San Diego, CA -- (ReleaseWire) -- 12/06/2019 --Exhibiting in a trade show can be a consuming project that requires months of planning. The organization's resources, both time and money, will be spent in excess, and at the end of it all, the superiors will want to know, "Was it worth it?"
So, how the employees quantify the value of the project for them? Where should they start? We understand that it's challenging to calculate the success of the marketing efforts after a trade show. Today, we'll address exactly how to do that and also how to make it as easy as possible to do this in the future.
Metrics: ROI and ROO
First, we need to make a clear distinction.
Upon completion of a trade show event, the employee will have two areas to measure. The first is ROI, which compares the costs of the trade show exhibition against how much revenue generated in sales.
The second is ROO (Return on Objectives), which is a more empirical valuation that shows how well the marketing strategy is working against the trade show objectives.
Both are important metrics, but first, let's discuss how to calculate ROI.
How to Calculate ROI for a Trade Show Booth
There is a very simple formula for calculating a company's ROI. Let's review that now.
ROI = REVENUE - INVESTMENT
INVESTMENT
So, if a brand knows that they've generated $60,000 in sales from the leads collected at the trade show, and they invested $30,000 in exhibiting at the event, then their ROI would be 100%.
Measuring ROI can be a lengthy process, depending on their particular sales cycle. However, at FastSensor, we offer two metrics specific to trade shows that give valuable insight into your ROI.
They are "Outreach Funnel" and "Time-in-View."
- Outreach Funnel analyzes critical KPIs such as walk-by traffic, visitors, browsers, and engagers to calculate how many people had eyes on your brand and how many visited and engaged with your booth.
- Time-in-View tracks the total amount of time visitors spent looking at your exhibit assets and the average duration of view time per impression. This is similar to online impressions and CPM metrics in digital marketing, but for physical engagement, that is often more valuable.
Equipped with this powerful insight, you can make adjustments to your exhibit that will increase engagement and conversion.
How to Determine ROO for a Trade Show Booth
There is no mathematical formula for ROO because it's not a sales measurement. Instead, it's based on alternative goals set for the trade show, such as increasing brand awareness, demand generation for a new product launch, press coverage, etc. It can even include generating qualified leads that will later be used to calculate ROI.
Regardless of the company goals, it's important to get clear on them and set up a method for tracking them so they can improve the ROO and increase the ROI at every opportunity . The last step is to secure an expert method to track the objectives.
FastSensor: The Expert Method for Measuring ROI and ROO
FastSensor is the first AI-powered, people tracking solution for indoor venues. Our platform tracks and analyzes customer behavior in indoor spaces and reports back key metrics like engagement, loyalty, traffic heatmaps, dwell time, and conversions. It delivers real-time customer behavior insights that drive more on-site engagement and sales.
FastSensor will monitor your trade show exhibit and floor plan so you can see what elements are performing well and which are not We do this by exploring how visitors navigate your booth so you can optimize your floor plan to boost ROI.
In addition, with FastSensor's robust reporting methods, you can ditch the clunky, time-consuming spreadsheet work and access your metrics anytime via our software or reporting.
Don't waste any more of your precious resources, trying to calculate and quantify ROI and ROO without the right data. Let FastSensor do it for you and help you improve your exhibit along the way. Contact us today to schedule a demo!
About FastSensor
FastSensor, the first AI-powered, people tracking solution for indoor venues, delivers real-time customer behavior insights that drive more on-site engagement and sales. Requiring no opt-ins or downloads, FastSensor's AI platform tracks and analyzes customer behavior in indoor spaces and reports back key metrics like engagement, loyalty, traffic heatmaps, dwell time, and conversion. Accessed through a simple, browser-based dashboard, FastSensor data measures buying behaviors along the customer journey to improve ROI. Like web analytics improve the e-commerce buying process, FastSensor can be used to improve the customer experience, layout, and proximity-based promotions across all physical venues in real-time. The technology unveils customer behavior patterns and locates qualified leads so retailers and event organizers can analyze their marketing campaigns, cost of acquisition, and the return on investment. Founded in 2013, FastSensor is a Delaware company with offices in California. The company has served major retail brands, event organizers, stadiums, and dealerships.