Opinions expressed by Entrepreneur contributors are their own.
Conferences are one of the most important marketing opportunities for my consulting, and I’m not the only one. The global live events industry (which includes live sporting events and concerts, corporate events, and conferences and exhibitions) surpassed $650 billion last year and is expected to reach $1.2 trillion by 2032.
Of course, it’s worth noting that conferences are no guarantee of success. E3 was once the premier annual video game event, but struggled to stay relevant following the COVID-19 pandemic lockdowns and was forced to shut down for good in December. While sad, it’s an anomaly in a recovering industry – events like CES, SXSW and ComicCon bounced back and continue to prove their value to major brands and professionals alike.
Major players like Apple, Amazon and Coca-Cola have solid live event strategies, so the return on investment is clearly there for planners, buyers and exhibitors from the world’s top brands.
The average exhibitor trade show budget was $1.4 million last year, an increase even from pre-pandemic levels. Additional services such as panel and stage participation, awards and strategic advertising throughout the event increase costs. However, calculating the ROI of these expenses can get complicated.
Related: How to network at events like a pro and monitor the success of your startup
Having worked on countless events and invested many hours into the ins and outs, here are five tips to maximize your event ROI.
1. Rely on your branding
Branding is perhaps the most important factor in attending, sponsoring, or exhibiting at a major event. In fact, research shows that conferences can increase brand awareness by up to 76%, although 85% of exhibitors say their main reason for attending is to generate leads and sales (see next point).
To maximize this benefit, make sure everything you bring to the trade show enhances your branding down to the smallest detail. This includes what your team will wear at the event, what merchandise you plan to distribute, marketing materials, brochures, clipboards and pens used, and more. These events fly by as there is a lot happening at once, and it is important to make a lasting impression quickly to achieve the best possible results.
2. Make a clear call to action
As mentioned above, sales leads are the lifeblood of any business, and conferences can make or break your business. This is why it is necessary to include a clear call to action in all of your branding materials. When you build a strong connection with a potential prospect, you need to close the sale before they talk to someone else and forget about it.
Conferences last from a few days to a week, and in that time you will meet hundreds or even thousands of potential prospects. You should have a highly developed elevator pitch (30 to 60 seconds) that clearly highlights your company’s selling points, and it must end with a simple and intuitive CTA to ensure you close the necessary sales to guarantee ROI.
And a follow-up a week or two after the event is just as important for closing the contract.
Related: 5 Ways to Get the Most Out of an Industry Conference
3. Leverage satellite events
Everyone assumes that the deal takes place on the trading floor, but they don’t know that the handshake takes place in intimate settings. Each conference has satellite events, usually held at various venues surrounding the main venue. Decision makers often attend these meetings to network, and these side events are just the ticket.
These side events are also a great way to benefit without a ticket to the main event. It’s not uncommon for aspiring entrepreneurs to lurk outside the main conference to learn about side events that take place after hours and stake them out to meet potential investors and customers. An after-hours handshake deal can be the difference between winning or losing at the event.
4. Tag teaming makes the dream come true
Organization is the best way to ensure success, and conferences are best handled with a team of three or more people. The exhibition space remains active throughout the event and numerous conferences and panel discussions take place at the same time. It’s impossible to be everywhere at once unless you have a team willing to divide and conquer.
Arrange a time and place to meet at the end of the day and have radios ready as Wi-Fi can be spotty at events. These small radios have a radius of about six miles, which is more than enough to keep you in touch at any large event. Staying in touch with each other will help you maximize potential opportunities throughout the event without duplicating each other’s efforts.
Related: 5 Tips for Networking at Conferences as an Introvert
5. Have fun!
When attending conferences, the most important thing is to have fun. Although it’s a business trip, these events can be a fun place to meet people you’ve only worked with virtually before. Getting to know other people and learning new things can help you build your community even if you don’t close the deal.
Diploma
Conferences are a cornerstone of business, and even at the height of pandemic lockdowns there were live virtual events. If you’re looking for a way to take your business to the next level, attending a live conference or conference may be the way to go.
However, there are no guarantees – these events are expensive, with tickets that can cost thousands of dollars and exhibitions and sponsorships that can easily cost seven to eight figures. Without careful planning, it’s easy to waste money without any noticeable ROI. Some people even have success outside of the venue without ever purchasing a ticket to the main event.
Make sure you have a solid plan and implement it to achieve the best possible outcome. If you do it right, you can easily close the deal that will offset the cost of the event and bring sustainable, long-term success to your business.