As essential as trade shows are, they can also be expensive endeavors. Thousands of man-hours go into creating marketing materials, displays and demonstrations, often amounting to a significant cost. Fortunately, the right approach can make trade shows well worth the effort. Even a single lead from an event can generate significant revenue over the life of the new relationship.
Still, funding is tight at most companies, which forces exhibitors to manage their budgets carefully. Luckily, there are ways for you to lower expenses without negatively impacting your performance.
Remove the clutter
A crisp, clean presentation can promote brand image clearly, helping attendees quickly understand what your company is all about. With this in mind, exhibitors need to be careful about how many components they use for their booths. Cutting down the number of signs, video monitors, tablets and other devices used to showcase product features can also significantly lower the cost of each event, and this also goes for the materials handed out. Limiting free giveaways to qualified leads provides a personalized touch and reduces the amount of swag that is needed.
Exhibitor Online noted that CoreLogic was able to reduce its trade show budget by focusing on meetings and demonstrations rather than exhibitry. The move gave the company's displays more bang for its buck, which helped improve lead capture.
Consider staffing levels
Every exhibitor needs to have the right number of staff members available to answer questions and develop connections with potential customers. However, you may be overspending on staffing booths during shows. A separate article by Exhibitor Online stated that you should consider the traffic levels of multi-day events. If you expect fewer attendees on the last day, then you may be able to reduce your staff presence, helping to save money.
The source also noted that hiring locally can eliminate the need to pay for airfare and hotels, but you should always be sure that anyone working the booth is properly trained on the product and your company.
Be effective with lead retrieval
Even after spending is reduced, you want to be sure each event is worth the time and energy you put into it. This means developing effective strategies to capture leads and follow up with them. Every new customer increases the value of trade shows to a company, so don't let potential clients wither on the vine. Get moving to engage audiences through multiple channels, kickstarting conversations before an event to help make demonstrations more relevant. These strategies let you work effectively with even the smallest budget.