You can chase ROI, or you can lead with ROO.
I am a huge proponent of data-based business management. And for the most part, that boils down to ROI — analyzing the return in value for the resources invested. This is a useful selling tool for many marketing channels, where a simple formula delivers the cost per lead or similar metric regarding engagement.
The good thing is that the metric is quantifiable, which makes it easy to compare to other ad spends or to performance year over year. But what if the number of leads isn’t as valuable as the quality of some of those leads? What if we are measuring the wrong thing simply because it’s easier to measure?
This has long been a challenge for event marketing professionals. We know that an in-person exchange is more valuable than a social media click, but it’s harder to calculate.
There is an opportunity here for show organizers to help exhibitors define a new way to measure value. Literally creating an ROI proof is impossible, because there are too many variables affecting cost. This is especially concerning for small- to medium-sized businesses who commit the bulk of their marketing budget to a few key trade shows. Although the cost of the floor space is fixed, there are so many variables involved (creation or rental of the exhibit, shipping, weight, etc.) that the show organizer doesn’t control. The T&E to get staff to the show, and perhaps to entertain potential clients, can be as much as the price of entry.
Instead of chasing a formula for which we will never have all the integers, it’s time to rethink how we demonstrate value. Our recently published Freeman 2024 Exhibitor Trends Report suggests that smart show organizers can prove their value by aligning with the overall objectives of their exhibitors and, by extension, attendees.
How might this work? Show organizers can start by considering the things they can control — specifically, the ways their event packages align with the four key objectives explored in our research: Experience, Learning, Networking, and Commerce. That’s where the XLNC Framework comes in, helping event organizers design events that yield a clear return on objective (ROO).
Our study indicates that there are specific areas where exhibitors would like some help. You can look at all the data here, or watch for my next post on creating all-inclusive exhibitor packages.
Follow me on LinkedIn!