by tradesmeninsights | Jun 15, 2016 | Marketing Tips, Traditional Marketing, Uncategorized
Trade show season is upon us and for those of us that are still going to them, you know that the costs to play aren’t going down. That’s why ROI and documented metrics are so important. I talked to Vince Tricomi recently to make sure his post from a year ago still was appropriate and he assured me it was, so I thought I’d remind us all of these metrics.
Vince Tricomi, VP, New Business Development at PFI Displays, explains ways you can maximize your efforts.
Most of you participate in various trade shows from time to time. If you do, you know that they can be very expensive and management is always looking for an ROI. That’s why it’s important for sales and marketing to work together to make sure they get the best bang for the buck.
Except for a lucky few who still write orders at trade shows, most exhibitors can’t tie a specific revenue-generation figure to their trade shows.
That’s OK though. Consider how marketers tie sales figures to a magazine ad: They can’t, and that’s why they measure things like impressions, reach and awareness.
Trade shows offer plenty of measurement opportunities for the savvy event marketer. Some of these metrics are firm, others are calculated estimates, but they can be combined to create clarity into the effectiveness of any trade show program, large or small.
Here are a few of our suggestions:
1. Leads:
a. Let’s get this easy one of out of the way
i. Don’t mess around with collecting business cards
ii. Renting a lead retrieval machine that loads your lead data on a flash drive is money well spent
b. SAVVY TIP: Break these leads down into A, B, and C categories for better insight into the show’s quality.
2. Cost Per Lead:
a. Take the total cost of your exhibit investment and divide it by the total amount of leads collected
b. Compare this to other marketing efforts to see how your show stacks up
c. SAVVY TIP: If you exhibit at multiple shows, this metric also shines light on the comparative effectiveness of each show.
3. Demonstrations:
a. If you’re launching a new product, consider giving one-on-one or group demonstrations
b. Count how many demonstrations you give and how many audience members listen or interact
c. If you’re doing multiple presentations each hour, you’re having a great show
d. SAVVY TIP: Find out from the VP of Sales an average cost of a trip for a sales person to give a demo at a prospect’s office. Compare that with the show’s average cost per demo, and suddenly trade shows look like a bargain!
4. Website Traffic:
a. Know the average visitors to your website before the show, and compare that to the visitors during and immediately after
b. Pay special attention to the pages for the products and offers you featured at the show
c. SAVVY TIP: Don’t forget that trade shows are about face-to-face interactions. Generating web traffic is a great metric, but for most exhibitors it shouldn’t be the main goal.
5. Press Mentions:
a. These hold special appeal, and therefore more “weight” as a viable metric, for all classically trained marketers
b. SAVVY TIP: With the abundance of trade magazines, writers and bloggers at every show, if you’re not getting mentioned, something is wrong; try setting up interviews and press walk-throughs well before the show.
6. Post Show Appointments:
a. In today’s hectic, time-starved business world, one of the hardest challenges faced by every salesperson is securing a face-to-face appointment
b. Commit the sales team to informing you of every show lead that generates a follow-up appointment
c. SAVVY TIP: You’ll have friends for life if your shows facilitate setting post-show meetings. Think creatively about a space in your booth dedicated solely to this endeavor.
Whoops; did that headline say “5 metrics?” Consider the last one a bonus. As you can tell, these suggestions are only the tip of the iceberg. Please share some of your favorite, and most effective, metrics with us.
In closing, leading, full-service exhibit companies, like PFI Displays, offer innovative, easy-to-use software tools that will help you measure your shows—and do a lot more, too.
I’m sure you can add to the list and I’d like to hear ways your company is measuring the effectiveness of trade shows.
If you like this post you might like:
5 Ways to Improve your Trade Show ROI
New Study Shows Best Way of Reaching Manufacturing Professionals
by tradesmeninsights | Jun 14, 2016 | Marketing Tips, Traditional Marketing
By John Sonnhalter, Rainmaker Journeyman, Sonnhalter
Every year, Industrial Distribution magazine puts out their annual survey of distributor operations. Here are some highlights from the 69th version and my opinion as to where they should be spending their time and effort.
While the economy is their biggest concern, it’s one they have little control over. Truth be known, I don’t believe the industrial segment of the market ever got back to levels pre-2008. Sales and margins are down (show me a business that doesn’t have similar issues) and that’s a natural reaction when sales drop, you try to protect existing business and the easiest way of doing that is lowering prices. Distributors can sometimes be their own worst enemies. Sell value not price.
Here’s my view of what these distributors should be concerning themselves with:
- Specialize – if you’re a general line distributor, I wish you luck as you won’t be in business too much longer. If the only thing you have to sell is price and availability, the big guys are going to eat you alive. The cutting tool, power transmission and other specialized distributors who add value to the sale will and can be more competitive. If you have a cutting tool problem on a CNC machine, Grainger or Amazon aren’t going to be sending anyone out to help you solve the problem.
- Promote value-added relationship selling – they are the local guys and should be selling themselves as the guys who have your back (assuming you have value to add). If not, look for a buyer.
- E-Commerce – Get in or you won’t be long for the world. We live in front of a computer screen and the “I want it now” mentality that we find on the consumer side has trickled over to ours. Let’s face it, some people would like to place orders after hours and they would like to know if you have it available and can have it delivered the next day.
- Buying groups – If you’re not in one, get in one. They are the easiest way for you to stay price competitive, and many offer other services in the day-to-day operations.
If you like this post, you may want to read:
by tradesmeninsights | Jun 8, 2016 | Marketing Tips, Marketing Tools, Marketing Trends
By John Sonnhalter, Rainmaker Journeyman, Sonnhalter
Contractors and professional tradesmen often don’t have time to read the latest trade publication or look at the magazines’ website on a regular basis and might miss your message. Chances are, unless you only make one product, their interest at any given time may be on another product.
When they do go looking for things, the first place most go to is the Internet and they Google it. Chances are that they are looking for a solution just as much as they are looking for a specific product.
That’s why search is so important in the big scheme of things… and what makes you go up in search? Good meaningful content! You need to be top of mind when they reach that portion of the sales funnel where they will need to contact someone.
Heidi Cohen had an interesting article regarding advertising vs. content driven messages that had some good points for the B-to-B market.
B-to-B lags behind the consumer counterpart in doing research before they contact a manufacturer or distribution point. But even at 57%, you’d better have some skin in the game from a search perspective or you’re going to be left at the curb.
Razorfish found that:
- 50% of U.S. consumers will do anything to avoid ads
- 75+% of U.S. consumers hate hearing or seeing ads multiple times
- 65% of U.S. consumers use a DVR to skip ads
Those are some scary numbers, and even though they are consumer driven, remember that those same consumers may be buying your products at their workplace. So what’s the alternative?
- 86% of U.S. consumers value brands that are useful over those that have interesting advertising
Translation: Give your customers the info they need when they need it. Here are some tips:
- Leverage the social media platforms where your customers hang out.
- Supply product info for potentials to seek out.
- Tap into sources your customers trust, like trade associations.
- Make sure the info you give prospects enhances the product value.
- Skip the promotion and show them best practices when using your products.
- Re-promote your content. Once is not enough.
So the question is, how much effort are you using to create great content? You only have so much time, so use it wisely. Give them solutions to help them run their business better and make money. You’ll be a hero in the end.
by tradesmeninsights | Jun 7, 2016 | Marketing Tips, Marketing Tools, Social Marketing, Uncategorized
By John Sonnhalter, Rainmaker Journeyman, Sonnhalter
LinkedIn is a business platform and although it’s set up for individuals, companies can and should have a company page. It allows your company to have a snapshot of who you are and helps you connect with your audiences.
Yes, LinkedIn has been used primarily in the past for people to network, but remember, not all folks on LinkedIn are looking for jobs.
I recently read an article from socialmediaexaminer.com on 7 Ways to Improve Your LinkedIn Page and I wanted to share some of their 7 insights.
- Brand recognition − Use your company logo and colors that define your brand. Create a custom background image to set you apart. Incorporate your main URL and phone number too.
- Focus message – Instead of taking the about us from your website, tailor the description that speaks directly to the people who are visiting your page.
- Improve search – Under the specialty section, add key words/phrases. You need to make your page easy to find.
- Stay in front of your prospects – Post relevant content on a regular basis and create custom images to set you apart. You have three options for sharing: 1 – Push it to everyone that follows you, 2 – Target specific groups (if you have enough in each group) and 3 – Pay to sponsor the update to attract new followers.
Start promoting your page on email signatures and even send an e-blast out to your current database with a link to your page. The key is don’t miss this opportunity.
by tradesmeninsights | Jun 1, 2016 | Marketing Tips, Marketing Tools, Traditional Marketing, Uncategorized
By John Sonnhalter, Rainmaker Journeyman at Sonnhalter
Let’s face it, we’re all in this for the same reason. To talk with people who share the same interest. We must always be tweaking and improving what we deliver.
Warranty cards and trade show leads are a start but we need to be more creative. Salesmen visits to job site are a good way to start a conversation.
So in order to get them to give up their email, we better come up with some interesting and helpful stuff that will make them want to read our emails for future gems.
It’s not only what you have to say, but how you say it. Beyond being potential customers, these contractors can be your best friend by sharing it with their peer group. Remember contractors need to know, like and trust you before any meaningful dialog will start.
Here are some tips to building a better list of contractors and tradesmen:
- Think like a contractor – What are their pain points? Give them practical solutions. Always answer the question, “What’s in it for me?”
- Talk like a human – Don’t use marketing or sales speak. Keep it conversational.
- Give them a reason to sign up – Sneak peeks at new products, exclusive product demos.
- Ask the contractor what they want help with – Get engagement from the audience you want to reach.
- Don’t be afraid of humor – People like to smile and it shows more of your human side.
- Reach out to contractors – On a regular basis, randomly pick several contractors and have a product manager call and pick their brains on possible new product ideas.
Emails are back and stronger than ever if we do them right. Remember, you’re not looking for a big list, but a good one.
by tradesmeninsights | May 24, 2016 | Marketing Tips, Marketing Tools
By John Sonnhalter, Rainmaker Journeyman, Sonnhalter
Building relationships with contractors is no different from building them with your friends. You build relationships with friends over time, but once they know, like and trust you, then they will do anything for you.
Building relationships with contractors is no different. It can’t be a one-way street when everything you talk about is trying to sell them something. You’d get a lot farther if you were looking out for their best interest and helping them solve problems or do things better so they can make more money.
A friend of mine once told me “contractors buy stories before they buy stuff.” Anyone who has spent time with contractors knows how true this is. Know what’s bothering them and keeping them up at night. So how are you going to find those things out? By talking with them and starting to build a relationship.
So if you’re a manufacturer looking to spend more meaningful time with contractors, I’ve written 8 tips on how to connect with contractors that you can get HERE.
The paper gives you tips on how to use relationship marketing and storytelling when dealing with contractors. You’ll also learn how to use training modules and mobile to stay connected and help them train their staffs.
