Trade Shows: Investing Your Money Wisely – Promo Parrot Blog

Trade Shows: How To Have A Presence Whilst Making It A Smart Investment For Your Business

How much your company should spend on your trade show presence depends on a variety of factors. The amount is largely affected by a wide range of factors, including your budget, and also the individual needs of your company. If you spend a limited budget, you will end up with a budget presence. However, spending large amounts of money does not guarantee a presence which will match your investment. If you are not careful in your investment, you can end up spending large sums of money, whilst still delivering a budget presence. The key to delivering a successful trade show presence is not how much you spend on these events, but how smartly you spend your budget.

Trade ShowsRecent studies conducted into marketing have clearly demonstrated that, on average, 40% of business to business marketing budgets are spent at trade shows and similar events. In a similar study conducted by the Centre for Exhibition Industry Research (CEIR), it was found that spending for trade shows came third, behind advertising and promotion respectively. The reason why businesses are consistently spending such large amounts on these events is because these events provide the opportunity to build relationships face to face, in a world where most communication is conducted through emails, websites and answer phones. These events provide an almost unique opportunity which is priceless. The advance of the trade show has been greatly helped by technological and social advances. At least 35% of the tools and techniques currently widely used at these events did not exist twenty years ago. These advances provide a vast array of techniques and tools to utilise for your stall, however, they also make strategic trade show spending more important than it ever has been.

Unfortunately, there is no magical equation which dictates how much your company should spend. How much your company spends is largely relative to your industry type and business size. Some experts say that companies should spend somewhere between £100.00 and £125.00 per square foot of rented area. This seems cheap initially, however if you have a stall area over 500m, it quickly adds up. What is more, this figure does not include expenses such as accommodation, travel, food and, most importantly, time.

Where do you spend your budget for trade shows? Should you spend vast amounts of your budget on extravagant light displays, or, alternatively, should you spend large amounts on promotional giveaways? At Promo Parrot, we have devised some tips which aim to help you decide how to most effectively spend your trade show budget, whilst delivering the best results. However, you will be pleased to know that a phenomenal trade show experience can be delivered at budget prices.

Trade Shows: Breakdown Of Costs

Upfront costs: there are some costs at trade shows which are unavoidable. The cost of your registration fees and cost of your stand are two unavoidable costs which you will incur prior to the day. These costs are largely dependent on the size of the exhibition. At larger exhibitions, a small stand can cost as much as £3500. Again, registration fees change widely depending on the duration and size of the trade show; prices can be anywhere between a couple of hundred pounds and several thousand pounds. Further costs are incurred by the additional fact you have to staff your stand with employees. Here it is important to place a budget upon your employees travel expenses. Studies have shown that it can cost the best part of £7000 simply to get to a trade show and staff your stand.

Logistical Costs: If you are mailing items to the event, these costs can exceed £350. Items such as flooring and lighting can be incredibly expensive, so it is worth considering these costs prior to the event, especially if the event is in a foreign country.

Trade Show StandsThe Stand: The stand itself is only one part of your total expenses for the trade show. A good policy to work from is to establish how much you can afford to spend and then to stick to it. Otherwise you can find yourself spending ridiculous amounts of money, as stand customisation options are limitless. Costs include flooring, lighting and graphics. Each of these items contribute a significant cost. Depending on how many trade shows you attend, you can either rent or purchase flooring; due to this, the cost varies widely but can easily cost thousands of pounds. Some experts place a lot of precedence on flooring, stating that if you have poor flooring it decreases the comfort of visitors to your stall. However, you have to get visitors to you stall in the first place. This is achieved through vibrant and eye-catching graphics and displays. When selecting these options, you do not have to opt for extravagant, costly options, as simple things like unique lighting and display options can go a long way in making your stall stand out. Simply put, it is not how much you spend, but how cleverly you spend which makes the difference.

Promotions, marketing and advertising costs: Prior to the trade show itself, money should be invested in ensuring that your target audience is aware of your attendance at the event. Essentially, if you don’t get people to visit your stall, your efforts and money have been wasted. Advertise your presence offline, but also make use of online mediums, especially social media like Facebook and Twitter. Take time to spread the word of your attendance, this is a good way of ensuring that your stall will be well-received when it comes to the day of the event.

Trade Show Promotional ProductsPromotional giveaways: Provide visitors to your stand with something which is both useful and memorable, yet also promotes your brand. This may sound obvious; however it is imperative that you ensure you provide promotional giveaways which also include your company’s brand or logo in the design. Cost-effective options include promotional pens, whilst bags are equally effective. Bear in mind that attendees to these events are looking for solutions, so if your giveaway promotional items are linked to your product, this will drastically increase the impact of your marketing at these events.

Plan your after show follow up strategy: Your actions after the trade show are arguably as important as those on the actual day. Be sure to follow up any leads promptly. It is well worth implementing a system which tracks leads and provides a follow up strategy into your budget. A good way of implementing this is to include a 24 hour follow up service, whereby leads receive a package when they return to their office after the event. Simple measures like this speak volumes about your company and also demonstrate your dedication to customer service.

Whatever method you select for your company, be sure that you do not cut corners. Take time and effort to ensure that the presence you provide your brand with at these events is worthy of the hard earned reputation which you have built for yourself. Make sure your strategy has long term reusable potential, thereby providing you with years of excellent trade show presence.

Please make your selection.