When it comes to marketing your business, you need to be aware of the money you’re spending to create brand awareness and you need to keep track of how much money you’re getting back as a direct result of your marketing efforts. A return on investment is a calculation of how much money you’re making based on the money that you’ve invested in your marketing strategy. After all, the whole purpose of marketing is to make more money and keep track of it.
As with several marketing strategies, attending events costs money. If you’d like your business to be represented at a trade show, for instance, you might have to pay a booth fee. You might have to spend money on the booth itself as well as the marketing assets that come with it such as pamphlets, interactive features, staffers, and promotional merchandise. All of these marketing assets cost money and if you’re not tracking your return on investment, you might feel as if attending an event is a waste of money.
However, there are a few helpful ways to track your event return on investment so that you know exactly how much money you’re making as a direct result of your marketing efforts.
Track Social Engagement
One of the best ways to find out how well your booth did at a trade show is to check online for social media engagement from your followers. Did your trade show attendees post pictures of your booth? Did they post statuses on social media talking about one of your products? As you look at how your social media followers are engaging with your brand, you can begin to quantify your marketing outreach based on the number of posts, likes, and new followers that you’ve earned as a direct result of your event.
Tally up Your Orders
It’s very common for businesses to make new client relationships at trade shows and even take some work orders and close some sales. You should definitely encourage attendees to make a purchase with your floor salespeople. At the end of the event, you can tally up your new work orders and product sales.
The transactions you achieve as a result of your marketing efforts are the return on investment that you’re looking for. If you find that you made more money at the trade show than you spent on the booth and your event marketing assets, then your investment was worth it.
Event return on investment can be tricky to monitor if you’re not keeping track of your transactions. While it’s always important to create brand awareness, you should also be trying to close sales with interested trade show attendees. As you focus on tracking your transactions, you can truly start measuring your B2B event ROI.
Take in New Leads
Good leads are certainly worth their weight in gold and if you can get new people to sign up for your newsletters, give you their contact info, or simply make a purchase with you, you’ll have an excellent return on investment. The larger your lead list becomes, the more transactions you’ll be able to complete.