Tradeshow exhibitions and network events are considered as great avenues to generate leads and extend your reach. Nevertheless, these shows require significant sales & marketing investment.
Organizations spend up to 20% of their marketing budget on conferences & tradeshows. So, the bigger question is if these trade shows are valuable? What is the ROI that they generate? And how to analyze the associated metrics?
Well, integrating Customer Relationship Management (CRM) can help you measure tradeshow ROI. Let us find out how…
Ways To Measure Tradeshow ROI With CRM
1. Lead Conversion score
When participating in a tradeshow, keeping a CRM mobile app handy and capturing lead information, meeting takeaways, action items etc. are very helpful. By doing this, you can monitor the potential opportunities and enumerate qualified prospects. Moreover, the CRM sales dashboard gives you real-time updates, follow-up schedule and sales funnel. By tracking lead conversion and tying it back to a show presents the true picture of the success of the marketing investment
Lead conversion(LCS) = Number of customers / Number of qualified leads generated
LCS is tracked by meeting id
2. Lead Management score
CRM allows you to organize lead data and utilize it for marketing activities. Wherein, sales executives can segment those leads based on their target markets for follow up and categorize them as Cold, Warm or Hot. LeadTalks utilizes a heuristic approach to rank leads and creates a lead score based on several aspects. This saves significant time for the sales personnel and helps them to improve closure rate. LeadTalks provides the central repository that not only hosts lead information but also helps to keep track of meeting notes in the form of voice, text, and video.
LMS = (Number of qualified leads) * Interaction count
Avoid duplicate entries and this could include new opportunities from existing customers
3. Customer Feedback Score
The most beneficial measure any business entity can get is having the data of their best performing product or service. This customer 360 approach helps to tie back feedback to the original product/service. With an integrated CRM, you will be able to know about how customers feel about a product. This directly helps to improve Quality of Service (QoS). Organizations can use specific codes to track the entire life cycle of the product/service (all the way from origination and track it throughout the sales cycle) and some are exploring Blockchain solutions. CRM with API stack (like LeadTalks) helps to build this integrated solution architecture
CFS = (Number of Customers) * Feedback count
4. Customer Lifetime Value
One more core function that a CRM can offer is to measure the customers’ lifetime value! CRMs provide customer history with all the sales funnel activities and other information. Studying them can give you a better picture of customers that are loyal, most profitable, and have a good rapport! Products like LeadTalks helps you to gather customer testimonials (including video) during tradeshows and it is an important metric for tradeshow success. These are great opportunities for repeat orders, upsell and cross-sell to existing clients as acquiring new customers is always an expensive undertaking. Leveraging existing relationships is of paramount importance and LeadTalks CRM acts the linchpin to enable that vision.
CLV is often prediction of total net profit attributed to an entire future relationship with a customer
Measuring tradeshow ROI is a vital process for organizations that are investing their time, efforts, manpower, and money in such events. This helps to constantly review their actions and improve sales/marketing plans that value for money.