Are you getting a(ny) return on investment from your event marketing programs?|
Return on investment is realized only when you actually make or save money through a marketing program. To make money, the participants must be persuaded to act.
Specific Action Delivers ROI
Communication programs that are focused to drive participants to act (i.e. an action that draws the prospect nearer to purchase) are the ones that deliver results. Consider the value of planning your next program around this question:
“Specifically, what do we want the prospect to do as a result of participating in our program?”
Properly planned programs reduce the cost of sale, increase revenue and reinforce existing customer relationships. In addition, they create valuable promotion for your company and products in the marketplace.
The Team that Executes the Basics Wins
Too simple? - maybe not. In sports, execution of the basics will produce a winning season. - “Razzle dazzle” may win a game, but the season depends upon consistent execution of the basics.
Billions of dollars are squandered each year at trade shows on meaningless “razzle dazzle,” yet some companies produce as much as 80% or more of their total business through contacts initiated at trade events. What makes the difference? A plan to secure a commitment for action from the prospect that leads directly to the order, at a lowered cost of sale. The results are greater market share at a lower cost.
When is the Last Time You Really Got Back to Basics?
Too many deadlines, not enough staff, the next event looms and constant changes in your market and company prevent you from doing things the way you would like to.
When you plan your activities to result in action by the participants, in turn leading to an increase in retention or sales, positive business results are achieved. We call this “payback.”
Payback( i.e. Return on Investment) Comes from Three Sources:
1) Revenue (Sales and Revenue Retention)
2) Cost Savings (Efficiencies)
3) Promotion Value (Equivalent Value of Advertising Required to Achieve Similar Promotional Impact.)
These values, when added together and divided by the budget for your marketing initiative, produce a payback ratio.
Actual payback ratios, on recent road show seminars for companies like IBM, range from $80 to $240 dollars in sales and savings for every dollar spent. How do they achieve these goals? Their plans include specific "actionable" outcomes - actions that can often be taken at the event These actions tie directly into the sales cycle, and can be tracked and reported.
How Do You Get the Right Mix?
Most companies frankly admit that they are unsure if they are getting any positive results from trade shows and other event activities, not to mention understanding how to change their legacy approaches to lever the advantages of alternative media. Constellation Communication can help you get the results you expect.
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