Best Practices for Measurable ROI - Company Events And Trade Shows: Onsite
We were unable to find any best practices for getting a good return on investment for medical device and health care company events and trade shows while onsite. Below you will find some helpful related findings and a methodology detailing our search for the requested information.
Helpful findings: Best Practices for Measurable ROI - Company Events And Trade Shows: Onsite
trade shows and events statistics
- Over the past five years, the US Trade Show and Conference Planning industry has grown by 3.1% and reached a revenue of $16bn in 2019.
- The average company allocates 31.6% of their marketing budgets to trade shows and events.
- 46% of executive decision makers make purchase decisions while attending trade shows or events.
- 77% of decision makers found at least one new supplier at the last show they attended.
- 51% of trade show attendees requested that a sales rep visit their company after the show.
general best practices for getting good ROI in trade shows
- Develop a pre-show content strategy - A stellar pre-show content strategy is the key to maximizing ROI. A great booth is not enough, it also needs to generate excitement beforehand. This includes creating content that illustrates the value of the event and the value prospects they will gain if they visit a booth.
- Generate media coverage at the trade show - Get the opportunity to secure media coverage for the company and products. Media outlets complete their event schedule months in advance, so it is a must to attract their attention early to truly capitalize on the publicity they offer.
- Optimize the trade show booth - To attract new visitors and prospects, your booth must stand out. The ultimate goal is to convert propects into customers and trade show attendees may flock to booths with eye-grabbing, gimmicky designs, and offer something of substance.
- Post-trade show follow-up - In the case that one has accomplished the primary goal of promoting their company and forming a relationship with prospects, it is important to put as much though and effort into the follow-up strategy. A few steps to consider for better post-trade show follow-up are to follow up promptly, remind them of the booth, personalize emails & provide purchase options.
- Post-show analysis - This includes analyzing and comparing the ROI from the latest trade show to one's average event ROI. See how the number stacks up to the average marketing campaign ROI and if the ROI at the latest trade show was lower than average, examine the methods and see what can be tweaked to improve performance.
Best Practices for Onsite Trade Show s
- Work the plan - After setting goals and designing a messaging, this is the time to put it all into practice. Run through scripts with the staff that will be manning the booth, establishing rapport, communicating the unique sales proposition, and making “the ask” for a sale or follow-up.
- Send reminders - Remind attendees of the benefits of visiting the booth (e.g., personal consultation, discount, contest entry). Post photos of oneself in conversation with attendees in front of the booth to encourage others to visit.
- Limit giveaways - Consider limiting giveaways to only those who provide their full contact information (or another qualification standard) to ensure time is spent wisely. The prize, gift card, or discount should be used as a value-add with a potential customer—not wasted on some random passerby who has no and will never have any interest in the products or services.
- Give them something to remember — Make sure prospects leave with something with contact information. A good example is promotional swag, such as a T-shirt, pen, sticker or notepad, or marketing brochures and handouts.
We were unable to find any best practices for getting a good return on investment for medical device and health care company events and trade shows in Canada or the US while onsite . Below you will find the research strategies that we used to search for the requested information.
We looked through trusted media articles such as Forbes, ama.org, and blog.zoominfo.com for any information on the best practices for good ROI for medical and health care events and trade shows. We first focused our research through Canada and expanded to the US. We were hoping to find a list of best practices that would directly answer the request but, unfortunately, this yielded no helpful results. What we found was computations of ROI during events and trade shows. We did find some helpful information on best practices for ROI in trade shows or events and best practices of onsite trade shows, but nothing specific to medical devices or health care companies.
We searched paywalled business articles or industry studies for any available preview information specific to trade shows or events in Canada or the US. We were hoping to find any information of how medical device and healthcare companies are getting good ROI during events or trade shows. We searched through Ibisworld, Market Insider, Statistia, and canadabusiness.ca. Again, this yielded no helpful results because the information we found within Canada was just lists of trade shows and events in the country, and information from the US consisted of trade show trends.
We then tried to search for any case studies of trade shows and events in Canada and the US specific to the medical and healthcare industry. We searched through tradegroup.com, rockwayexhibits.com, and usa-expo.com, among other sites. Though we were able to find some case studies of trade shows and events, they were related to the retail industry and not the healthcare industry.
Finally, we attempted to triangulate the answer. We first searched lists of top medical and healthcare events and trade shows in Canada and the US such as the International Conference on Medical, Biological and Pharmaceutical Sciences, MD & M West, and the Bio International Convention. We then checked the websites of each medical and healthcare company involved in the events or trade shows. We were looking to see if any of these company websites had mentions or articles related to their ROI at these events. Unfortunately, the information we found was overviews of their products during the events or trade shows, nothing specific to ROI.
In conclusion, we are presenting this as a full client update as we found no publicly available sources related to best practices for getting a good return on investment for medical device and health care company events and trade shows in Canada or the US while onsite. However, by broadening our criteria, we found general best practices for getting good ROI in trade shows, or best practices during trade shows.