In the wake of post-pandemic inflation, exhibitors are relying on accurate trade show budgeting more than ever.
Inflation has been affecting every aspect of our personal and professional lives but there’s good news on the horizon, as the U.S. Labor Department recently noted that the annual inflation rate is starting a downward trend. As businesses seek to get the word out about their products and services while keeping an eye on their bottom lines, trade show budgeting for 2024 is going to be crucial. Please read on as we reveal the secrets of success every exhibitor needs to know.
Why is trade show budgeting essential in today’s business landscape?
Given the recent inflation, price instability, and economic upheaval ushered in by the pandemic, budgeting for all aspects of business makes good sense. Trade show and event budgeting needs to be included, too. Doing so offers benefits like:
- Financial Stability: The uncertainty brought on by the pandemic has emphasized the importance of having a well-thought-out budget in place to prevent overspending and ensure that resources are allocated effectively.
- Strategic Decision-Making: A budget serves as a roadmap for your trade show activities. It helps you make informed decisions about which trade shows to attend, what booth size to book, and how much to allocate for custom displays, marketing materials, and staff travel. This approach ensures that your resources are maximized.
- Adaptability: Post-pandemic trade show environments are unpredictable. Having a budget allows you to adapt to unforeseen circumstances, such as changes in travel restrictions, health and safety measures, or shifts in consumer behavior.
Follow these seven smart event budgeting tips:
1. Start early
Don’t wait until the last minute to begin your budget planning. Starting early gives you ample time to consider your goals, research trade shows, negotiate booth prices, and secure the best deals on travel and accommodations.
2. What are your goals?
Clearly define trade show objectives for each event in which you are participating. Are you looking to generate leads, launch a new product, or strengthen existing customer relationships? Having specific goals will help you allocate your budget accordingly.
3. Allocate with discernment
Apportion your budget based on your goals. For example, if lead generation is your primary objective, you’ll want to allocate a significant portion of your budget to marketing and promotional activities to attract potential customers to your booth.
4. Explore sponsorship opportunities
Sponsorship packages can provide additional visibility and perks for your company, making them a smart investment in many cases. Evaluate available sponsorship opportunities and identify those that support your event goals and can help you stand out from the competition.
5. Consider hybrid events
In the post-pandemic landscape, many trade shows are offering hybrid options, allowing both in-person and virtual participation. Be strategic in deciding which events to attend in person and which ones to participate in virtually, based on your budget and goals.
6. Monitor expenses along the way
Throughout the trade show planning process, monitor your expenses closely. Keep track of all costs, including booth fees, display costs (including installation and dismantling), travel expenses, staff wages, and marketing materials. Keeping a running total will help adhere to your established budget.
7. Plan for contingencies
Prepare for unexpected expenses by creating a contingency fund in your budget. This buffer can be a lifesaver if unforeseen challenges or surprise setbacks crop up.
In the post-pandemic landscape, trade shows are making a dramatic comeback, offering businesses unique opportunities for growth and reconnection. This demand is causing booth space prices to increase, making it more essential than ever to adhere to a well-conceived financial plan. The importance of accurate trade show budgeting cannot be overstated in today’s ever-evolving business climate.
Adler Display’s versatile and innovative trade show solutions can help you craft a relevant, compelling brand presence while staying within your budget. Our experienced, talented designers are here to help! Please contact us today to learn more.
About Adler Display: For over 85 years, Adler Display has been one of the best-kept secrets behind so many businesses looking their best. Designing and producing a wide variety of high-quality recognition displays, trade show displays, signage and exhibits, lobby and corporate interiors, and historical timelines, Adler’s expert team includes consultants, designers, project managers, and fabricators. Working from a 17,000-square-foot facility in Baltimore that includes a precision woodworking shop, Adler Display handles printing, construction, and finishing on site. Learn how to achieve your imaging goals and make your business look amazing at: www.AdlerDisplay.com.