Trade shows have been around for decades for a reason: they provide businesses with an opportunity to showcase their products and services and network with potential customers and partners. But trade shows are only valuable if they are worth the investment of time and money!
Check out this survey conducted by Exhibitor of over 300 companies on how their exhibition budget is spent. Here are the results:
Graphic design and production – 6%
Shipping – 9%
Stand space – 32%
Virtual Exhibitions and Events – 3%
Show services – 7%
Other (Social Media & Content Creation) – 5%
Marketing promotion – 13%
Travel and accommodation – 14%
Design and construction of exhibitions – ten%
Digital and Social Media Marketing – ten%
These statistics illustrate the percentage of money that should be spent on a booth. There is no doubt that trade shows provide an invaluable opportunity to build relationships with potential customers and partners. But if this is not done strategically, you are wasting all sorts of money and not getting the most out of the show.
Where is the money spent?
Organising a trade show involves increasingly high costs for services such as short-haul freight and electricity, which puts some exhibitors in a difficult position. It’s hard to invest in a trade show if you don’t believe the return on investment from your exhibit will be worth the cost! These shows will disappear if there is no valuable opportunity for businesses to meet and network. We’ve taken a deep dive into how to compete for exhibitors and how to increase the value of a trade show despite rising costs.
Here are some tips from an exhibitor advocate to help you get the most out of the show floor and ensure your next event is a success:
Know your exhibitors’ needs and defend them.
What do you need for your exhibition? When it comes to planning an event, finding the right venue is essential. It’s important to get the best value for your money and make sure the venue meets all your needs. If you don’t know what those needs are, no one else does either! Be clear about your goals so you can achieve them.
Talk to your entertainment management association.
Yes, it’s time to make your voice heard. Don’t be afraid to speak up, make your needs known, and ask critical questions. The salon management association is supposed to be there to support you and your salon, so make sure there’s open communication. And in most cases, that conversation starts with you. The squeaky wheel is oiled!
Maximize the value of trade shows in less conventional cities with smaller convention centers.
Cities with smaller convention centers may not seem like they’re worth your time, but they can actually be a great value if you’re just starting out. Why? They’re smaller and don’t have as many vendors and exhibitors as larger cities. That means less competition for your booth space and more opportunities to meet new people who could become customers down the road.
They also tend to be less expensive, so if you’re just starting out and don’t have a lot of money to spend on your booth, these types of trade shows are a great way to get started without breaking the bank.
Benefit from an exhibitor advisory board.
Now more than ever, it is essential that sponsors and exhibitors feel supported and heard. By including them in the event planning process, they actively participate in shaping the future of the event and have greater responsibility for it. They also benefit from their participation: their involvement in the EAB helps them better plan, budget and take advantage of the opportunities offered by the show.
Don’t be afraid to negotiate to get a better deal.
Negotiating can be intimidating, but it’s important to remember that you’re not alone. Many companies, large and small, attend trade shows to get deals, which means the pressure is on to get the best deal possible. Know your value! Before you jump into a negotiation, it’s also important to know your budget. That way, you’ll have a clear idea of what you’re willing to accept. And if you’re hoping to save money, you’ll never know until you ask!
How to keep trade shows thriving?
Trade shows remain an important part of the marketing mix, but they face increasing costs, making it difficult for exhibitors to justify their investment in the show due to their limited budgets. This has led to a decline in the value of trade shows when the ROI of participation does not equal the cost.
Let’s fix this!
All stakeholders need to agree on how to reduce costs and increase value for exhibitors. This will help them make a better decision when deciding whether or not to exhibit at a particular event. The value of trade shows should no longer focus on the size and location of the booth, but on the engagement, experience and ROI that attendees can get from the show.