Establishing a sound budget is an integral part of the exhibit process and also key to the success of your company’s tradeshow and conference efforts. A well thought-out budget not only affords accountability but also provides a starting point for later evaluations of your organization’s return on investment (ROI).
Previously Attended Events. If your company has previously exhibited at a particular tradeshow or conference or at similar events, historical data can serve as the basis of your budget, pending some adjustments and considerations. When formulating your budget, first consider the:
- Location. Is the city or the region where the event is being held known to be a high-cost area?
- Labor. Will the event’s location affect labor needs?
- Booth Space. What are the booth-space requirements for your company’s exhibit? Since this is a previously attended event, can previous space requirements simply be adjustment?
- Booth Properties. How will an increase or decrease in booth space affect your booth property needs?
- Set Up and Tear Down. Will you need assistance from an exhibit house or can company staff manage the set up and tear down?
- Sponsorships. Do you need to increase sponsorship or marketing initiatives and provide associated cost estimates?
A review of major budget components such as those listed above will enable you to adjust your probable spend accordingly and, if done with care, accurately.
New Events. If this is your company’s first time exhibiting at a particular tradeshow or conference or if historical data is not available for one that it has previously attended, you will need to do some further investigation. To get a better understanding of the event itself, refer to the its website and the exhibitor prospectus or reach out to the organizer. While doing your research, core exhibit elements to keep in mind include:
- Booth Space. How much space will your company need, are there preferred areas or booth configurations, and, if so, are they obtainable at a premium?
- Booth Properties. Does it make sense to pull from your company’s inventory or should you consider renting?
- Graphics. Do you have appropriate graphics in hand, can existing graphics be repurposed, or must new graphics be developed?
- Show Services. Are predefined service packages or bundling options available?
- Shipping. What is possible–can you ship to a warehouse in advance, ship directly to the event, and walk items into the exhibit on the show floor?
Enhancements. Once you’ve addressed the core booth elements and related services, look at elements that will increase your company’s presence and visibility at the event. Even if you don’t believe that you have the financial resources to undertake these, you should be familiar with them because, as we all know, circumstances and priorities can change quickly and, if they do, it’s helpful to be knowledgeable regarding potential options. In this vein, make sure to consider the following:
- Audio-Visual Presentations. Beyond display-monitor and sound-system equipment needs, find out if current content is available and can be easily incorporated.
- Sponsorships. Investigate speaking opportunities and the potential for conducting workshops, sponsoring lunches, or perhaps undertaking some combination of these last two.
- Integrated Marketing Communications. Are the event’s management or associated organizations running marketing initiatives that will help your company communicate with tradeshow or conference attendees and drive traffic to your booth? Are there any independent marketing communications activities that your company could undertake on its own toward the same end?
Changes & Choices. matter how well you’ve developed your budget, you should expect the unexpected and plan for last-minute changes. If such changes do in fact arise, make sure to date them, document the underlying reason, and note the resultant budget impact, as this will make for more accurate post-analysis and future planning. Finally, as with almost any project budget, look for ways to reduce costs by taking advantage of “early bird” discounted rates, bundling alternatives, materials repurposing, and partnering initiatives.
Following the above guidelines should result in a budget that covers not only covers the cost of a “baseline” tradeshow or conference appearance but also provides a glimpse of “better” and “best” participation options.
Please look for my next post, in which I’ll discuss and review the elements of integrated marketing communication plans for tradeshows and conferences.
Sandy Cebulis, Exhibitions Marketing Practice Director— Gilbért, Flossmann & Zhang Worldwide, Naples, Florida
Contact GF&Z at solutions@globalmarcomm.com