Strategies for a Budgeted Exhibition / tips from Studiostand's Team
Written by Divya Vibin @studiostandLTD
Exhibits are crucial for obtaining visibility and making contacts with potential clients. They must be lively, useful, visually appealing, and memorable. As a result, they necessitate extensive planning.
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Whether you are new exhibitor or seasoned show veteran, your exhibition budget will be one of your main considerations.
When it comes to exhibition budgeting, there are a lot of expenditures to consider, and if you do not keep track of your expenses, your budget will quickly go, along with your chances of obtaining a high ROI.
Image credits by OutThereBranding
As a result, we have compiled a list of cost-cutting strategies to assist you in professionally managing your exhibition expenditures. Here are top six vital recommendations:
Ø Create an event schedule
Ø Set Goals and Objectives
Ø Identify areas of expenditure
Ø Create a Brief
Ø Familiarise with your neighbours
Ø Make an Impact
Create an Event Schedule
Make a list of all the events you want to attend. Include details for each event, such as:
· Exhibition name, date & location
· Exhibition Stand size & orientation
· Number of staff and if you are super organised – who
· Budget for the event
· Event objectives and goals
It is quiet challenging to find the right exhibition among the many that take place around the world. Do your research and learn everything you can about the shows you want to watch. Exhibitions are an excellent way to raise brand awareness, introduce new products, and expand your client base. However, not every candidate will be a good match for your business. Sit down and make a list of your exhibiting goals, as well as the shows that you believe will best suit your company.
Once you have decided which shows you want to attend, make sure you understand how each one will help you achieve your goals. Choose an exhibition that speaks to your target audience and helps you achieve your objectives. Inquire about attendance demographics, former participants, attendee numbers, and show data to guarantee your chosen show attracts the correct type of audience.
Eventually, your schedule may vary. However, this list will provide an excellent basis for your future event planning and organisation.
Set Goals and objectives
Image credit by istockphoto
To put on a great show, you must first determine your SMART objectives and expectations.
What exactly are you presenting? What are you trying to communicate or accomplish with your exhibition? These are the initial questions you must address. Then you will be able to set some SMART goals for yourself which is specific, measurable, achievable, realistic and timeliness. For example, you could choose to focus on the following:
· Number of Visitors
· Social media mentions/connections.
· Return on investment.
· Number of contacts created.
· Conversions (the number of prospects turned into customers).
· Distribution of Promotional material.
An exhibition can focus on a single variable or a group of them, but it is important to put things in perspective. You could be actively promoting a specific product, acquire new clients, or simply network. By setting SMART goals, you are giving yourself a platform on which the rest of the exhibition may be built.
Identify Areas of Expenditure
Make a budget checklist - here are a few of the most important factors to consider while planning an event:
· The cost of an exhibition stand
· The amount of space available
· Setup and dismantle
· Electricity, show services, and flooring
· Speakers' fees, entertainment fees, and other third-party payments
· Costs of marketing materials printing
· A/V or stand attractions like additional equipment.
· Elements of decoration and theming
· Costs associated with promotion and marketing
· Costs of travel, lodging, and catering
Likewise, examine the previous year's financial records for your company. You'll be able to detail the exact cost of each event you attended throughout the calendar year.
Compare this expense to what you had planned in your marketing budgets so that you can:
· Ensure that each event's Return on Investment (ROI) is accurate.
· Assess your spending to identify inefficiencies.
· Critically analyse where you are wasting money and implement a strategy for saving money or increasing the value of your event marketing.
· Determine whether an event should add to your calendar for the coming year.
· You'll also be able to assess whether your future budget is precise and sufficient.
Create a Brief
A brief should include all the necessary information to ensure that you meet your event objectives and goals including:
· Message to audience
· Promotions to be used at every phase of the exhibition
· Measures of ROI or event success
· Required outcome at your shows
· Key functionality of your stand i.e.
o Meeting/hospitality space
o Audio visual integration
o Product display/demonstration
Familiarise with your neighbours
Image Credit by Courtney Sembler via Hubspot
Make your success even more likely by asking the organiser for a list of confirmed exhibitors and checking out your competition and floor neighbours once you have confirmed your place at an event. Learn everything you can about them. What products do they have on display? Are there any intriguing marketing initiatives planned for the show? Is interactive technology being used? Adjust your showing strategy based on this knowledge. It is also beneficial to form strong bonds with your neighbours. Communicate with one another, learn about each other's schedules, and, if feasible, inquire about the design of their stands.
Are there any businesses that provide similar products and services? This strategy enables you to prepare and foresee, ensuring that it is your exhibit that attracts people' attention. When conducting your research, keep the following questions in mind:
· What products and services do your competitors offer?
· How have they previously highlighted their work?
· Have they employed any unique marketing strategies to attract their target audience?
· Have they devised interactive technology like tablets or projection mapping in the past?
This level is all about fine-tuning your strategy so you can make a real difference. It's also an excellent opportunity to begin networking with other businesses. Before and during an event, communication is a phenomenal approach to draw audiences from one exhibit to the next.
Make an Impact
Image credit by Strategy - https://outtherebranding.com.au
The next step is to start creating an impact within your industry. Strategic planning is critical to maximising your return on investment. Your exhibition success relies on creative design, eye-catching material, and engaging activities. Instead of following design trends, strive for uniqueness when designing your display stand. Your booth marketing strategy should outline a clear goal from this event, strive on your communication objectives and create a theme that transmits compelling messages and grabs people's attention. In a crowded exhibition hall, your booth must make an impression.
Use your social media following if you have one. Make a public announcement that you'll be attending and invite folks who like your Facebook page. Discuss it on Twitter and Instagram, repost event posts, and engage with valuable accounts. The more social media impressions you get, the better.
You should also promote the event on your company's website and via email. Create a page on your website specific to the exhibition, detailing what attendees can expect and how they may benefit from attending. Participating in the discussion in these ways helps to spark the curiosity of those who are likely to attend.
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StudioStand has a wide range of innovative design ideas and features that will help you make an impact in the hall and attract potential clients to your exhibition. We therefore provide full management solution to mitigate the stress of planning major events and exhibits. Our project management team will collaborate with you throughout the project, ensuring efficient planning, regular progress reporting, and resolving any difficulties that arise.
Source: News Archives - EN (exhibitionnews.uk)