Create an accurate budget for maximum return on investment.
Attending a trade show as an exhibitor can be expensive, and it is easy to overlook some of the costs involved by focusing on expenses that we feel are more obvious.
As this is the case, here are some tips for some of the factors you will need to remember when putting together your budget for an exhibition.
Don’t underestimate the costs of exhibiting
Make sure you take into account everything that is going to form part of your exhibition stand budget. The stand itself will use the majority of the budget as you will need to pay to hire or even buy a stand, the space at the exhibition, the graphics, shipping and installation, and the other items that you need for dressing the stand, such as electrics and furniture will also need to be calculated.
In addition to the stand, you will need to allot part of the budget to trade show services, such as carpet rental, internet connectivity, cleaning services and possibly storage.
Part of your exhibition stand budget should also be allocated to staff costs, encompassing both costs for staff at the event, which will include travel, accommodation and possibly uniform, and any costs that are incurred by covering their absence in the office.
It’s not just the event itself that will incur costs. You will also need part of your exhibition stand budget for marketing to make sure your customers know you will be at the exhibition. You may need to invest in email marketing and advertising to promote your stand prior to the event, and literature, promotional giveaways and food and drink to give your customers while at the show.
Look at how other exhibitors spend their budget
It can be difficult to know how much of your budget to allocate to each area, so it may be beneficial to examine how other exhibitors assign different portions of their budget, particularly if you are new to exhibiting.
As a rough guide, the vast majority is usually spent on the stand, including design and space. This should be roughly 40% of your budget. The next biggest portion of your budget should be set aside for travel, accommodation and expenses. This should be roughly 21% of the budget. A similar amount should be allotted to the services you need at the venue. Once you have allocated parts of your budget to these areas, it should become clearer how to split the remaining funds.
Make the most of your Exhibition Stand budget
To make the most of your budget, book your stand space, travel and accommodation as early as possible. Many places give discounts for early bookings, so you will have more money for other areas.