Renting a booth at a trade show or product exhibition is a profitable move for many businesses, yet they're costly ventures. The cost of renting the booth, traveling, paying employees, and designing a booth, all combine to be a fairly large figure. The ROI must be there for any business venture if they're to stay in business for long, so here are 3 ways to make sure product exhibitions are worth the cost.
#1. Numbers Strategy:
The first way to make sure this venture will be worth it is to sit down and crunch the numbers. The numbers must first be present, which means there's already a trade show in mind. The total amount of costs involved need to be estimated, including: travel expenses, employees' pay, booth design, and renting the booth.
Trade-Show-Advisor.com gives us an idea of the cost of renting a booth:
“The typical display booth is about 100 square feet. For your trade show budget, prices can range from $10 - $100/sq ft, or $1,000 to $10,000 per space."
When the total cost of the venture is known, to an estimated degree, then the ROI has to be calculated. How many sales must come from this event, either directly or through contacts made? Typically, the total cost will be anywhere from $5,000 to $10,000, so how many sales are needed to make this large expenditure worth while?
Keep in mind the residual earnings from building long-term clients and getting referrals as well. Also, trade shows are industry specific and have a concentrated amount of interested buyers and prospects, so the contacts made are more likely to become sales.
For instance, if 100 contacts were made and 50 became sales within the next year, and each sale made $200 profit for the company, then $10,000 would be made. Now consider, in addition, the referrals and repeat sales from these converted customers.
With the numbers strategy in place, businesses will know how much the venture will cost and how many contacts and sales are needed to make it worth while. With this knowledge, the next couple steps can be taken.
#2. Investigation and Research:
Now that businesses know how many contacts and sales are needed to make this venture worth the cost, the next step is to investigate and research the product exhibition itself. This may entail: making calls, watching videos, visiting the exhibition the year before, talking with other businesses about the trade show, etc.
The actual floor space should be known and the booth should be selected that best fits the type of display being presented. The location of the booth, size, and flow of attendee traffic should all be considered. Watching past trade show videos or attending one before hand, will greatly help businesses understand the strategy and presentation needed to succeed.
#3. Design and Dellvery:
Now with an estimated budget and a practical idea of the environment and atmosphere of the event in mind, the actual display booth design can be developed. The effectiveness of the booth's design and the sales reps' delivery of the sales pitch will determine the amount of contacts gathered, therefor, these aspects needs to be carefully considered.
The delivery of the sales pitch needs to be quick and encompassing, so they can reach more people and not get caught in hour-long conversations. The booth's design should give attendees a reason to stop and interact with the display. Engaging attendees and feeding them as much information about the products as possible in a short period of time are the main goals.
Some of the ways this can be accomplished is with: demos, videos, banners, counter tables, pamphlets, headsets, colors, design patterns, inviting space design, giveaways, samples, and comfortable custom mats. The main idea is to design an attractive and inviting space for interested attendees to gather and seek more information about the product or service.
The flooring shouldn't be neglected, as the default flooring of the building should be avoided within the booth. Having a custom designed mat, that's comfortable to stand on and has a logo or words to engage attendees, is a great way to attract positive attention. This will help booths differentiate themselves from other booths.
Many businesses have found trade shows and product exhibitions to be profitable ventures, yet many others have tried and given up after the first time. These 3 ways to make sure product exhibitions are worth the cost will help businesses understand exactly what needs to be done to make a high ROI. With effective planning, strategy, design, and delivery, businesses will be able to take advantage of trade shows and grow their sales.
Mat Shop is here to help businesses in the design aspect, as we design and produce custom mats for businesses and organizations. With our wide selection of: materials, sizes, colors, patterns, and types of mats, businesses can design their trade show booths' flooring with excellence. Having a custom designed mat will help businesses develop an effective booth design.