Summary: What happens at the tradeshow is
obviously import to your success, but equally important is what happens after the show
ends. To truly benefit from all the hard work what went into exhibiting, must ensure that
appropriate follow-up activities take place.
I hear it all the time: Tradeshows are a waste of time and
money. We stand around, selling our hearts out, and what do we have to show at the end of
the day? Nothing.
Well, that's the result you should expect, if you're like
most exhibitors, and neglect the most crucial aspect of tradeshow participation: Follow
Up.
What happens at the tradeshow is obviously import to your
success, but equally important is what happens after the show ends. This is where most
exhibitors drop the ball. Differentiate your company from its peers and wring the full
value from your tradeshow participation. To truly benefit from all the hard work what went
into exhibiting, must ensure that appropriate follow-up activities take place.
Follow Up Begins Before the Show
Research tells us that over 80% of leads gathered at
tradeshows are never followed up. That's a phenomenal number, especially when each lead
has the potential to generate profit for your company.
Why do so many leads fall by the wayside?
It's because show leads have a reputation for having no
substance – they’re either just cold business cards or similar basic information
imprinted on a company lead card. There's nothing there to give already busy professionals
a reason to follow up.
Even if the salespeople do follow up, there's only so much
they can learn from a business card or bare bone information. For salespeople to view
leads as being worthwhile for follow-up, they need quality information.
For this reason, it is vital that before the show you spend
time going over the lead collecting process. Clarify exactly what types of information
should be recorded on lead cards. Explain the importance of the information you are
gathering. Make sure everyone knows exactly how to operate the card readers and use the
printouts and lead cards.
Everyone working the show should know exactly what results
you want to achieve at the various tradeshows you attend. Each show should have its own
set of specific, clear, quantifiable, realistic goals. These goals should be in line with
your company’s overall marketing objectives.
These goals give staffers something to strive for, but they
also serve as benchmarks to evaluate and measure team and individual performance.
Develop a Follow Up System
To achieve and perhaps surpass your specific goals, you
need a follow up system. The best time to develop your follow up system is during the
planning and training stage.
Use this time prior to the show establish how the leads
will be handled. For example, select a team member to take responsibility for collecting
all "hot" leads at the end of each day and overnight them to the home office for
immediate processing. Assign someone at the home office as a “follow-up”
manager. This person takes charge of the entire follow-up process and should be someone
who does not attend the show. Their job is to carry out the follow-up system that was
established before the show.
Timeliness is of essence with all leads, not just the
"hot" ones. Obviously you're not going to overnight every single lead back to
the home office, but there are steps you can take to ensure you stand out from the crowd
of exhibitors.
It is important to send something, such as a letter, email,
or broadcast fax, to everyone who came by the booth to thank them and let them know when
they can expect to hear from your company again. This should be done within three to five
days after the show. Remember, if you don't follow up, your competitors will.
The Next Step: Accountability
Use contact management database programs to ensure your
sales staff get leads that are as complete and useful as possible. Then, after leads are
distributed, hold your account representatives responsible for the results.
There should be a written progress report from each
salesperson at regular, predetermined intervals. This information can be used to track
their performance, sales made, etc. Some companies use performance in lead follow up as
one factor in a salesperson's annual performance review. Knowing that they will be held
accountable for results is a powerful motivator.
Measuring results
At the end of the day, management wants to know their money
was well spent. Keeping track of your leads will allow you to measure sales directly
attributable to your tradeshow participation. Recording this data will allow you to
provide qualitative and quantitative analysis of the show.
For example, you can calculate the return-on-investment to
demonstrate to management the effect tradeshows have on the bottom line. To measure the
cost per tradeshow lead, simply divide your total show expenditure by the number of leads
gathered. To measure the cost per sale, divide the total show expenditure by the number of
sales.
Qualitative data, such as types of prospects who visited
the booth, dates and times of their visit, products/services of interest, buying intent,
and results of any pre-show promotional activity often proves invaluable when planning
future show participation.
The key to tradeshow success is wrapped up in the lead
management process. It starts with knowing at the outset what you want to achieve, then
continues through establishing a strategy that is user-friendly, and finally the actual
follow-up operation leads to bottom-line profitability. With a little forethought and
planning the results will speak for themselves. |
