2. December 2014 20:39
For many companies that operate on a fiscal calendar year basis, December is budgeting month. So you should begin developing your 2015 marketing plan now, if you haven’t already started.
According to a survey conducted by the Center for Exhibition Industry Research (CEIR), the chart below illustrates the allocation of annual spending.
1. Use your actual trade show expenses for 2014 to help you estimate your budget for 2015. Examine your trade show expenses and note where you had cost efficiencies and/or overruns.
2. It’s interesting that the lion share of expenses are allocated to space and logistics while less than 1/3 is devoted to optimizing sales opportunities at trade shows.
Exhibit design 11%
Lead management 4%
Look for ways to reduce operational expenses so you can reallocate the savings to your presentation and promotion to drive visitors to it.
3. If you’re planning to purchase or rent an exhibit, work closely with your exhibit house on cost projections for acquisition as well as show service estimates.
Invest in a modular trade show display that expands or contracts in size to be used in different venues vs buying multiple properties for use in each space size.
Trade show booths using aluminum systems with printed fabrics are very popular for their durability and lighter weight which reduces freight and material handling costs.
Trade show displays that assemble fast without tools like this wall system reduce labor costs associated with installation and dismantling.
Expand your current trade show exhibit economically by adding rental elements such as Internet kiosks, reception counters, storage towers, furniture, etc.
4. Submit all order forms on or before the show manual deadline - flooring, furniture, computers and Internet service - ordered late or on-site costs 10-20% more in wasted budget dollars.
5. Whenever possible, ship to the advance warehouse. Not only it is less expensive but your properties are delivered to the show floor first, before shipments arriving direct to show site.
What is your biggest trade show budgeting challenge?
Gwen Parsons is the Senior Vice President of Marketing at Nomadic Display. She is a regular contributor to the Nomadic Display Blog and can be found at Google + and LinkedIn.