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Trade Shows – What Are The Costs To Consider?
There is no doubt that attending a trade show can be a costly business, particularly if you’re going for one of the bigger ones and have to travel a long distance. But for many companies – those who are looking to introduce a new product, make new business contacts and so on – the benefits can far outweigh the costs.
To help you decide whether you have the funds to attend the show of you choice, you need to know exactly what you budget is and make a list of the costs you will need to factor in.
To give you some idea of what we mean, here are some of the bigger cost factors:
Booking Costs: The first thing to bear in mind is probably the simplest: most trade fairs will charge a certain amount for participation. The bigger and most popular ones will naturally charge the most but remember that you are probably more likely to make valuable contacts that these. There is not point going for a smaller show just because it is cheaper. Yes, you may spend less initially but you also have to think about the return you are going to get on your investment.
Moving Equipment: The costs of moving all your trade show materials – signs, stands, lighting, brochures etc. – can vary hugely depending on several factors. Obviously you are going to need to hire or borrow a trailer or van to transport it all and the more you have the more this will cost. Bear in mind that heavier materials will cost more to move than lightweight ones. Also consider that the further away the show, the more you will have to spend. If you have an extremely limited budget then you might want to consider choosing a show that is relatively close by to begin with.
Personnel Costs: You will need to bring some of your staff with you: some to run the booth and some to move about the trade show floor. All of these will need to be fed and accommodated for the duration of the trip, not to mention any overtime you may need to pay them and evening entertainment. You can save money on this by booking hotels well in advance and trying to get group discounts. Don’t understaff yourself but equally don’t bring anyone along unless they can add some value.
Promotional Costs: There is not point attending an event like this unless you are going to put some effort into standing out. The idea is to make your booth the one that people are drawn to – but of course this will cost you. Once you’ve factored in marketing materials such as posters and stands, lighting equipment, free gifts and hiring designers to create a marketing concept you should have some idea of how much this will set you back and you can make an informed decision as to whether it is worth you going ahead with it.