Tradeshows are of great importance for businesses including new startups and entrepreneurs. These public events and exhibitions help get quick sales for products and services. So, tradeshow budgeting is a big concern for businesses and brands as well. While you need to spend enough to make your exhibition booth interesting, staying in your business budgets is important too.
There is a fine balance between overdoing your tradeshow booth and doing it just right. Also, underbudgeting never plays right for businesses as well making booths lose appeal. Many tradeshows come with different costing factors. However, a very common estimate of costs may include tradeshow budgeting as follows:
- Tradeshow booth space = Around 50-55% of total spend
- Team travel and meals = 15-20% of total spend
- Electricity and Wi-Fi charges = 10-13% of total spend
- Technology Rental devices = 10-15% of total spend
- Marketing and giveaways = 7-10% of total spend
1: Select the Right Tradeshows
Budgeting starts right from when you select the tradeshow you want to attend. Some will of course be too expensive for new startups and small businesses. Find out their expenses and booking preferences. Do not compromise on that floor space. Get a good space for best results. Do you tradeshow budgeting keeping in mind the booth cost for your selected event. It should around half your total spend.
2: Cut Down Overtime for Events with a Union
Spending more time that what you get allotted for that tradeshow booth incurs great costs. Especially, exhibitions that have a union, will try to find ways to charge more. Businesses and brands spending more time than allocated is one of them. Wind up the process on time to pay least booth charges. Ask in advance about overtime charges and plan accordingly.
3: Tradeshow Budgeting with Tech Rentals Not Purchasing
Tech devices play a pivotal role in any tradeshow and modern exhibition. However, these devices are expensive. Get your iPad hire devices from technology hire services instead of buying on full prices. This can actually save thousands of dollars when done right. So, hire tech and avail all of its advantages with modern devices without having to buy them.
4: Advertise Free Through social media
Advertising your tradeshow booth is very important. In fact, tradeshow budgeting depends on advertising for bigger brands. However, if you don’t afford hefty marketing budgets, social media is always there to help. Run free advertisement campaigns informing the local people about your offering on that next big event.
5: Rent All Other Equipment
In addition to tech devices, a good tradeshow booth will need many other equipment and hardware. Lights, printers, scanners, tables and chairs are all configured under equipment expense. Make sure to rend these all as well. tradeshow budgeting is all about keeping those expenses low. You will need most of the equipment for one-time use only. Rent and don’t buy to save money.
6: Look Around for the Cheapest Deals for Rentals
Everything from your laptop rental and equipment hire doesn’t necessarily have to be from preferred vendors. There are new options arising in the market at all times. You need to investigate the market and enquire different vendors for estimates and quotes. Get more than one quotes and compare them. Do include your preferred vendors in the equation as well.
7: Tradeshow Budgeting with Cheap Promotional Items
Promotional items are necessary on public events. Banners, flexes and posters will attract people. However, you can save on these by reusing print media from that last event. Save those banners and flexes from that last tradeshow booth. Spend a bit extra on them to get higher quality banners and flexes. These will be able to be reused for many cycles on new events.
8: Early Bid Rates for Floor Space Tradeshow Budgeting
Early bidding is the way to go when it comes to booking your next tradeshow booth space. Booking well in advance can save great sums of money. In fact, most exhibitions offer many times less prices when booked early. We say the best time to start is as soon as a tradeshow gets announced. A year in advance booking isn’t far fetched when you are sure to visit.
9: Downsize Your Tradeshow Booth
Literally, the smaller your booth, lesser you will have to pay. Compact booths are very much possible when you do them right. However, you don’t have to necessarily cut out important bits on that booth. Design the space nicely. Do that tradeshow budgeting by reducing the size of the booth. There is usually a lot of wasted space. Cut it out and make it cost less.
10: Never Not Check Invoices
Tradeshow payments, tech devices rental payments, equipment rentals and even food payments, all need to be rechecked. It’s not that service providers will add extra charges. The fact is tradeshows are normally very crowded. It is easy for them to make mistakes. Someone else’s costs can be added to you invoice by mistake. Avoid these expenses and always recheck all your invoices for consistency.
Tradeshow budgeting is very important. You will need to spend just the right amount of money on that next big public appearance. Attract audiences with everything you do on that booth. Advertise in advance and offer modern tech devices for greater interaction. Budget your exhibition positively. Cut out extras and focus on lead conversion techniques. Take the right team to get best results.