Archive for Budgeting

2007 Trade Show Resolutions (Budget)


While you are pushing away from that double fudge brownie, breaking cigarettes into the trash, and taking $10 out of the ATM instead of $100 remember that your trade show strategy needs resolutions too. Here are a few tips to help your trade show dollar go further in 2007.

1.  Plan Ahead

In 2006 our company attended a national show in Miami. I spent approximately $2000 in transportation costs alone.   About $1200 of this was unnecessary. Had I planned ahead I could have had a beautiful crate on skids built and shipped one crate to the show and back. Instead I shipped many items next day just to get them there on time. Had I registered for the show 6 months early, not only would we have a better location, but we would have saved $250 on the booth rental. Brochures had to be rushed, another $300. Ad specialty items produced quickly another $125. Late reservations meant that I was extra distance from the Convention Center, cabs $100. As the ads say "Planning ahead, priceless!" Actually it adds up to over $2000. 

2.  Be Thorough

Do not take the time to go to a trade show and expend all that energy and do the minimum. Get the attendee list, mail an offer before the show that gets people in your booth, advertise in the trade show publications or web sites, develop a compelling message that will get attendees excited about talking you and not your competitor, don't eat, sleep, or sit in your booth, capture as much information on people as you can, and do the follow up. You know the steps do them all and create the best opportunity for success this year.

3.  Send a Clear Message

Most of us spend the majority of our time on the semantics. How many, how much, when, where, etc. etc. etc. While all of these are important they pale in comparison to the what. What is your offer, what do you do better than everyone else, and most importantly what are going to do for me? Working diligiently to craft this message is the most important thing you can do other than showing up. Talk to clients, talk to employees, talk to vendors, brain storm, sweat over it, build it up, tear it down, get it right.

If you do these three simple things this year you will be ahead of the game. You also will likely produce good returns from your trade show investment. Finally, you will be so busy that the double fudge brownie may be a possibility.

Technorati , , , , ,

The Art and Science of Trade Show Budgeting


By Peter Winters

Exhibitor's JournalFiguring out a trade show budget is as much an art as it is a science. The artistic side relates to the communication of a message that hundreds or thousands of attendees will understand and act on. The scientific side focuses on ROI, how many prospects must you reach to realize a payoff for your effort.

My rule of thumb for trade show and event budgeting is that for an overall marketing budget of 5%, 20% of this should go toward trade shows. Every company is different, however if you depend on relationships, market awareness, and can communicate your message in a visual way, then trade shows are a terrific investment. Where you invest, what shows have your target audience in attendance and how often you attend is going to be unique to your company.

Not surprisingly there are many hidden and not so hidden costs to attending a trade show. Transportation, for example, depending on the size of your trade show display and the amount of trade show “stuff” you take can $250 to over $1000. In some cases it is required or financially smart to join the association or group that is sponsoring the trade show. This again can be from a few hundred to over $500. Below is a simple budget that can give you an overall picture of your next trade show and what the cost categories will be.

The key to success is understanding your market and the players or buyers and reaching them through trade shows in the most efficient way.

Trade Show Budget Worksheet

ITEM
ESTIMATE
ACTUAL
1. Space Rental $ __________ $ __________
2. Display, Graphics $ __________ $ __________
3. Marketing Material $ __________ $ __________
4. Promo Gifts $ __________ $ __________
5. Freight/Shipping $ __________ $ __________
6. On-Site Services
(electric, setup, etc.)
$ __________ $ __________
7. Pre-show promo $ __________ $ __________
8. At-event promo $ __________ $ __________
9. Hospitality $ __________ $ __________
10.Personal Expenses $ __________ $ __________
11. Misc.
(10-15% of 1-10)
$ __________ $ __________
12. Travel, Hotel, meals $ __________ $ __________
TOTAL SHOW
BUDGET:
$ __________ $ __________

If you would like more information on this topic or if you would like to suggest a topic for a future article on this blog, please contact Exhibitor's Journal.

Author Peter Winters: For over 10 years Mr. Winters has been consulting businesses on strategic planning, marketing, and public relations. He is the owner of Exhibit Warehouse a Richmond Virginia-based trade show display and trade show exhibit fabrication company.

Technorati , , , , ,