Trade shows budgeting - White paper
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Trade shows can be an effective marketing tactic, but many companies over or under spend on their trade show budgets. While trade shows are still considered one of the top offline lead generation tactics, 80% of companies interviewed were unhappy with the results of their past trade shows. Outsourcing trade show management to an expert company allows businesses to focus on developing relationships and meetings while leaving logistics to the specialists, potentially reducing costs. Planning trade show objectives and metrics in advance can help companies ensure they get the desired results from their trade show investments.
![Trade Shows Budgeting – Are you getting it
right?
The market and industry outlook
In an environment of dramatic economic change, the level of
marketing spends for companies certainly underwent wild
fluctuations during the periods of 2009 – 2010. In a recent industry
trade fair, a question that was often asked to exhibitors was
The value of face-to-
about their budgets, planning procedures for trade shows and face marketing via trade
conferences. shows/events showed
surprising resilience for the
Unsurprisingly not, we learnt that most companies either over
coming year. At a time when
shot or under spent their trade shows budget. 80% of the
companies interviewed said they weren’t happy with the outcome many companies report they
of the trade shows they participated in and were thinking of have cut back the number of
scaling down their budget. shows they attend or
question their spending in
this area, marketers said
they plan to maintain their
budgets in this area. Print
materials also maintained
their portion of the budget,
as did print advertising.
Yet on the same note maintain that Trade shows & exhibitions are
fertile grounds for customer acquisition and retention. It solely
for this purpose, that we identified the issue of over or under Exhibitions
spending.
management is a
strategic service, not
[True! Despite the emergence of technology, the good old
just logistics &
traditional way of face-face meetings or even a handshake
delivery.
goes a long way when compare to email or phone
conversations.]
Business Consulting | Marketing Services | Exhibitions Management](https://image.slidesharecdn.com/tradeshowsbudgeting-whitepaper-100930234639-phpapp01/85/Trade-shows-budgeting-White-paper-1-320.jpg)
Trade shows budgeting - White paper
- 1. Trade Shows Budgeting – Are you getting it right? The market and industry outlook In an environment of dramatic economic change, the level of marketing spends for companies certainly underwent wild fluctuations during the periods of 2009 – 2010. In a recent industry trade fair, a question that was often asked to exhibitors was The value of face-to- about their budgets, planning procedures for trade shows and face marketing via trade conferences. shows/events showed surprising resilience for the Unsurprisingly not, we learnt that most companies either over coming year. At a time when shot or under spent their trade shows budget. 80% of the companies interviewed said they weren’t happy with the outcome many companies report they of the trade shows they participated in and were thinking of have cut back the number of scaling down their budget. shows they attend or question their spending in this area, marketers said they plan to maintain their budgets in this area. Print materials also maintained their portion of the budget, as did print advertising. Yet on the same note maintain that Trade shows & exhibitions are fertile grounds for customer acquisition and retention. It solely for this purpose, that we identified the issue of over or under Exhibitions spending. management is a strategic service, not [True! Despite the emergence of technology, the good old just logistics & traditional way of face-face meetings or even a handshake delivery. goes a long way when compare to email or phone conversations.] Business Consulting | Marketing Services | Exhibitions Management
- 2. The marketing manager’s worst nightmare 8 out of 10 marketing managers we spoke to, unanimously reiterated the fact that planning for trade shows is a nightmare eating up most of their resources. What You Might Not Know About Trade Shows. Trade shows can be compared to a portable version of a company that’s temporarily placed in a unique type of a shopping mall and that attracts an exclusive set of shoppers. It brings sincere Ironically, they do say it’s worth the effort. In the research buyers and sellers together conducted, Trade shows rank 3rd most effective ways to collect under one roof. Trade shows quality leads and the 1st from traditional and offline marketing provide a unique opportunity tactics. that cannot be replicated in any other type of venue. Trade shows are about human interaction. Face-to- face conversation gives us a ‘feel’ for the other person that a data transfer never will. Business Consulting | Marketing Services | Exhibitions Management
- 3. Why Exhibit? Customers travel to see you. For those companies who cut back on travel outwardly to reduce costs consider this. Exhibitions offer an efficient way for your sales and technical people to see more prospects and customers on one business trip and under one roof than any other venue. The Economics Leads gained from an On average, 51% of attendees travel more than 400 miles and spend an average of 9 hours on the floor of the show. Plus, the exhibition or trade fair cost visitors are paying their own way to come to see you. 56% less to close than those generated from field sales Customers, attending trade shows have an agenda and quite often calls. are targeting which exhibits to visit based on product and brand interests. In fact, two-thirds of the exhibits they see have been preselected. They come with a mission. The benefits businesses gain from such a service being that they can leave the exhibition or trade fair management to a company that specializes in the same, giving businesses and key personnel the much needed time and resource on developing relations or fixing effective meetings. Exhibiting for Results Cost Cutting Aspects By combining delivery & We are living in difficult times and it is imperative to challenge design of brochures from the our old ways of thinking about trade shows and events. It’s time same vendor helps to use exhibitions as they are meant to be used – to drive product businesses to reduce costs sales in an efficient and effective manner. And, it’s time senior drastically management was held accountable for setting direction and supporting the effort as enthusiastically as they do sexy new ad Using a central storage of campaigns. Rather than basing a decision on go or no go your stand saves businesses a contingent on budget concerns, change the paradigm. Ask lot of shipping time & yourselves—what’s got to be in place with this event to ensure we expenses get the results we expect? Can we do what’s required? Can it be measured? Making use of a one stand size fits all, helps to greatly Your first question should be, ―Why are we going?‖ and the next reduce costs towards stand should ―What are the objectives?‖ design Experience has shown that there are four areas that serve as the Planning in advance always cornerstones for nearly all show objectives—and for that matter, helps for all marketing ventures. These are typically tightened down with measures and assigned strategies that enable reaching them. (1) Increasing sales and reinforcing market share (2) Increasing share of customer- getting current customers to buy more (3) Introducing new products (4) Positioning or repositioning your organization, its brand and products Business Consulting | Marketing Services | Exhibitions Management
- 4. The Solution The solution lies in a simple fact that it costs much cheaper to go with a single vendor who provides all the services and to outsource the exhibition management services than having to do everything in-house. The benefits businesses gain from such a service being that they can leave the exhibition or trade fair management to a company The Economics that specializes in the same, giving businesses and key personnel iDeaTurf Consulting can help the much needed time and resource on developing relations or you reduce ‘overheads’ like fixing effective meetings. freight, installation and Furthermore, with an outsourced exhibitions management handling. Move that money company, be it a planned or an unplanned event, you can be sure to the marketing efforts in that the company meets your requirements on planned or ad-hoc the booth. basis. Services to look for in an exhibitions management company are: BROCHURE DESIGN & PRINTING EXHIBITION STAND DESIGN & CUSTOMIZATION LOGISTICS F ACILITY CENTRAL STORAGE LOCATION EXHIBITION STAND MANAGEMENT (INSTALLATION/DE-INSTALLATION) FOR YOUR EXHIBITION AND About iDeaTurf Consulting TRADE SHOWS MANAGEMENT iDeaTurf Consulting is a full service exhibitions and trade shows NEEDS: management company. Operating from Riga, Latvia our ware houses are strategically located to help businesses who frequently SIA IDEATURF CONSULTING participate in trade shows across Europe, Asia and the Middle EMAIL: INFO @IDEATURF.COM East. PHONE : +37127103800 If you are looking for a solution that takes care of your exhibitions WWW. IDEATURF . COM management, helps you reduce costs and optimize you’re planning and budgeting for trade shows, then contact us for a free consultation. Business Consulting | Marketing Services | Exhibitions Management