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What is your Trade Show “gold standard”?

Posted on by michaelflavinnew

In the video clip below, Beth Comstock, CMO at GE, talks about their marketing “gold standard”.

So at your company, ask yourself not only about your marketing program, but more specifically about your trade show marketing program.

    • What is your Trade Show “gold standard”?
    • Can you define your gold standard?
    • What does it look like and how will you raise that standard, year after year?
    • Does that apply to your trade show display graphics & trade show booth staffers?
    • Can you find those pockets of excellence & measure your trade show results and trade show ROI?
    • Have you shown your executive leaders what your trade show marketing team does and how it affects the company’s bottom line?

What is your Trade Show “118″?

Posted on by michaelflavinnew

Jeffrey Hayzlett, recent CMO of Eastman Kodak, wrote a new book called, “The Mirror Test”. In it, he poses the question, “What is your ’118′?” So, you’re probably wondering where this number comes from. Hayzlett describes, “The ’118′ comes from the 118 seconds you actually have to pitch: 8 seconds to hook me and up to 110 seconds to drive it home.”

Great, so what does this have to do with successful trade show exhibiting?

According to trade show research, from CEIR.org, you have 3-5 seconds to capture someone’s attention on the show floor. Once you’ve captured their attention, you’d better engage that prospect quickly & effectively. Here is an example:

You: “Hello sir!”

Prospect: “Hi.”

You: “What brings you to the show?”

Prospect: “I’m with ABC Co. and we sell to the XYZ industry. I’m looking for a widget that makes this easier and more profitable.”

You (8 seconds): “We make UVW widgets. Why don’t we spend a few moments to talk more about your situation to see if it is a fit?”

Prospect: “Well… I have a busy schedule today and I have to fly out this afternoon.”

You better have a solid 110 seconds at this point!

Question: What’s the Value of Trade Show Exhibiting?

Posted on by michaelflavinnew

I often hear this question: “Help, please! My trade shows are under attack from management! What is the value of meeting a customer or prospect on the trade show floor vs. in their office?”

Trade Shows Work

An estimated 110 million people attend more than 4,000 shows in the United States and Canada every year (courtesy: tradeshowsandevents.com). How many clients or prospects can your sales reps see per day? Maybe 3-4 or 6-7?

Consider a 20 total hour show with 10,000 attendees. You have the potential to visit with up to 500 people per hour. Even if you only meet with 5% of those attendees, you’ll end up with the opportunity to connect, face-to-face, with 25 people per hour. To achieve the same level of success, one sales rep. would need 20 weeks!

The Numbers

Trade show exhibiting, it’s a great value. Considering the following numbers, provided by CEIR.org.

  • For the past 10 years, an average of 81%-83% of visitors have some kind of buying power.
  • The average visitor spends 9.2 hours at a 2-3 day trade show.
  • 86% of your visitors will be new contacts.
  • 77% of visitors will remember your company for up to 10 weeks.
  • Cost per lead from show averages $212.00.
  • Cost per lead from field averages $308.00.
  • Sales from a show averages $705.00.
  • Sales from the field averages $1140.00.

That’s 38% less!

How to Use This Info

I suggest you share these numbers with your management and accounting teams. Then couple the information with your own statistics & measurement results, so that you can help everyone understand the importance of your trade show marketing program.

© 2009 Michael Flavin
No portion of this article shall be reproduced without expressed written consent.

5 Steps to Trade Show Success

Posted on by michaelflavinnew

Reprinted by permission of the St. Louis Small Business Monthly,  as originally printed in Vol. 20, Issue IX, October 2007

by Michael Flavin

Trade shows are an investment of both time and money for companies of any size. Many exhibitors search for ways to increase the return on their trade show investment. When was the last time you or your company measured is results from trade shows? Not recently? Never? Don’t worry! There are many ways to increase effectiveness from trade show exhibiting and they all begin with a plan.

1. Find the right show

How do you know if your trade show will be successful? That depends on what you are measuring.  The first step to achieving better results from trade shows is to find a show, then set measurable and attainable objectives.

There are many ways to find shows and decide whether or not your target market will be at the event. All it takes is a little research. Call the show organizer and ask for statistics from previous shows such as number of exhibitors, total number of attendees, costs, etc.

2. Make a strategy

Now, decide what it is that you want to achieve. The measure of achievement should be based on your goals. Do you want to make sales at trade shows to measure your return on investment of just gain leads for your database to measure your return on objectives? These are the core ideals to identify so that you can begin measuring your results.

3. It’s about the people

According to the Center for Exhibition Industry Research (CEIR.org), 85% of the success at trade shows depends on the booth staffers. The size of the exhibit, the literature and the promotions are all secondary. If a staffer leaves a poor impression with a prospect, no key chain or coffee cup will turn that impression around. Therefore, it is important to train all staffers about your expectations as to what they should accomplish at a trade show. They need to learn how to qualify prospects in a short amount of time. If an attendee does not fit your criteria as a potential client, quickly and politely dismiss him or her. When a prospect does fit your criteria, the staffer needs to know what to do next – set an appointment, send literature, schedule a conference call, etc.

4. Promotions need to be memorable

How many key chains or pens have you picked up at a trade show and where are they now? They probably ended up in a trash can at the hotel and that means the promotion was not effective. A promotion should be a memorable accent to your message, but not be overwhelming. Pre-show mailings or e-mail campaigns can tie into promotions at the show to remind attendees to stop by your exhibit. Purchasing the attendee list prior to the show to select your top percentage of prospects is another great investment. Don’t forget to contact your current clients that will also be attending.

5. Make a follow-up system

CEIR has found that 93% of leads generated at shows are not followed up on. How can you prevent this from happening at your company? It again starts with pre-show planning. Create a plan for following through on leads. It is important to determine how the information will be distributed, to whom it is distributed and how that information will be used to advance the company’s overall goals. It is important to create a follow-through plan to utilize this new information and follow-up within a week before the contact at the show loses its effectiveness.

Trade shows require planning prior to, during and after the event. The only way to ensure a higher return on your trade show investment is to plan all stages of the show. Selecting the best show to exhibit at is the first step. Booth staff training is a must for companies at all levels. Proper follow-up should be part of the staff training. Through a few focused steps, you can increase your return on investment!

© 2009 Michael Flavin
No portion of this article shall be reproduced without expressed written consent.


4 tips: Putting LinkedIn to work for B2B marketers.

Posted on by michaelflavinnew

Recently, I had the opportunity to attend the Business Marketing Association National Conference at the historic Drake Hotel in Chicago, IL. The conference was titled “UNLearn”, reprogramming marketers when it’s business as UNusual, as we’ve all experienced over the past several months. Members of the LinkedIn team, including Patrick Crane, Vice President of Marketing, shared their remarks on how LinkedIn has become an agent of change for the world of business by connecting the world’s professionals and helping them to become more productive & successful. Crane believes that everyone in business today is an entrepreneur and LinkedIn helps to increase the use of your network to manage your personal brand, tap into insights & make decisions. Additionally, LinkedIn helps build & manager your network because relationships matter, that is the business of karma. You can do something good for someone else, like provide a recommendation, because your professional reputation isn’t just about your achievements, but also about your contributions. There are many ways to contribute on LinkedIn from recommendations to asking & answering questions.

So, you may be wondering, “What does all this have to do with B2B marketing?” Good question. After building your own personal & professional brand, you can utilize LinkedIn to achieve your company’s objectives. Steve Patrizi, Director of Advertising Sales & Operations at LinkedIn, provided 4 tips in a brief talk during a break-out session at the BMA National Conference.

1.) Leverage your best asset – your people. Employees can be the most natural bridges for prospects to become customers. “Brand” pages are fine, but “people” pages (personal profiles) are better because employees are part of the brand. Customers want to know who they’re doing business with; therefore, when they’re able to understand the people they do business with, they understand the company from which they buy. Before you can leverage anything, you’ll need to join LinkedIn, for free (http://3.ly/LinkedInJoin).

2.) Listen to & learn from your customers by using the questions & answers option (http://3.ly/LinkedInQA). Solicit advice from peers and show your expertise by answering questions from those seeking advice.  Additionally, join & participate in groups to understand what challenges & successes your customers face in the world of business today.

3.) Target & engage by creating either large or small profile-based advertising campaigns (http://3.ly/LinkedInAds). LinkedIn helps focus your message by geography, seniority, industry, profession or company size. Take advantage of rich profile data to maximize your advertising results. For example, did you know that LinkedIn reaches an audience of 40+ million professionals (http://3.ly/LinkedInWikipedia) with an average household income of $109,000?

4.) Join the conversation & add value by using apps (http://3.ly/LinkedInApps). Create a poll and share it with your network to collect market data. See what books your customers are reading & let them know which books you’ve found valuable in your experience. Hear your Company Buzz by using this app to find out what your market it saying. Share your upcoming event, presentation or blog link. Take advantage of collaboration tools like Huddle Workspaces & Box.net files. LinkedIn has been & will be dedicated to providing only the most professional applications to enrich your profile & help you become more effective.

I am truly amazed by the many ways in which LinkedIn may be such a powerful resource for any B2B Marketer and I encourage you to make time to learn more & integrate this tool into your program (http://3.ly/LinkedInMoreInfo).

© 2009 Michael Flavin
No portion of this article shall be reproduced without expressed written consent.

Question: What do you consider an acceptable marketing cost/lead?

Posted on by michaelflavinnew

When working with my clients on their trade show marketing program, I project potential ROI using a calculation similar to the following example, which takes into account the total trade show marketing investment:

1.) Number of qualified leads generated: e.g. 100

2.) % of those leads most likely to lead to sales: e.g. 25% or 25 total

3.) % likely to close & generate revenue: e.g. 50% or 12.5

4.) Average value per sale: e.g. $10,000

5.) Expected sales volume: e.g. $125,000

6.) Total investment at this trade show marketing event: e.g. $16,250.00

7.) ROI = 7.69:1 or for every $1, $7.69 generated

8.) Value of a new client over 5 / 10 / 15 / 20 years?

In this example, $162.50 was spent per lead to generate a $10,000 sale. It is important to identify all expenses incurred, including space rental, shipping, drayage, travel, services, exhibit costs, graphics, pre-show promotion and post-show follow-up campaigns. You can then identify whether or not you’re spending an acceptable amount based on your average sale & projected sales volume. This amount will vary by industry and individual company.

© 2009 Michael Flavin
No portion of this article shall be reproduced without expressed written consent.

How do you measure trade show success?

Posted on by michaelflavinnew

Candidly speaking, most exhibiting companies fail to measure the return on their trade show investment due to the fact that there has not been a step-by-step process to calculate it. This may have been overlooked when the economy was booming but is no longer acceptable when budgets are being scrutinized.I work with a company that has purchased the rights to a Marketing ROI CD entitled “Measurement Made Easy!”. The program is embedded with calculators that will allow you to measure the success of your next trade show or special event.

Some of the calculators built into the program include:

  • Potential Audience
  • Return on Investment
  • Cost per Qualified Lead
  • Cost per Current Customer Visiting
  • Cost per Attendee Demonstration (Introduction of a New Product)
  • Cost per Distributor Recruited
  • Cost per Visitor Reached
  • Cost per Visitor Impact

I’m offering this CD to you at no charge. All I ask for in return is 30 minutes of your time to demonstrate its capabilities and discuss how it relates to your trade show marketing plans.

For more information or to receive this Marketing ROI CD, click here.