The pandemic (yes, we’re still talking about this six years later) accelerated a number of social and technological changes, one of them being a greater emphasis on remote rather than in-person interactions. In the B2B sector, this change took the form of a preference for online self-service over placing orders face-to-face or on the phone. The ease of doing business this way led to a growing skepticism concerning in-person events like trade shows. Are events still the best way to meet new clients, maintain relationships with old ones, and stay up-to-date on industry developments? If so, how do we know?

B2B buyers might prefer the convenience of online self-service to the hassle of the trade show, but when we completely eschew the hard-to-measure benefits of trade shows—the surprise discovery, the supplier you didn’t know you needed, the education or panel discussion that changes the way you think about business—we lose out on all the little things that make your business stronger.

But there are also tangible benefits that we can measure. Trade shows can be expensive when you add up booth costs, travel costs, lodging, meals, and time spent away from your work in the office, and it can be hard to tell what you’re missing out on. That’s why we need a framework for measuring event ROI.

Set Goals

Before you can measure return, you need to set your expectations for return. How much do you need to make for attending a trade show to be worth it? These goals should, as always, be SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound.

Know Your Customers

Your goals will vary depending on your reach and your customer demographics. If you’re a regional business, it stands to reason that you’ll have the most success at trade shows within the region you serve. There are exceptions, of course, as in the case of an industry that has just one or two major shows that are attended by everyone in the industry regardless of location. If you’re attending a new show as part of an expansion strategy and you’re courting leads in a new geographic area, factor those expectations into your goals.

Look Beyond the Show

Sales are the main reason to attend a trade show, but B2B has a long sales cycle, with a long process of discovery and consideration ahead of the final decision to buy. Look beyond the sales made on the floor to track leads over time. A lead you spoke with at a trade show might take that information back to their companies and not place an order with you until a few months have passed.

It’s likely that only your existing customers are going to buy from you at the show. Keep track of the leads generated, nurture them through the customer journey, and when they do make a purchase, count that toward your RTS (Return on Trade Show). About 30% of your trade show value will come from transactions on the show floor. The remaining 70% will come later, from leads you generated at the show.

To track these leads and count sales toward your RTS, measure show cycles in eight-month time frames. That way, you can evaluate how much business you got out of a lead not just at the show but in the period following the show.

Organize Data in Your CRM

Customer Relationship Management (CRM) software is the easiest way to collect, track, and nurture leads and sales. These leads are going to pass through many different people: your salespeople on the trade show floor, salespeople who follow up with leads later, the marketing department creating the content that will guide leads through the customer journey. A CRM keeps every interaction with a lead in one place so that the same information is accessible to your whole team. Through your CRM you can also segment lists so that the right leads get the right messages at the right time.

See the Results of Your Investment

Trade shows are a significant investment in time and money. If you track the right metrics, you can be sure you’re getting the most out of your investment. Want more insight on how to get the most out of your trade show investment? Read this blog by WeRX Brands founder and CEO Andrea Hill on her 20 years of experience attending, exhibiting at, and managing trade shows.