The goal of an event or trade show is to get a return on your investment (ROI). This is the gain from the dollars invested in your trade show that drive sales. Typically your ROI is calculated by figuring out the total amount of money invested in the event, such as your booth space, display, show services, travel and other expenses, and dividing that by the number of leads or sales. This allows you to see how much it costs per lead/sale.
Although ROI is obviously important, there are other ways to estimate the value of an event. This is called return on objective or ROO. What were your objectives at the event? Did you achieve these? Many companies focusing on a robust event marketing campaign may develop an internal formula or trade show ROI calculator. Though your business may have different key performance metrics on which to focus, there are a few factors that almost every organization should keep in mind:
Brand awareness - Is your brand recognized by your target audience? Establishing and reinforcing your brand is key for future sales efforts.
Unveil and create interest in a new product or service. Events give you a chance to spread the word about something new to a large audience in a short period of time.
Get industry exposure - This is especially for smaller companies or those that are new to the industry.
New or stronger partnerships and alliances - We can all use allies in our corner!
Emphasizing ROO measurement is integral in achieving long-term marketing success. Implementing programs with these goals leads customers to the purchase decision, which is the ultimate objective.