to explain new approach – Reduction of people (to maximize ROI) • No half days—everyone WORKS the booth – Pre & Post show meeting to set daily goal and recognize – Sales promotions to generate qualified leads • Spend $400k for event – why not $1k to focus on leads (and get a return) • Two awards per day for most leads (meet criteria) – Ipods, Iphones, Portable DVD, whatever works (NO cash!!) – Will deliver leads – MUST follow up to convert
  • 15. Recommendations • Lead Form – Sales tells the top 4-5 questions they use to qualify an account • These questions go on the form – Qualified leads: A, B, C • A – HOT and followed up on within 48 hours • B – Warm and followed up within 2 weeks • C – Cold, will be followed up by marketing to warm them up (these are NOT leads) – If the prospect is a ―customer‖ then the person gets escorted to their sales rep. They are not a lead. • We find this out in the greet and qualifying process
  • 17. Promotional Give Away Items • Value – Draws people to the booth • Some are not qualified and just looking for stuff – Our items are not really expensive, if they catch a fish 1 out of 5 times they are still worth it • Some want the stuff, and then we find they are qualified – Only need a few one sale to pay for these items for years • Rules for give away items – Not perishable – Not heavy or it can’t be put in their bag (send it to me) – Prefer something active, not passive – AeroProps work the best—pull, light, cheap, fun
  • 18. Aero Props WORK!! • Cheap (apx. 50 cents) • Light – can put in bag • Will play with it at the show • Fly into the air to draw traffic • MUST require people to complete lead form to get! • Logo can go on propeller • Apx. 2 week lead time • Have ordered over 30,000 • Terrific response
  • 19. Lead Follow Up • Sent to the regions ASAP • Entered into the CRM system for them by temp • Complete system to follow up – Managers will know the status – Working on defining now • Trade show manager responsible to ensure completed ROI
  • 20. Intranet Selection Screen Select Sales category
  • 21. Sales Category Selection Screen Select Leads Item from Sales menu
  • 22. Select details by clicking on sales rep name. Leads Report Screen
  • 23. Group Listing Screen Group Listing Screen Select group name to view lead information and update lead information screen.
  • 24. Lead Details Screen Lead Details Screen Select update lead tab to edit the lead and enter the call back information.
  • 25. Update Lead Screen Update Lead Screen Enter the date that you first contacted the customer. Enter refer date that you actually ―delivered‖ the lead to a reseller. Select the quality of the lead. (see key below) Enter the outcome of the call and the BP you referred the customer to.
  • 26. Submit First Contact Submit Update Select submit to completed the first lead contact.
  • 27. Confirmation Screen Confirmation of Update
  • 28. Summary • ROI based promotions – Brand preferences vs. brand awareness • Typical Trade Shows • Optimized Trade Show – Much greater ROI (vs the typical loss) • Concerns • Recommendations – New focus (leads, leads, leads, plus other) – Active booth, versus semi-passive – Better lead qualification – new tool – Incentives – Better lead dissemination and follow-up – Positive ROI – better budget investment