Since building the perfect trade show booth requires a good investment, it’s highly important to set a trade show budget. Booth costs are often higher than one would think, meaning that financial planning for trade shows is just as vital in maximizing ROI as an effective booth. Below, we’ll explore some tips for ensuring your trade show costs stay within reason without sacrificing a high-quality product.
Set a Goal
Failing to identify at least one specific goal is a frequent cause for overspent trade show budgets. While the booth rental may be a static cost, staffing, displays, equipment, or a variety of other factors can quickly become unwieldy. Think about what you want from the experience: new business contacts? New customers? Brand awareness? Website hits? Answering this question will allow you to focus your spending on the most important factors. For example, a business seeking new purchases should focus on adequate staffing so they should include their strongest salespeople, or for brand awareness, focusing on giveaways, promotional materials, and a strong marketing expense when tallying the trade show cost.
When planning for a trade show always keep logistics in mind. How many employees will you need? Employees mean wage expenses. How far is the trade show? Extensive travel will demand an extensive travel budget accordingly. The booth cost can quickly be eclipsed by these additional expenses. When comparing trade show booth rentals, where will you be located on the floor? If your goal is networking, a booth front-and-center may not be worth the cost when those funds could be used for establishing an online presence, follow-up calls, or dispatching staff to other booths of note. On the other hand, for maximum conversion rates, the perfect location may result in enhanced sales that would otherwise be lost to better-situated competitors.
How Much Booth Do I Need?
Often, the size or location of the booth is less important than picking the right staff, promotional materials, and pursuing a concrete goal. If the prospect of buying a custom booth isn’t financially optimal, consider a booth rental, or sharing a space with another attendee. Whatever option you choose, make sure it will accomplish the trade show goals you set out to achieve.
With these trade show financial planning tips, you should be well on your way to producing an effective booth with minimal expenses. If you’d like to learn more about how we can help with your next trade show booth, contact us.