Trade shows work at creating awareness, building image, establishing a network, finalising orders or even hiring the right people. Many business partnerships are initiated at trade shows. They are also good venues to undertake some market research. But what does it cost to participate in a trade show, and what are the financial results?
Costs of having a booth on a trade show
The rule of thumb that many companies use to determine the costs of a trade show is four times the money you pay for the floor space. For international trade shows renting the space typically costs between 500 and 1000 USD per square meter, so the total event will cost you 2000 to 4000 USD per square meter of booth. So a simple booth of 12 square meter will cost you at least 24,000 USD.
What makes having a booth so expensive? First of all the booth design and decoration. Unless you stick to the very basics or if you bring your own design, this will cost you at least the same amount as the floor space. Then you need to fly in your staff, host them, feed them and pay their salaries. You may use local staff to connect better with your visitors. And you fly in marketing materials and may bring samples.
Be sure you earn your investment back!
Here are some useful tips for what you can do at your next trade show in order to maximise the benefits:
Define your objectives
First, you must clearly state what your company’s aims as per your business goals. Target consumers, pricing, conditions, and distribution and your range of products are important decisions to make before you enter a trade show. Your objectives will serve as a guide for your business undertakings at a trade fair.
Select the right event
You may have everything right, your objectives might be on point but you won’t get anything out of a trade show if it is not the right kind for your business, products or company. There are different kinds of trade fairs. Regional events are mainly composed of local visitors, then there are multi-sector exhibitions, specialist exhibitions, national exhibitions and international ones. Know which of these will serve you best with your present business goals.
Plan your organization into details
Being prepared is the best way to go. If you can find time to plan and discuss even the smallest details about your organization, then that would be great. Every relevant person should be involved from the planning process up to the execution about what you intend to share at a trade show. Make sure that everyone who will play a key role in the trade show is aware of the objectives. This will show that your company is a single unified group working hand in hand towards the same goal.
Collect all the information that you can get
One of the main reasons to attend a trade show, is to gather as much data as you require about the industry you are operating in. Make the most of your time at the event by meeting, networking, collecting and clarifying all you need. Assessment is one of the most important parts of business and the information you gather triggers the assessment process.
Monitor follow up activities
Following up is another important factor. Create a feedback mechanism at your stall or keep a record of all the people you meet. Initiate detailed meetings with the important ones at a later date but don’t forget to follow up with them. If you are seeking information from someone and they promise to get back to you with it, remember to give them a call or send them a reminder email.
Analyze the benefits
Post every trade show experience, gauge the benefits of participation or attendance. Decipher in which aspects it has helped you and see which activities appealed to you and your company the most. Was it a stall, a speaker podium, a networking gathering or some other? Then find out other trade events in which your selected programs are included. These will offer you apt business exposure and enrich your trade show experiences.
Let professionals help you!
If you only do one or two trade shows a year, it is difficult to learn how to do it better. The outcomes will very much depend on the circumstances as well. Alliance experts can help you optimise the outcomes through better booth design, pre-arranging meetings and manning your booth. We have done this before for various customers as you can see on the pictures in this article. Please contact one of our team members.