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Creating a Budget for your Trade Show Marketing
Creating a Budget for your Trade Show Marketing
by Rick Hendershot,
Trade Show Tips
Setting up a display at a trade show is expensive business. You have to rent
the space, create a display, promote it, stock it, and "man" (or better,
"woman") it. Before you decide to get involved, take a serious look at the costs
of all of these components to determine if the ROI (return on investment) is
sufficient.
Start planning well ahead. You already know that, right? Keep yourself as
organized as possible right from the beginning -- even before you book your
space. You know how carefully today's brides plan their weddings. Months, even
years ahead, they start thinking about the church, the reception, the dresses,
the flowers, the cake. And of course, the cost. Well, you're the bride. Grab
your planning book and start writing down everything you must do to get yourself
ready for a successful trade show season -- next year's.
Even before you decide to go into a show or two you should have a hard look at
the costs and expected returns. This is why you create a trade show budget.
Whether you admit it or not, everything has a cost, and trade shows are not an
exception. Remember that your objective is to make sales, or at least generate
opportunities to make sales. So you have to view your costs in that light.
Everything should be done with an eye on its potential return.
The Trade Show Budget Preamble
As I've said, the normal starting point for your campaign the trade show BUDGET.
If you work from a budget you have an outside chance of keeping your costs under
control. Of course there is a certain amount of hocus pocus involved in
budgeting for things like trade show marketing -- especially if you've never
serioulsy done it before and have no track record to go on. Still, you should
give it your best shot. This is not rocket science, and any research or analysis
you do will be better than just "winging it" Try using a "brainstorming" process
like what follows.
First, ask yourself some BIG questions:
Q1. If I honestly summarize all the costs involved in going to just one
show, do I really believe I can recover these costs within a short enough period
of time to make it "profitable" (make me more than it costs me)?
A1. Like most promotion and advertising, until you've done it , you have
no idea how successful it will be. First you will have to summarize all the
costs, and then try to figure out how many sales you're likely to get from this
sort of exposure. We'll take a stab at running some numbers in the next section,
after we've asked a few more questions.
Q2. Do I have any idea which trade shows are more likely to be
"profitable".
A2. There are trade show directories and reports that can tell you about
industry-specific shows. Usually they will tell you the number of attendees, and
hopefully something about their buying habits. Find the relevant directories,
and figure out some method of choosing between shows. (see below)
Q3. Are there obvious ways to enhance my "Conversion Rate" — the number
of attendees who buy from me?
A3. Yes, of course. Having an
attractive, eye-catching display is a good start. Getting a good location on
the floor will help.
Setting up your booth properly will help you "process" the attendees more
efficiently. Having a
lead-gathering system will help you do more profitable follow up. Giving out
memorable hand-outs will enhance your chances of being recognized later on.
Training your booth staff could make an important difference.
Ask yourself a few more questions like this to get yourself in the right frame
of mind. Then you'll be ready to start preparing your trade show budget.
Charting your costs — the first side of the Trade Show Budget
Begin by assembling the following information (and anything else that seems
relevant as you go along):
- Find a trade show directory for your industry (online is the best
source), or check out the major trade show venues or exhibition companies. They
will put you on the right track very quickly.
- Select the 10 most promising looking shows — based on your "gut
feeling" about their potential for your campaign.
- Make a chart and list the five or six most relevant bits of
information for each of your most promising venues:
- Location,
- Date
- Booth space cost
- Number of attendees
- Geographic area served
- Other space-related costs
- Add some columns to your chart where you can list other costs that
are location-dependent:
- Travel costs to and from the show
- Additional things to rent or buy at the show (tables, power, etc.)
- Accommodation costs for booth staff
- Shipping costs for booth display(s) and materials
- Vehicle rentals required
etc.
- Think about the actual "sales process" and what you will need to have
a successful one. Think of these as"one-time" costs, with your objective being
to nail things down (or at least project the costs) for your entire show
campaign.
- Display booth design and production
- Product literature
- Hand outs
- Staff training
- Show promotion (free passes to clients, etc.)
Estimating Your Sales -- the other side of the Trade Show Budgeting
process
Now take your best stab at guessing what your Conversion Rate might be. By this
I mean the number of buyers per 1000 attendees. If you're a wedding
photographer, take a guess at how many bookings you might get. If you're selling
widgets ask yourself how many you're likely to sell as a direct result of the
campaign.
I know it is next to impossible to get this number right. But you might
surprise yourself. And in any event, you need a "target" to justify entering
into the campaign in the first place. Don't let yourself fall into the "I'm
doing this for long term exposure" trap. This is a very expensive, and quite
inefficient way to get long term exposure. Go for short term exposure,
immediate sales, or at least the opportunity to make immediate follow ups.
Focus on what you have to do to get sales NOW. And if you don't think you can
pull that off, then don't start a trade show campaign!
Here's a rough and ready forumla for determining your expected sales:
Sales = TA (Total Attendance) x CR (Conversion Rate)
There is nothing magical about this equation. But if you look at it this way,
"CR", what we call the "conversion rate" is where the action is. We've already
mentioned some of the things you have to do to enhance your CR (Conversion
Rate): get more people to your booth, present your product in the best light
possible, have an attractive display, have persuasive product literature, have
noteworthy handouts, have trained and motivated staff, etc., etc.
But here, for budgeting purposes, we simply want to take a wild guess at what
your CR might be when all is said and done, or, as they say, "all other things
being equal". For argument's sake, Let's say it's 1%. That means that if 1000
people attend the show, you're going to get 10 sales:
1000 x .01 = 10 Sales
In some cases this would be phenomenal (the wedding photographer). In others, it
would be miserable (the widget guy). If nothing else, this should allow you to
create a "Target Conversion Rate" (TCR). Once you know what your costs for a
specific show are, you simply have to take those costs and figure out how many
sales you need in order to recover them.
So let's say you calculate your costs for Show A are $5,000 (including a
pro-rated amount for the one-time costs such as the booth). And let's say you
can relatively easily calculate your "gross profit" on each sale (gross sale
amount minus out-of-pocket). Let's say in the case of the wedding photographer
the gross profit margin is 50%, and the average sale is $2500.
(whirrr, buzzzz, click, kaching)
In order to recover his $5000 he will have to get 4 sales:
Is it reasonable to expect a minimum of 4 sales from a specific show? Well that
depends. If you have 1000 warm and willing blushing-brides-to-be battering down
the doors of the show, then perhaps 4 is a conservative estimate. If you have
only 200 attendees, things could be different. A smaller show may have fewer
exhibitors (less competition), will have a more intimate feel about it, will
give you more time with each prospective client. And, of course it will cost
considerably less than a bigger show -- but probably not all that much less,
when all is said and done.
And then the other factors having a bearing on the conversion factor start
becoming clear too: the price of your service, the attractiveness of your
presentation, the quality of your samples and handouts, and so on.
You really need more feedback on this Conversion Rate thing don't you. It
certainly wouldn't hurt to talk to friends and acquaintances who have trade show
experience. Ask them about their success rates. Ask them how many actual sales
they get from a good show. Ask them if they've ever calculated their CR -- the
number of sales per 1000 attendees. And check the online literature for articles
about typical conversion rates at trade shows. This is a very important part of
creating a trade show budget.
The only way you can know for sure if your estimates are realistic is by trying.
That will allow you to establish a track record. If you think the numbers almost
add up, then take a stab. Go to a show or two, and when it is over do a careful
analysis of your costs and returns. Then you can establish a reliable set of
guidelines to help you choose the most effective shows. Once you have some
experience, preparing a trade show budget for next year should be a piece of
cake.
Rick Hendershot is president of
Linknet Promotions Inc., and publishes
Linknet News.
Article Source - Trade-Show-Tips.com
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