While the improving economic climate in the UK is encouraging businesses to loosen their spending, there is still a pressing need for them to scrutinize their budgets and strive to maximize profit. This means that non-essential items of expenditure are likely to be given careful consideration, while those that are integral to the operation of the company are given priority. This means that disciplines such as marketing will take centre stage in the current economic climate, as they will have a direct influence on bottom line sales.
Building a Basic Trade Show or Exhibition Budget: 3 Key Steps
Marketing is central to the formation of long-term business relationships, and with this in mind it is better for companies to budget more for these activities than alternative items. This is especially true when it comes to planning trade shows or exhibitions, as these events can make the difference between losing and retaining customers over time. Consider the following steps towards building a basic exhibition budget: –
Determine the Scope of your Help
There are many different types of exhibition, and while the organization of some may need to be outsourced others can be arranged in-house. When determining a precise budget, it is important to establish the basics of your exhibition and any outside agencies or companies whose services will need to be employed to provide assistance. By performing this task at the start, you have the opportunity to scale back the proposed exhibitions should costs begin to escalate.
Consider Print Materials and Decoration Costs
Once any proposed partners are on board, it is time to break down your primary costs and those that may be classed as hidden. In terms of the former, the cost of associated print materials is perhaps the most important, as this will help to embellish your stand and provide customers with leaflets and additional information. Without these materials or a high quality of publication, it is impossible to create an effective call to action or drive customer engagement.
Factor in Non-Essential, Hidden Costs
With travel funds, wages and marketing materials in place, you could be forgiven for thinking that your work is done. If you are to establish a realistic, precise and viable budget for your exhibition, however, then there is a need to consider all secondary and non-essential costs that may be incurred. This includes material transportation fees and even the procurement of a temporary exhibition space, as this may be required if you intend to host an event in a unique location. Companies such as Neptunus offer this unusual service, so it is important to consult with these prior to making a commitment.