Each and every company participating in a trade show or exhibition starts planning and working on it months before the event. Among all the other tasks, the most important part of planning an exhibition booth is its budgeting. If your company is planning to exhibit at a trade show or an exhibition soon and you are struggling with its budgeting then this blog is for you.
We have mentioned everything you need to know about how to do budgeting for an exhibition with a detailed cost breakdown of it.
Every brand exhibits in trade shows and exhibitions with certain goals. These goals help you to create the outline for your budget planning. You can also meet any shortcomings way before your exhibition with this. Hence, your aim must be to plan a budget that entirely meets your exhibition goals.
Ask yourself the following questions as you plan the budget for the exhibition:
You should have an estimated budget on how much your company is willing to spend for the exhibition stand before approaching any exhibition stand design company. Generally, an exhibition booth budget is divided into four segments naming, exhibition stands cost, marketing cost, service cost, and stand booth staff cost. This will give you an estimate on where to allocate how much money.
Now, you need to calculate your estimated budget with the actual budget of the exhibition and do the distribution of resources. The budget is divided further into the following categories:
Exhibition Stand (40%): The biggest factor that affects the cost of your exhibition stand is its size. That is the reason custom exhibition stands come in many sizes such as 10×10 stands, 10×20 stands, customized exhibition stands, and many others that differ according to the space they occupy. However, your exhibition stand is the most important aspect of the exhibition so it will acquire 40% of the total budget.
Exhibition Stand Staff and their Transportation (20%): An exhibition stand is of no use without its staff. That’s why you have to keep 20% of your total budget for the stand staff’s paychecks and transportation. This percentage increases in case you are taking part in an international trade show which will increase the traveling expenses.
Trade Show Services (19%): Any good exhibition stand design company or I&D company will charge a good cost for their services as they provide you with a team of professionals who offer expert services from designing the stand booth to building the booth.
Shipping and Drayage (10%): The shipping and warehousing companies can charge a decent fee. Also, your drayage cost might be slightly more or equal to the shipping cost of your stand booth to the venue.
Marketing (5%): Your marketing cost will take at least 5% of your total budget as you might need to create a lot of content from pre-trade show posts to product demonstrations to giveaways.
Miscellaneous Cost (5%): Although we have mentioned the most important aspects of the exhibition stand. There could be various small, miscellaneous costs such as trade show Wi-Fi connections, maintenance charges, exhibit stand staff’s food, lead retrieval system charges, any unforeseen extra charges, and so on.