Whether you’re a first-time exhibitor or a seasoned trade show veteran, wanting a modular booth design or custom-built exhibition stand, your exhibition budget will be one of your key worries. When it comes to exhibition budgeting, there are a lot of expenditures to consider, and if you don’t keep track of your expenses, your budget will quickly go, along with your chances of achieving a high ROI. As a result, we’ve compiled a list of cost-cutting strategies to assist you in properly managing your exhibition expenditures. Here are our top recommendations:
- Plan for your exhibition budget
One of the most effective strategies to reduce exhibition costs is to plan ahead of time. Although there is no such thing as “too early” when it comes to preparing an exhibition, we recommend giving you 9 to 12 months.
This will not only ensure that you are well-prepared for your showcase, but it will also save you money. Businesses that wait too long to plan their show frequently pay exorbitant late fines or rush expenditures. This includes hotel reservations, travel expenditures, exhibition space, and services, as well as the construction and design of your exhibition stand design.
The more time you have to consider all of your possibilities for exhibiting prices, the more flexibility you’ll have. You can also take advantage of any early bird discounts offered by the organizers.
Early planning allows you to negotiate better rates and locate services and providers that provide the best value.
- Cost Analysis
Now you must compare your predicted budget to the exhibition’s real budget and distribute resources accordingly. The budget is further broken into the following sections:
- Exhibition Booth (40 % )
The size of your exhibition stand has the greatest impact on its cost. That is why exhibition stands come in a variety of sizes, such as a 10×10 stand, a 10×20 stand, a custom-built exhibition stand, and many more, all of which differ in terms of the amount of space they take up. However, as the most significant part of the display, your exhibition stand will receive 40% of the entire budget.
- Staff at the Exhibition Stand and their Transportation (20 % )
Without workers, an exhibition stand is useless. As a result, you must set aside 20% of your overall budget for the pay and transportation of the stand workers. This percentage rises if you’re attending an international trade fair, which will boost your travel costs.
- Services for Trade Shows (19 %)
Any excellent exhibition booth contractor would charge a reasonable fee for their services since they provide you with a team of professionals who give skilled services ranging from exhibition booth design to booth construction.
- Miscellaneous Expenses (5 %)
Even though we have covered the most significant components of the exhibition, there may be other modest, unplanned costs such as trade show Wi-Fi connections, maintenance fees, display stand personnel lunch, lead retrieval system fees, and so on.
- Make a budget estimate
Before approaching any exhibition design company, you should have an estimated budget for how much your company is ready to spend on the exhibition stand. An exhibition booth budget is often divided into four categories:
- exhibition stands,
- marketing, service, and
- stand booth staffing
This will give you an idea of how much money to put where.
In a nutshell
On the whole, with all these points in mind, it’s surely essential to plot and finances appropriately for all of your exhibitions. The most effective authentic degree of any showcase is your go back on investment, so with correct budgeting, you may maintain centered on what you need to gain and when you have stored in your finances you’re much more likely to gain your ROI goals.