B2B exhibitions provide a great platform to the exhibitors or to the companies participating. It is the most popular marketing tool today. Most companies have their separate budget for exhibition marketing. Exhibition marketing is in trend and the major reason behind its huge success and popularity is the value that it provides no other marketing channel could provide.
Each year companies develop their marketing budget, which includes marketing of the brand through various channels, like: print, exhibition and events etc. Exhibitions alone take up approximately 40 – 45 percent of total marketing budgets.
There are several aspects that you need to consider while you set your exhibition marketing budget. Here in this post we are sharing with you the most important aspects of the exhibition marketing budget so that you avoid having any surprises later.
Here we go…….
1. Exhibiting Stand/Booth Space
First things first, the first cost that is to be considered is the rental of exhibition stand/booth space at an event. The cost of your booth will depend on the size of your booth. Organizers would offer exhibition stands of almost all sizes, small to large. More often than not, the lowest size stand starts at 9 square feet and it can be extended to 120 or 150 square feet depending on your requirements and marketing goals. You may go with the smallest or medium size or the biggest size stand at the exhibition. Mostly organizers charge per square feet prices. The major portion of your exhibition marketing goes in exhibition stand space.
2. Professional Stand Designers
Then comes the designing part of your exhibition stand. If you want to have an award-winning exhibition stand design, then it is crucial that you consider hiring a professional exhibition designer. However, there are many exhibition design options available which are cost effective as well, like modular exhibition stands. But the design of the exhibition stand plays a crucial role in achieving your marketing objectives at any exhibition. A great design will help you pull a significant amount of people at your stand. In order to achieve their marketing goals most companies prefer to get custom built exhibition stands.
3. Exhibition Stand Contractors
After professional designing, another important consideration is – exhibition stand contractors or services. You will need to hire exhibition stand contractors, who will take care of everything from stand installation to dismantling of the stand on the last day. More often than not, many exhibition service providers like Panache Exhibition Pvt. Ltd. offer complete event management services which include, stand designing, transportation, stand installation, project management, so on and so forth.
4. Transportation Cost
If you haven’t hired a contractor providing complete services, then in addition to the cost of the stand and associated services, you will need to transport all of the equipment to the location. For which you will need to add the cost of transport to and from the venue.
5. Pre-Event Marketing
Pre-event marketing is important when you plan to host an exhibition stand. According to studies, approximately 70 – 75 percent of visitors at the exhibition know in advance which all stands they have to visit. It is because of the pre-event marketing. So, some of your money will go in pre-event marketing. You will surely want to invite people from your database, your clients, your professional networks, your stakeholders etc. Pre-event marketing includes, digital marketing (across social media channels), advertising in trade publications, print or radio ads, billboards/hoardings etc.
6. Marketing Collaterals, Handouts and Literature Cost
Another most important aspect of your budget would be the marketing collaterals, which includes brochures, catalogues, leaflets, handouts, business cards, and other literature. These are essential elements which you definitely need to have at the display.
7. Promotional Item Cost
If you are planning to giveaway some promotional item to your visitors at the stand, then surely you will need to consider this part as well. It will include both the product cost and the branding cost. Of course, whatever you will giveaway should have your company’s logo and name along with the brand message. You may consider giving anything from a coffee mug to a sports water bottle.
8. Staff Costs
Another important budgetary consideration involves the cost of people who will be working at your stand during the exhibition days. You may have your own staff or you may have to hire from outside. It costs money. If you have your own employees at the stand, then you will have to see their food and transportation. And if some outside the town staff members are also there then their accommodation will also cost you. Or if the exhibition is taking place in a different city, then you have to arrange for your staff’s travel, food, accommodation and local transportation.
However, if you are hiring the staff from outside, then their cost includes – their per day charges, plus food and transportation. According to the condition placed by the manpower agency.
9. Additional Costs
You will be provided standard items from your organizers like light, tables, etc. Besides that whatever additional you would want you will have to pay for it. Like if you want to have increased KW light at your stand, you will have to pay for that, any other additional service you will ask for it will cost you. Besides, cleaning of the booth, staff uniform (if any).
10. Miscellaneous Costs
Lastly, you should always set aside a contingency fund of at least 5% from your total exhibition marketing budget to deal with any exigency, like need for emergency staff.
These are the pointers you need to consider while you set your budget for your exhibition stand. Your cost will vary depending upon the size, elements, staff members etc. at your booth.