OK, are you ready for smart way #2? It’s really quite innovative and very high tech – over used word alert, is anything really high tech anymore? Can we still use that term? Well that might just be the point of our topic. It’s fallen out of favor too.

Trade Shows.

Wait, wait don’t start running for the exits just yet. For many years trade shows have been considered a necessary evil of many marketing budgets. And, often for good reason. You went because your competitors were there and it might look bad if you weren’t there. Your marketing department always wanted a big budget so they could make the big splash and razzle-dazzle everyone. Your sales people often spent more time talking to industry network contacts rather than potential customers.

And the ROI. What ROI you ask? Exactly. I once worked for an Executive VP who thought the best measurement was the cost-per-lead from the show. You know that drill – take the total cost for the show and divided by the number of ‘leads’ and the lower cost-per-lead the better. The only trouble with that method is that all it would take to drive the cost-per-lead down was to scan as many badges as possible (who cares if it’s a real lead?) or hold a bogus contest and get a bunch of business cards in a fish bowl and call them ‘leads’. That’s definitely not a recommended way to measure ROI.

Do you still plan on doing trade shows? Still wrestling with the budget and how to measure results? Here are a few suggestions for this coming year.

1. Reduce the size of your booth. I know, I know; marketing might not like that, but consider a few facts about crowd flow. People usually enter the hall and either turn right or left and head for the far wall in their chosen direction. Get a smaller booth at the front of that far wall aisle, and have marketing put their best effort into that location. You’ll be saving money on the smaller booth, but you’ll pick up the first wave (and less tired wave) of traffic.

2. Carefully evaluate which shows you’re in. Recognize that many shows just don’t get the kind of traffic and the level of quality attendees that they once did. Be brutally honest in your evaluation and only display at those shows you know will be attended by your targeted market segments. Talk to your good customers and ask them which shows they still find useful.

3. Conduct pre-show training with your staff. Outline your objectives for the show and emphasize the importance of real leads – potential buyers. Consider offering incentives for leads that come closest to your buyer persona/profile. You will go home with fewer, but better qualified leads.

4. Prepare a post-show marketing campaign. With the money you save on the trade show cost have a marketing campaign in place and ready to go as soon as your return. It will be very important to launch that right away. I can’t tell you how many times I have received letters thanking me for stopping by a booth at a show I attended 2 – 3 months earlier. I have trouble remembering where I was last week, much less a couple of months ago! What a waste of time and effort. They might as well not follow up at all. Follow up soon and measure your response from the follow up.

5. Measure your ROI. No, not the cost-per-lead method mentioned earlier. Track each and every lead, and nurture those that aren’t ready to see a salesperson. Keep tracking them – studies have shown that 67% of leads classified as ‘bad leads’ end up buying within 18 – 24 months. Measure the cumulative sales revenue from those show leads until the number left to follow up dwindle to a pre-agreed number. That will give you your true ROI.

Trade shows may not be the sexiest marketing tactic in your tool box, but it just might be more effective than you think. Let me know your thoughts and experiences in the comment section below.

About the BtoBblogger: Phil Lauterjung is President of Integrated LeadGen Results, providing strategies and tactics for small and medium size businesses to get found, get leads, and get sales. With over 20 years (12 in senior management) of sales & marketing experience helping both small companies and Fortune 500 increase sales, Phil is adept at implementing social media tools with a Certified Inbound Marketing Professional designation, and a member of the Sales Lead Management Association. Phil’s is a regular contributor to BtoBbloggers.com and also can be found on his blog; Conversations Re: Sales | Marketing | Social Media | Etc.