Trade shows are a major investment for any small business. The trade show budget may account for a substantial amount of your marketing budget, because there are so many things to plan for that go beyond space rental, fees and display costs.
When forecasting, a comprehensive budget is important to account for every detail. Past experience at the show will make this process much easier, whether you have a history as an attendee or as an exhibitor. This means that you have a pretty good idea of the costs involved. But, if you don’t have any historical data, planning your budget may seem like a monumental task. It’s not and here’s why.
Short Versus Long Formula
To avoid potential cost overruns and failure to make a good impression, use the following list to get your trade show budget on paper (or spreadsheet):
- Booth space
- Trade show display
- Shipping
- Staffing
- Promotional items and giveaways
- On-site services
- Lead generation activities
- Travel, food and lodging
This is not a comprehensive list, yet it does cover most of the major expenses incurred for a show. After the show, you can reconcile the accounts and tally sales directly related to the show. Voila! You have your ROI. Some sales may come later, so remember to adjust your ROI accordingly.
There is also a short formula to calculate your trade show costs. Of course, the short form is simple, just multiply the costs of your exhibit space by 3. For example, the booth space costs $10K, therefore your budget should be $30K. This is helpful for smaller shows and last minute entries. It’s a good ballpark figure, but doesn’t account for everything, and makes it more difficult to calculate your ROI. So, be vigilant in accounting for your spending and ancillary costs.
The time and effort in preparing a budget will pay off for future shows. It becomes a template you can refer to and build upon as your company grows.
ADM Two staff are experts on display design and fabrication, so give us a call at (813) 887-1960 and one of our knowledgeable staff can assist you with your trade show needs, no matter where your event takes place. Also, check out some of our other articles to get more information on trade show booth layout, trade show graphics, and etiquette.