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How to Measure Exhibit Staff Training
By
Barry Siskind
It’s an age old problem. Managers intuitively know that providing staff with specialized training makes them more proficient, helps increase confidence and improves the bottom line. So, you might ask, what is the problem? The answer is simply they can’t prove it. And, proof is what’s needed in order to justify the time and cost of providing training.
The challenge of creating a ROI for training is that it needs something to be compared to and without the ability to know what the training investment is being compared to, calculating the ROI is next to impossible. The root of the issue is the establishment of benchmarks. Here is where many exhibit managers fall down in their ability to collect meaningful data from their exhibit experiences and to use that data to establish a benchmark from which future performance is compared.
Here is an example of a few of the bits of data that should be included in a post-show statistical analysis:
Sales cycle
This calculation of the average time it takes once your sales folks have met someone to the time it takes that contact to make a decision. This is an important number because once it is defined, it helps your booth staff focus on the right people.
Average time to convert a visitor to a lead
This is important because it helps your booth staff determine the length of a booth presentation and helps them manage their time.
Audience profile
You need to have a breakdown of the audience at any event to determine if there is a match between who is attending and the profile of your target contact (that is the person most likely to turn into a high quality lead)
that you should have created ahead of time.
Success ratio
Success ratio answers the question “If you gave one of your staff 10 good quality leads, how many of these leads will be converted into a sale in the next 12 to 18 months?” The challenge is that when you measure ROI the number is often distorted because actual sales take time depending on your sales cycle. However knowing what the success ratio is helps you put real numbers to short term success.
Past performance
Knowing what you have accomplished in similar situations can provide a guideline for what you can realistically expect in the future.
Lead information technology
Another crucial bit of information is hidden in the tools you have provided your booth staff to help them succeed. One of those tools is some mechanism for collecting and recording consistent contact information. This can be electronic, manual or a combination of both.
Benchmarks
Now you are ready to create benchmarks to measure the effects of training. For example let’s assume that at an average event your staff, over a period of two days, can collect 20 quality leads. The improvement on this rate is the standard you use to measure the investment in training. Your training budget now comes with an objective that says “If everything else is equal and the only thing I will invest in is training, then we should realize a 15% increase in the number of leads obtained at an event.
Measuring training
In this case the 15% was an assumed number; in your case the best way to come up with a realistic projection is to get your staff involved in setting the expectation. Ask them what they need and what you can expect when you provide it. Then, measure the effects of that decision on the benchmark you have already established.
In this age of accountability for marketing and training budgets, the need to prove that the investment actually has a payoff has never been greater. The trick is to get into the habit of collecting data on your performance and then do something with it.
End
By
Barry Siskind
It’s an age old problem. Managers intuitively know that providing staff with specialized training makes them more proficient, helps increase confidence and improves the bottom line. So, you might ask, what is the problem? The answer is simply they can’t prove it. And, proof is what’s needed in order to justify the time and cost of providing training.
The challenge of creating a ROI for training is that it needs something to be compared to and without the ability to know what the training investment is being compared to, calculating the ROI is next to impossible. The root of the issue is the establishment of benchmarks. Here is where many exhibit managers fall down in their ability to collect meaningful data from their exhibit experiences and to use that data to establish a benchmark from which future performance is compared.
Here is an example of a few of the bits of data that should be included in a post-show statistical analysis:
Sales cycle
This calculation of the average time it takes once your sales folks have met someone to the time it takes that contact to make a decision. This is an important number because once it is defined, it helps your booth staff focus on the right people.
Average time to convert a visitor to a lead
This is important because it helps your booth staff determine the length of a booth presentation and helps them manage their time.
Audience profile
You need to have a breakdown of the audience at any event to determine if there is a match between who is attending and the profile of your target contact (that is the person most likely to turn into a high quality lead)
that you should have created ahead of time.
Success ratio
Success ratio answers the question “If you gave one of your staff 10 good quality leads, how many of these leads will be converted into a sale in the next 12 to 18 months?” The challenge is that when you measure ROI the number is often distorted because actual sales take time depending on your sales cycle. However knowing what the success ratio is helps you put real numbers to short term success.
Past performance
Knowing what you have accomplished in similar situations can provide a guideline for what you can realistically expect in the future.
Lead information technology
Another crucial bit of information is hidden in the tools you have provided your booth staff to help them succeed. One of those tools is some mechanism for collecting and recording consistent contact information. This can be electronic, manual or a combination of both.
Benchmarks
Now you are ready to create benchmarks to measure the effects of training. For example let’s assume that at an average event your staff, over a period of two days, can collect 20 quality leads. The improvement on this rate is the standard you use to measure the investment in training. Your training budget now comes with an objective that says “If everything else is equal and the only thing I will invest in is training, then we should realize a 15% increase in the number of leads obtained at an event.
Measuring training
In this case the 15% was an assumed number; in your case the best way to come up with a realistic projection is to get your staff involved in setting the expectation. Ask them what they need and what you can expect when you provide it. Then, measure the effects of that decision on the benchmark you have already established.
In this age of accountability for marketing and training budgets, the need to prove that the investment actually has a payoff has never been greater. The trick is to get into the habit of collecting data on your performance and then do something with it.
End