Trade Show Trigonometry – How to Measure Event Participation
Remember when you took a standardized test, and the experts recommended reading the questions before diving into the passage?
Preparing to exhibit at an industry trade show is a similar exercise.
Trade shows are one of the most efficient and effective marketing tools utilized by CPG brands. It's an opportunity to expose your products to buyers, consumers, media members, and influencers in one setting.
However, there's a significant investment (both in capital, labor, and time) in preparing and attending shows. Is it worth it?
Once you've consulted your numbers and determined participating in a trade show is worth the investment, it's crucial to go into the event with a plan. Check out the Top 9 CPG and Food Trade Shows to Attend in 2023 to learn more about specific events.
We spoke with Ralph Failla, Director of Client Leadership at Inspira Marketing, an experiential marketing agency, about trade show metrics.
The Answer to Success Is in the Numbers
Here are some key analytics used to measure whether a trade show appearance was a hit.
Trade Show Costs (including booth design, travel, labor, product samples, etc.)
Number of Sales Leads Met (buyers, distributors, customers)
Cost Per Lead (Trade Show Costs/Number of Sales Lead Met)
Number of Closed Sales
Average Value of Closed Sales (add up all closed sales amounts/# of closed sales)
Leads Close Rate: (# of Closed Sales/# of Sales Leads Met)
Number of Press Mentions (social media, blog posts, news articles)
Estimated Impressions (consult your PR expert/consultant)
Number of Sales Meetings
Cost of Non-Trade Show Meetings (travel, time)
Nimlok provided formulas to determine estimated show value, cost savings, and promotional value.
Estimated show revenue = Number of Sales Leads * Close Rate * Average Sale Value
Cost Savings = Number of Sales Meetings * Cost of Offsite Meeting
Promotional Value = Impressions * Average Cost per Impression
Create a Success Rubric Focused on Objectives
Even before registering for a trade show or securing a booth, ask yourself the following questions:
What are my goals?
How will I determine success?
What mechanisms will I have in place to calculate return on investment?
In evaluating trade show ROI, revisit those objectives afterward. Answer the below questions.
Did we achieve each objective?
If not, why were goals not achieved?
How can we improve in future trade shows?
Tips for Trade Show Victory
Start the planning early. See "Getting Ahead of Your Sponsorship or Experiential Event (Part 1)" from Inspira Marketing for advice.
Add to the budget for contingency expenses.
Prebook appointments.
Go into the event with a schedule.
Create one standout moment for the attendees (giveaway, experience, photo opportunity).
Network with other attendees at the show.
Walk the floor and check out other booth designs (bonus – it's great physical activity).
Bring your tools (payment processor, business card, sales sheet, pen)
The entire trade show life cycle can be overwhelming, from preparation to being on the event floor to the follow-up; it's A LOT. We get it. That's why planning and setting yourself up for success is crucial. Know what answers you need from the event and be prepared to analyze the ROI to determine future trade show involvement.