How to Design a Trade Show Conversion Funnel to Scale Up Profits?
If you have been searching for a way to drive your profits up at your next trade show but have had no luck finding an easy solution, then designing a conversion funnel may just be your golden ticket. In the marketing world, a funnel is a chart of the path your potential customers follow after discovering your business. Trade shows present an excellent opportunity to exercise the conversion funnel technique, as they allow you to grow your number of leads exponentially.
In this article, we will cover what a conversion funnel is, how it works, and how to use it at your next trade show to scale up your profits. We will also touch on sourcing a lead-generating display, whether designed by a trade show display company or sourced by your own business.
What is a Conversion Funnel?
In a traditional funnel, all your new potential leads pour in to the large opening at the top. As they go down the path of this funnel, many of these leads leak out. In other words, they leave before signing on to your business. The remainder of the leads reach the small opening of the funnel and come out the other end, these are the leads that have signed on to your company.
In a conversion funnel, there are two funnels connected together at the small openings. This type of funnel works to retain customers, build viral marketing and customer loyalty campaigns, and get referred customers from the current customer base.
Getting New Leads at the Top of the Funnel
Since the whole concept of conversion funnels centers around gathering new leads, trade shows are an ideal location to put this idea into practice.
For starters, your business will want to make sure it has a display design that will draw in as many leads as possible.
The design of your display matters greatly when it comes to attracting leads. People will always be prone to visit the booths that stand out the most. As such, we recommend you source a booth from professional designers.
One way to ensure you are getting a quality booth is by using the services of a reputable trade show display rentals agency. These companies have professional designers who know how to craft a display that is effective and eye-catching.
Making the Sale at the Funnel’s Midsection
Once you have accumulated a list of new leads, you have filled the top most part of your conversion funnel. The next part involves making the sale. Not all your leads will sign on. Many people at the trade show have encountered a number of options to sign on with, but that is okay.
The funnel will narrow as you lose leads, but it does not end at that. So long as your salespeople are up to the challenge and you have managed to garner new leads thanks to your eye-catching trade show display design, making the sale will be an achievable goal. Aim to sell to as many leads as you can, but remember not every lead is going to buy into your products.
Retaining Customers at the End of the Funnel
Once your salespeople have converted the leads into customers, they have reached the end of the conversion funnel. However, your work is not over. The next portion of the funnel involves retaining those customers.
Much like attracting leads using a luring trade show booth design, you want to keep your customers attracted to your business using something equally as alluring.
Many times, businesses will deploy customer loyalty campaigns. These involve things like discounts, exclusive sales, and promotional rebates for your loyal customers.
Anything that keeps your customers excited and happy to do business with you is a good thing for your conversion funnel.
Completing the Conversion Funnel Loop
One of the main aspects of the conversion funnel is the profit driving loop it creates. Sure, attaining loyal customers is great, but why stop there? With the conversion funnel, you are not only converting leads into customers, your turning customers into salespeople.
How? By using referrals. The second funnel opposite to the first begins with an opening for referred leads. These leads follow the same path as the original leads and reach the same singular point of becoming loyal customers.
How can you get your current customers to refer new leads? There are a few strategies to this, but the main one is by rewarding the customers for bringing in these leads. Most businesses do this by offering discounts for each person the customer refers.
For instance, the customer may get 10% their next purchase for bringing in a lead. Often times, the new lead will also receive a discount on their first purchase as well. The more rewarded a customer feels, the more likely they are to keep doing business with you. Once you start getting referrals, the loops is complete, and your conversion funnel is in full swing.