International Marketing Practices

shocking 80% — of trade show leads are not pursued [87]. Follow-up can be done through phone calls, social media, direct mail, newsletters, and direct visits [89]. It can be helpful to establish a follow-up timeline to foster long-term business partnerships, because recognizing leads at an early stage of the buying cycle is important to track long-term results. Lastly, calculate the trade show ROI, compare it to your goals, and adjust accordingly (see box below). Calculating the Return on Investment for Trade Show Participation There are different ways to calculate the ROI from trade show participation, all of which compare the costs incurred with the revenue generated. While the costs are relatively easy to identify, calculation of returns requires some assumptions and always involves tracking leads converted to sales. Trade show costs:

• Exhibit design and space, services (usually 40% of the total cost). • Logistics, including shipping, storage, installation, and dismantling. • Travel expenses, including hotels, airfare, meals, and car rental. • Promotional expenses, including gifts, printed materials, and others. • Staffing, including current employees and temporary hires. Trade show benefits: • Sales from leads.

• Number of leads generated. • Increased brand awareness. • Number of customers visits.

What is a good ROI? It depends, but a return higher than 500% signals satisfactory performance, while a return between 100% and 500% can be considered fair [90].

Federal and state governments as well as industry organizations organize trade missions, which are prearranged trips generally attended by businesspeople and government officials to promote trade between countries [91]. These trips help businesses to explore export opportunities and create contacts with buyers, suppliers, agents, and government officials. Trade missions usually include meetings with foreign executives and government officials, participation in relevant industry events, roundtables on local business and legal practices, and visits to companies and facilities [92]. A trade mission involves high costs and advanced planning, so it is important to provide the mission leader with company and product profile information well in advance, which will help the organizer better serve you [23]. The U.S. International Trade Administration organizes trade missions for several industries; a list of upcoming missions can be found at https://www.export.gov/Trade-Missions.

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