WORK SMARTER NOT HARDER

If you are thinking about sitting down in front of a spreadsheet to do a ‘cost-per-lead’ calculation pause first. There can be several instances where this can be hugely misleading – exhibition results can be one example and it is linked with how well you know your visitors. The better you know them the more equipped you will be to predict and therefore influence their behaviour.

When you exhibit, do your objectives focus on numbers or on the types of visitors expected at the event? If your strategy is to generate a plentiful supply of leads chances are, if successful, you will drive down your cost-per-lead. The inherent problem associated with this strategy is that in your quest for volume, often quality can be sacrificed. Consequently whilst your cost-per-lead may be lower, it is not uncommon to find that your conversion rate suffers accordingly.

If however your strategy is more focused say towards the more likely or lucrative prospects, you may end up having gathered fewer leads, thus driving up your cost-per-lead. However this population is more likely to buy from you and so your conversion rate should be accordingly higher. Here we have a situation where less is definitely more.
The better you know your visitor, the easier it is to attract them. A successful formula is to not only attract visitors you want but also to combine it with a method to repel those you do not want. Make your stand appealing to your key prospects and relatively unwelcoming for the rest.

A few years ago I was involved with a very large fast food outlet considering exhibiting at a franchising show. At that time the military, in the UK, had just downsized producing a newly ‘demobbed’ population each with a five figure sum to help them on their way in civilian life. The fast food giant was reluctant to exhibit as they had visions of being swamped by this audience each vying for a franchise when the required start up investment was in excess of a quarter of a million pounds. Rather than spend their time at the show ‘repelling boarders’ they felt it less detrimental to miss the event altogether. Cutting an elaborate story short, they created messaging that effectively said unless you have a quarter of a million pounds go elsewhere! The consequence was that their stand was fairly quiet for the days of the show; however every visitor who wandered onto their stand was exactly right for them. In this case study also, the cost per lead was high when compared with the results they could have achieved with a different strategy, but their resultant conversion rate was significantly much higher.