To complete our mini-series on trade shows and consumer shows we decided to wrap it up with a discussion about return on investment from these shows. Food and beverage businesses make significant investments in these events and we need to ensure you are getting a return. It is not always easy to measure the results and it can take time for the work you do to pay dividends.
The return on investment is directly related to WHY you attended
If you recall, when we discussed selecting the shows to attend, you need to really know WHY you are making the investment. There are many reasons and despite what some people say, palm trees in the location is not always a consideration! As we come to the end of a Canadian winter it might have some impact…
Perhaps your top 3 WHYS were:
1. Meet with existing customers to reinforce relationships and talk about the future.
2. Generate incremental sales with new customers
3. Look for channel partners like brokers or distributors
Your return on investment is directly related to these objectives.
One important assessment of your return on the investment is how well you did on these objectives. You can score your success using a scale like 1-10 or against some sales estimates for existing and new customers. These can take time to materialize.
10 considerations for the return on your investment
1. Your rating on what you were able to accomplish with existing customers. This could be on that 1-10 scale or using sales you believe were generated or impacted from attending the trade show.
2. Did you find new customers? Were you able to confirm any orders at the show? This does not happen as often in North America as it does in Europe.
3. Did you visit 10-15 booths you identified prior to the show? Hopefully you were able to map them out and get a chance over the time of the show to visit them all and learn from them.
4. Were you able to set up and complete 5-10 meetings with people who were at the show? Often this face to face time can be more valuable than time standing at a booth.
5. Have your employees who attended the show to complete the same assessment as you do. This will make them really think about the show and it is also a chance to reinforce the importance of getting a return on the investment of having them attend the show.
6. Do your employees seem more motivated after attending the show?
7. What is the quality of the follow up calls? Usually we all leave these shows with a pocket full of business cards or a list of electronic notifications for follow up. The quality of these contacts and how they will impact your business might determine if it is worth attending again.
8. Did you win any awards? If you were successful in these how will you leverage the exposure and turn it into sales?
9. Other intangibles that will impact your business such as store visits, sampling ideas from the trade show or new packaging ideas to investigate? These are take aways you will have to follow up on but sometimes they can pay dividends in your business.
10. Ideas for future trade shows? Sometimes you walk away from a show with a list that will really improve your trade show offering and experience. These are the good shows that motivate you for more.
The biggest benefits usually come after the show
There are shows where you can have a big meeting that really make the difference. Other shows require a lot of follow up and persistence. Set a timeline for follow ups and post-mortems. Encourage everyone who attended to participate and ask for recommendations about future years. If it was their money, would they make the investment?
We hope you have enjoyed our mini-series on trade shows and that it has had a positive impact on your business, if you have any questions or comments you can always send me an email peter@skufood.com or call me at (902) 489-2900.
Peter
5 retailers in Leger poll of most reputable companies
Canadian market research company released the 26th edition of their reputation survey. They surveyed more than 38,000 Canadians to discuss over 300 companies. 5 retailers and 1 food processor made into the top 10. In the brief discussion on the website it states social media companies were scored lower this year. Issues of privacy and trust are having a negative impact on their reputation. It is important to consider this as you build your online community. Having the connection controlled by a third party whose reputation is bad could impact how you communicate. The top 10 most reputable companies:
1. Google
2. Sony
3. Shoppers Drug Mart
4. Samsung
5. Canadian Tire
6. YouTube
7. Dollarama
8. Home Depot
9. Costco Wholesale
10. Campbell
Where is Peter Speaking?
Foodpreneur program
Getting ready for retail May 16th
Food & Beverage Atlantic
Masterclass-Defining your strategy May 18th
Food & Beverage Atlantic
Building your brand May 25th
Food & Beverage Atlantic
Masterclass-Managing Money Jun 1st
Agri-Food Innovation Expo
Red Deer, Alberta Jun 7th
Food & Beverage Atlantic
Masterclass-Operational excellence Jun 8th
Food & Beverage Atlantic
Build the plan Jun 15th & 16th
De Sedulous Women Leaders
Pricing and positioning Jun 23rd
De Sedulous Women Leaders
Finding the perfect distributor Jul 14th
