Tracking An ROI At Your Next Event
How do you know if your last event was successful or not? What tools have you used to track this?
An ROI, or Return On Investment, should be calculated whenever you spend any amount of money either sponsoring or having a booth at a show. To track your Return on Investment use the formula:
(Gross Profit – Marketing Expenses)/ Marketing Expenses
Marketing expenses should be calculated by the amount you spend on items such as:
- Marketing Material
- Flights & Hotel
To calculate your gross profit, there are many factors to consider. For every company, calculating a gross profit may be different. Your gross profit amount will consist of sales, the and the value of the number of emails obtained or any type of social media follows that directly relate to that specific event. So how do you track these? For website sales, give them a code to use for free shipping or a percentage off. Have them directly show you that they liked your business on Facebook to be entered into a raffle. These simple steps can help you determine if attending that type of event is worth it for your business.
After determining your ROI, you’ll know if you picked the right event and changes you’ll need to make for any upcoming shows. When choosing your next trade show, make sure you know your full costs, have goals to accomplish, and know the conversion rate if you’ve previously attended that event years prior.
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