I am turning my thoughts towards measuring our return on investment. The questions needed to be asked are:-
- How much is this actually costing us?
- How many jobs do we need to win to cover these costs?
- Will our increased advertising spend bring any results?
Well a quick spread sheet later this venture has thus far cost nearly £11k… Included in that calculation is the stand cost, staff time, accommodation, transport, sustenance, advertising costs, print costs, new graphic panels, flights, parking…. the list is long. All for a 3m x 3m stand, I would hate to think of the spend some of the bigger players are making.
To recoup our costs over the next year, and to make it a worth while investment, we will need to win about 15 events over the next year as a direct result of attending Confex 2012. That by any stretch of the imagination is quite a tall order but that is now the target! This is excluding the 100 x £100 off vouchers we have made up as show give aways…
OK so that is how much its cost and how much business we need to win. The last question was about measuring the effectiveness of our advertising… the only way to find out is to ask when people hit the stand. Here is the list of possible ways people may have been influenced to visit the AV Department Ltd stand (G613).
- The show guide listing
- The show guide sponsorship
- The Confex website
- The use of the connect platform on the Confex website
- Mash media email mailing
- Facebook adverts
- Organic social media (twitter, linked in, Facebook)
- Direct personal invite
- Just passing the stand
We ask a similar question every time anyone new calls us.. ‘How did you hear of us?’ Though never really analysed the answers allow us to build a mental picture of where our new business comes from, and the biggest driver of new business has always been referral from other customers. But Confex is different as this is a non referral environment with all new business so the results of the questionnaire will give a valuable insight on the effectiveness of the additional advertising undertaken.
I would be interested to hear from others in the way they measure ROI and how effective their advertising has been… assuming of course you wish to share the goose that lays the golden egg.