Creating a trade show budget for 2018 is a skill that pays off in a better use of company resources. By following the tips below when making the budget for this crucial aspect of marketing your business, you’ll be able to develop a more accurate template of the necessary costs.
- Exhibit Space = 30 percent
Allocate about 30 percent of your trade show budget to the expense of the trade show itself. As the largest expense in the budget, this amount covers any fees associated with exhibiting at the event as well as extras for a prime location, if possible.
- Staffing and Travel = 20 percent
The second largest expense of your trade show budget will be for staffing and travel. Count expenses such as transportation, meals, and lodging for staff. If the staff needs additional training in order to work the trade show booth effectively, add those costs too.
- Logistics and Exhibit Services = 20 percent
About 20 percent of your budget should be allocated to those logistic and exhibit services that are necessary in order to present a polished and professional presence for your company. Some examples of services included in this category are the storage and warehousing of exhibit materials and their installation and breakdown during the event. Don’t forget to include the costs of labor for skilled workers like electricians, riggers, carpenters, and others.
- Booth Design = 10 percent
The visual representation of your company and your booth design will require about 10 percent of your overall trade show budget. During the planning phase, make a list of preferred features and price them when you consult with your designer.
- Transportation, shipping, and drayage = 10 percent
Obtaining an estimate for transportation and shipping tends to be pretty straightforward since it’s usually based on factors like the dimensions of your trade show booth. Drayage costs can be more difficult to pin down. A good rule of thumb is to plan to spend slightly more in drayage than you do for shipping.
- Marketing Materials = 5 percent
While your trade show booth is the biggest marketing tool at the event, you’ll need supporting materials to go along with your brand and your message. This category includes the cost of giveaways, company literature, and product demos.
- Miscellaneous = 5 percent
Set aside about five percent of your trade show budget for those expenses that are easily overlooked. Items such as daily housekeeping, WiFi, and lead gathering are necessary for the success of the trade show but are often forgotten when it comes time to make the budget.
By following the above steps, you can hammer out an effective and accurate trade show budget for 2018. What trade shows will your company be attending this year?