EXHIBITIPS - MARCH 2009
| Exhibitips is provided to you mid-month, compliments of Expertise Events, and each month addresses various topical areas of exhibiting. All points may not apply to all shows (ie trade and public), but each month there will be always at least one ‘gem’ that can make a difference to your results. Enjoy… |
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| Controlling Costs in Challenging Times |
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One of the biggest challenges in these times is ensuring we are still making money (profit). The tendency is to always focus our attention on controlling and cutting costs when equally, if not more importantly, we should focus on the opportunities available and how to maintain income.
In this month’s tips I explore some things to consider when you exhibit that may help control costs, and also give you the presence to send a message to the market place that your company and brand is strong and they should want to buy from and deal with you.
It has been documented by numerous experts that in challenging times, cutting marketing is the wrong thing to do, but working out the most effective expenditure for the best return can be another story.
I firmly believe exhibitions represent the best return on your sales and marketing dollar. Why? Because exhibitions allow you to combine a number of activities, compressed into a few days, with a qualified audience – meet face-to-face, sell, research, generate publicity and media attention and more. Most importantly, in a time when every dollar needs to be accounted for, exhibitions allow you to measure the impact of your marketing spend, something that can’t be easily done with any other form of advertising.
Here are some important things to consider in moulding your exhibition budget and presence:
1. Be clear with your objectives
This has to be the starting point as it dictates many of the decisions you will make on expenditure. This will also allow you to drill down and focus on ‘musts’, ‘would be nice’ and ‘don't needs’. This will also assist in the choice of exhibitions you will take part in – tried and tested, with the reputation to deliver, has to be on top of your list.
At some shows there may be fewer attendees but also remember there will be less ‘tyre kickers’ and the visitors will be higher quality.
2. Be across all the savings
Take advantage of early-bird booking discounts and, more importantly, be across the payment deadlines to avoid late fees. By planning early you can also obtain number of quotes for your stand requirements that give you a number of options.
3. Size does matter
This old saying couldn't be more relevant. When looking at your exhibition space, stand size can impact overall costs; but stand size is not just dictated by budget, you must also consider what space you need to exhibit effectively and the message you are sending out.
If you have always had a certain size stand and you are known for it, then all of sudden you halve the space, it sends the wrong message. Buyers at exhibitions will accept and probably appreciate a new, simpler stand and read that you have ‘freshened up’, but reducing space is often difficult to overcome. Eventually the market will turn and location is everything – protecting this is equally a consideration. If you feel you need to cut back on size, think about the stand shape and layout to create an illusion of stature.
4. Modular (system) versus Custom – the cost buster!
This can be a big cost saver. There are numerous, cost effective modular options available which avoid large capital expenditure, have flexibility to change each time, have lower to no transport costs, no storage costs and can be made bigger or smaller easily. Try to utilise the organiser’s packages and the official exhibition contractors as they will be there to help with any problems throughout the show and should be far more cost effective. Don't over spend on stand design and external contractors.
No matter what the cost savings, do not be tempted to book space only and place your product with no lighting, walls, carpet and signage. The perception clients will form about your professionalism will have a far greater impact on sales and future business with them, costing you much more in the long term.
5. Staff – we don't need that many!
Too easy to do – but staff levels are important. If you have cut stand space down or think that, based on the market conditions, you will have too many staff on your stand, then cut back. This is a real saving as staff, with travel and meal allowances, will be a cost of around 4% on your overall expenditure. If staff are travelling, consider the timing of travel for room nights, sharing taxis, etc. If it is your base city, having extra staff onsite will give them the opportunity to assess other competitive companies, but don't let them loiter around your stand.
Have a preshow meeting and let all the staff know what is expected of them; set targets of sales or leads they need to generate while at the exhibition.
6. Promotions and giveaways
Don't loose sight of promoting in advance to let the audience know you are. Utilise free show material such as flyers, stickers, posters and email and web links. Also work on quirky ‘news items’ that the exhibition media relations company maybe be able to use.
At the show, samples and literature are important but premium giveaways can be cut out if they don't perform a specific identifiable function.
7. Avoid wasting money
Think about what you are taking to the exhibition and what's coming back. As an example, if you send a full pallet to the show but will only have a few boxes of stock/promo motional material to return, think about how this can be done so you are not charged for a pallet that is three quarters empty. Also look around your space when leaving – some shows will charge for excess rubbish and damage to carpet or the venue. Ensure you have left the space as you found it to avoid unnecessary costs.
8. Review and learn
When it’s all over, DEBRIEF! Examine how your results compare against the objectives set. Get staff feedback on what you could do different next time, and if they saw anything at the exhibition your competitors did better. |
Regards,
Gary Fitz-roy |
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