In the 21st century, data is everything, and when it comes to marketing, everything that can be measured should be measured. This applies to event marketing and exhibitors as well. Considering how much money each trade show costs, any business owner would be happy to understand what the results are. But this is the biggest issue for many.
It is understandable: it’s much more difficult to track offline marketing. Difficult, but not impossible.
In this article, we will go through key performance indicators (KPIs) that will allow you to understand whether the expo you attended was a success business-wise or not.
CONTACT KPIs
Total number of contacts, Marketing Qualified Leads (MQL), and Sales Qualified Leads (SQL)
The total number of contacts shows overall engagement at the event: how many people your team met. Not the most important indicator, but still useful to track.
Out of all these people, you need to define how many of them are marketing-qualified leads. These are people who interacted with your team or took your booklet and could potentially become customers, but you are not yet discussing solutions with them or closing deals.
Sales-qualified leads are those who have reached the consideration stage and are close to decision-making. These are the leads that interact with your sales team and are interested in collaborating with your company or buying your solution. The higher your number of sales-qualified leads after the event, the better.
Number of contacts moved to the next stage
Here, we consider your current leads, whom you met at the event and who moved closer to signing a contract, or your current/past customers who decided to upgrade, sign a new contract, or return to your services after the trade show.
Number of partnerships made
Trade shows are not only about customers, they can also bring amazing opportunities to partner. We believe it’s important to calculate these separately.
Close Rate
Here, it’s good to calculate the number of deals closed during the event and the number of contracts secured with contacts from the event.
Cost per Lead
One of the most important metrics, it helps you understand whether it makes sense to attend this trade show again next year.
Out of all marketing channels, trade shows are among the most expensive, so it’s important to carefully evaluate your opportunities and capacities.
Customer Acquisition Cost
A good rule of thumb is that your cost per customer shouldn’t exceed one-third of your customer lifetime value (LTV), multiplied by your lead-to-customer conversion rate.
Keeping these numbers in mind makes it easier to decide whether participating in expos is worth it. But sometimes, it’s okay to exceed the limits because trade shows are also about brand awareness, which can lead to more sales and partnerships in the future.
Revenue
Everyone wants to know these numbers, of course: how much money your company actually made from visiting the expo. It’s an essential indicator, but we think cost per lead and customer acquisition cost are more important for evaluation.
CTA Clicks, Product Views, Files Downloaded, etc.
If you offer your booth visitors or other contacts materials on your website, it’s good to track how many of them take action. To track such activities, add UTM tags to the links you share and use analytical tools on your website to monitor touchpoints and user journeys.
Contracts Signed
At the end of the day, you want events to be an efficient source of customers and partners. Tracking the number of contracts signed is an additional measure of the trade show’s success.
Connections Made Online (LinkedIn, Email, etc.)
Not all meetings happen during the event. Sometimes prospects are busy but still interested in engaging later. Tracking these connections separately will help you understand how relevant the trade show is.
Meetings Declined
As we’re talking about meetings that didn’t happen, it’s good to know how many were declined after your invitation. The reasons might vary: from schedule conflicts or lack of interest. But this indicator will help you calculate the conversion rate of your meeting invitations.
BOOTH KPIs
Booth Visitors
This refers to the number of people who visited your booth. Using these numbers, you can calculate the conversion rate from visitors to leads. This indicator might also be useful in the long run when compared to the same number from previous or future expos.
It can show how attractive your booth is, but you’ll need to compare it to competitors’ booths for a better understanding.
How do you calculate this? Most likely, you’ll have to do it manually. Another potential option is to use cameras or sensors, but you’ll need approval from organizers to avoid any violations.
Booth Visitor Retention
This indicator shows how many visitors returned to your booth. While not the most important one, it’s still useful. If someone comes back to your booth, it means they are genuinely interested in your product or service.
It is calculated by dividing the number of visitors who returned to your booth by the total number of booth visitors.
The higher the retention, the better. However, retention depends on many factors, like how big the event is or how many competitors are present.
Engagement Rate
This depends on the activities and materials you offer at your booth. To calculate it, divide the number of engaged visitors (e.g., those who participated in activities or took a t-shirt) by the total number of booth visitors.
TEAM KPIs
Contacts per Team Member
Apart from measuring general efficiency at the expo, it’s important to track the performance of each team member. The number of contacts each representative makes provides an overview of individual contributions.
However, don’t put too much weight on this metric. A sales manager bringing just two contacts could still have the highest number of closed deals if those contacts are highly relevant and ready to buy.
Total Meetings Held
This is another general indicator showing your team’s performance. It also helps gauge the relevance of the trade show. For instance, if your team held five meetings at one event but twenty at another, you’ll know where to focus next year. However, context matters because meetings should be relevant to your business.
Tracking these indicators will give you a complete picture of your trade show experience. Remember, numbers without context are just numbers. You and your team should interpret the data to derive meaning.
Also, tracking KPIs for just one event or occasionally won’t provide a full understanding of whether investing in trade shows makes sense. Like any data, consistency and accuracy are key.