Half of Trade Show Owners Discounting Booth Space

Is the glass half empty or half full?

In their May 2009 survey, UFI, the global association of the exhibition industry, found that about half their members (show owners from around the world) said they had discounted their booth space costs within the last several months.  The discount was on average less than 10%.

If you’re a glass-is-half-empty thinker, you may think that this demonstrates how trade shows are being negatively affected by the global economic crisis. 

But if you’re a glass-is-half-full thinker, you could be happy that now you can reach a concentrated gathering of your best prospects at a discount.

Survey respondents were from 57 countries.  See the full report here.

The Ultimate Concise Trade Show Checklist

What do you need to succeed at trade shows? If you can check these 16 points off your list, you’re well on your way:

1. Align your trade show goals with your overall marketing and company goals
2. Create goals that are specific, measurable, and timely
3. Pay early to avoid rush charges and (surprisingly high) late fees
4. Booth space rental is about one-third your budget, for the rest invest more in areas that give you the best R.O.I.
5. Pick shows with an audience that best matches your target market
6. Go back to the highest R.O.I. shows from previous years
7. Design your exhibit to boldly and clearly communicate who you are, what you sell, and why your prospects should buy from you
8. Design your exhibit to support your booth staffers as a workspace…and work to keep your ongoing expenses down
9. Reach out to attendees before the show, via phone, email, mail, ads, and the web
10. Offer attendees something of value (information, presentations, demonstration, show specials, giveaways) in exchange for a visit
11. Select motivated, friendly, knowledgeable booth staffers
12. Train your staffers to handle the steps to shorter trade show interactions: engage, present, qualify, and close
13. Capture at-show, on paper or electronically, the prospect info your sales team needs after the show — and then give it to them after the show
14. Before the show even starts, prepare a person, materials, and a database to fulfill your leads…and an all-out effort ready to follow up leads after the show
15. Plan ahead to give yourself more time to adapt to problems, especially for international shows
16. Take a binder with all your contracts and contacts with you to the show, including graphic art files on a thumb drive if your display gets lost

Like the list? Will use it? Think we missed something essential? Click now to share your comments.

Don’t Hack the Booth Staff!

You’ve been told to cut your trade show expenses.  Right Now.  So what do you do?

One of the most visible places to trim costs is your booth staffers.  Your management, especially financial management, may ask you to trim 25% off the staff, because it’s easier to do than cut 25% off a booth space you’ve already paid for in advance. 

But while trimming booth staff may save a few thousand dollars, it could also ruin your R.O.I.

For example, if you have a show that costs you $50,000 to exhibit at, and you trim 2 of your 8 staffers to save $2,000, you will cut your costs by only 4%, ($2,000 divided by $50,000) but potentially trim your leads by 25% (2 divided by 8).  Cutting 4% of costs but giving up 25% of potential sales decreases your R.O.I. with minimal savings.

Sure, if you really know that attendance will be down significantly (like in construction or finance), you should bring fewer booth staffers.  Otherwise, trim carefully — you may save some money, but loose more profits in the long run.

What’s Working in Exhibiting: New Skyline White Paper

To find out what’s really working in exhibiting now, we worked with Tradeshow Week to survey and analyze the best practices of today’s trade show exhibitors.  The response was amazing.  You and your peers shared over 1,000 new tips, filled with methods to make the most of a trade show program.  94 of these tips are included in the new 32-page What’s Working in Exhibiting White Paper.

Skyline has just published the new 32-page What’s Working in Exhibiting White Paper.  Click here to get your copy.

The Two Big Questions:  How to Increase Results and Stretch Exhibiting Budgets Most of all, exhibitors shared their best advice for 7 key parts of a trade show program.  Here’s the gist of what your peers said is making their trade shows more effective in each exhibiting topic: Exhibitors said they had most success boosting their results with pre-show marketing and show selection.  Show selection also was a key method to stretching exhibiting budgets, as was reducing booth staffing expenses, and saving on display shipping.  Further successful methods are related in the White Paper.      Show Selection  This was the only facet of exhibiting that was frequently mentioned as a key driver in both improving results and reducing costs.  Survey respondents on average are going to 2.2 less shows in 2009, about 15.2% less.  As one exhibitor commented, fewer shows can be a good thing: “We did fewer shows, but with a greater presence.”  Budgeting   Exhibitors reported they are trimming their 2009 budgets by 9.2% on average.  Those who are decreasing their budgets outnumber those increasing by 4 to 1.  However, about half are keeping their budgets the same.  Other than reducing their number of shows, the two most popular methods of stretching their budgets are to reduce booth staff expenses and to save on shipping with lighter weight displays. Measuring Results   90% of exhibitors said they are doing some sort of measurement.  The key: Create a process and formula to actually measure and report sales generated from trade show leads.  Exhibitors who could show sales to justify their trade show program actually were twice as likely to get their budgets increased instead of decreased.  As one exhibitor said, “The only successful justification is sales revenue.  One good sale will pay for a full show’s marketing.” Lead Management   Best practice:  Put more effort into following up your leads.  When exhibitors focused on lead follow-up, more of them actually increased than decreased their budgets.  Lead management elements included persistent, planned follow up, a good CRM / database program, and a person responsible for it.  Note:  these are the same elements needed for measuring results! Exhibit Design   Less really is more.  Exhibitors reported their primary ways to change exhibit design that improved trade show results was to go more simple, including a more open and less cluttered layout, and exhibit graphics that are bright, clear and straight to the point.  Most exhibitors are also going for more flexibility to easily change graphics and booth configurations. Booth Staffing  By far and away, exhibitors say sales people make their best booth staffers, followed by their top management.  Exhibitors are getting better results by improving how they select staffers, communicating their goals before the show, and booth staff training.  Said one survey respondent, “We pick the ones that have proven track records and set high expectations for any newcomers.”  Promotions  Exhibitors rely most on direct mail and email for their pre-show promotions.  When asked which at-show promotions are working best, exhibitors liked free giveaways / drawings, discounts, and demonstrations.  One exhibitor described their proactive pre-show marketing thus: “We identified targets and reached out to key attendees before the show.  We invited key prospects to lunch/dinner meetings to have more in-depth conversations off the show floor.” Much of marketing is taking risks and experimenting.  Your peers have been doing just that, and this new report lets you tap into their recent successes and failures.  Take advantage of the wisdom of crowds, and get yourself a copy of the What’s Working in Exhibiting White Paper.