How how much should you spend at a conference?
I got this question from a client today:
"How do we determine how much to spend sponsoring/attending a vertical conference?"
At Scorpion, we did 100 conferences a year, so I've thought about this quite a lot.
Rule of thumb: spend 10% of the revenue you expect to generate at the show.
Revenue can come from:
- New clients
- Deepening relationships with current clients (retention)
- Even from referral partners you meet at the show
Here's a simplified example:
100 qualified businesses are going to the conference.
Each new client = $50k in LTV.
You expect to close 2, equal to $100,000 in revenue for your firm.
Aim to spend $10k ($100k x 10%)
Here's the thing:
Most people don't have a specific revenue expectation from conferences and tradeshows, so it's no surprise they come home empty-handed.
Instead, develop a specific revenue target that you expect from the show.
It will change how you approach the show before, during, and after.
CQ
