14 Jun Lead for the Day: Quantity or Quality
The age-old debate: quantity versus quality. It’s a topic of conversation in many parts of your life. Would you rather go to a buffet and have access to an abundance of mediocre cuisine or prefer to go to a nice restaurant and have on amazing meal that you can really savor? It’s especially relevant in business. Do you want a large team of average workers or would you rather have a smaller team that are the best in their trade? Steve Jobs once said: “A small team of A+ players can run circles around a giant team of B and C players.” As corporate event planners, we noticed the quantity versus quality debate is an ongoing struggle when it comes to trade shows. As a sponsor do you want to get the highest number of leads that might not bring you any solid prospects or do you want to get fewer leads that have a higher rate of return?
When planning an event, the host company will determine a strategy through research and marketing campaigns to target potential sponsors. The goal is to attract as many sponsors as possible that will not only contribute financially, but also increase attendance at the event. This process combines both quantity and quality. The host company wants to ensure they have enough sponsoring companies to fill the trade show floor, but it’s important these sponsors represent the interests of attendees. The higher the quality of sponsors, the better chance of creating interest around the event, boost ticket sales and potential leads.
As event planners we see different approaches sponsors have when gathering leads. Some go for as many leads as possible and have the mindset that the wider the net the more likely they are to get a quality lead. Sponsors that use this method can demonstrate to their management team how busy their booth was and it gives them the opportunity to collect more data from attendees. However, are these attendees interested in the product or just the swag being given away? Sponsors that are more selective on who they scan or only scan those that show real interest in a product or demo, let the attendees seek them out. These sponsors believe these leads are more substantial and have a higher chance of building a relationship and turning that lead into a sale. This begs the question again, quantity or quality?
Both quantity and quality have their pros and cons. Depending on the expectations and goals of the company, it’s often a trade off as to which to prioritize. Rather than valuing one more than the other, in the end, both aspects are needed to be successful.
photo: Natalie Grainer @unsplash