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Budgeting for events can be challenging, particularly if you or your business are new to exhibiting. The costs of event marketing are multi-layered, so can be hard to manage if you don’t know what to look for. We created this guide to help marketers like you get more confident when budgeting for your next event, so you know exactly what to budget for and how to avoid getting caught out by unexpected costs along the way.
Live events are a different ball game to digital channels. The cost of entry is higher, and expenses can quickly rack up. However, event marketing can also bring long-term benefits to your brand that are harder to achieve from digital alone...
The first step for any exhibitor is to understand if events are a good fit in your marketing strategy. After that, you can work out what you want to achieve and how much you want to spend.
Top Budgeting Tip #1: Include events within your overall marketing budget during annual planning - it will keep budgets focused and in line with your wider strategy.
How to budget for events
First of all, choose your event.
If you’re exhibiting at an event for the first time, it’s important to do your homework. If you can, visit the show. But if visiting isn’t possible, speak to the organiser and ask questions (a lot of them!) Assess the different stand packages available – think about which is best suited to your budget and goals. There might also be opportunities for sponsorship or additional signage or branding throughout the hall.
Shell scheme vs space only
Start with the cost of the space your stand is going in. You might be paying for the space alone, or you might opt for a ‘shell scheme’ package. A shell scheme will be pricier than space only of an equivalent size, but it acts as a ‘one stop shop’ with the carpet, stand structure and some elements of branding included as one package. Some shell scheme packages will come with an electrical socket and/or some furniture too, so all you have to think about is ‘dressing’ the space.
Top Budgeting Tip #2: Space only stands give you a bigger scope for creativity than shell scheme stands, but remember that your budget will need to cover the entire stand, from the floor to the walls and branded elements.
The bigger the space, generally the greater the cost. The location of your stand will also impact the price tag on your spot.
Budgeting breakdown - the exhibitor's checklist
You’ve secured your space and paid for the package. At this point you’ll likely engage an exhibition stand contractor to design and build your stand. Our approach begins with a fully costed design concept, accounting for all aspects of your stand and project to give you a full picture of the costs.
So, what does your spend include?
Exhibition Stand Design
Our general rule of thumb is to allow 10-15% of your overall budget for design. Engaging a professional exhibition stand designer is one of the best ways to improve your events – after all, creative quality is one of the top multipliers of effectiveness in marketing. You may see some agencies offering free exhibition stand design, but don’t be fooled. ‘Free design’ is usually either a sign of hidden costs further down the line or of weak design capabilities.
Production
The cost of producing your exhibition stand will reflect the materials, time, and complexity involved. When we present clients with a concept, we always bake in options to simplify elements of your stand, which can reduce complexity and cost.
Basic rule of budgeting: It may sound obvious, but don’t forget that as your stand gets bigger, the volume of stuff’ on it will increase too. We’re not talking about crowding the stand, we mean the basics – you’ll need more flooring, walls, and graphics to fill up a bigger space.
There are different 'types' of exhibition stand, from custom to modular and DIY solutions. Different systems come with different price tags - for instance, a fully custom stand will have a higher cost than if you’re reusing things that already exist. If you’re buying into a modular system you’ll have higher upfront costs to contend with, but the long-term spend will drop as you use the kit again and again.
Alternatively, our custom modular approach means that our main stand structures are essentially hired for events, rather than walls and structures being custom-made for each client. If it’s your exhibition stand’s first outing, you can likely expect some cost reduction with re-use, too. Make sure you speak to your stand builder about how you can make budget stretch further in the long run.
Top Budgeting Tip #3: Choosing an events partner with in-house design and production facilities will prevent unnecessary costs. With design and production close together you'll see less wastage, a more streamlined process, and a better translation from creativity to capability.
Services for your stand
Depending on your requirements for the event, you may be using a number of services that go beyond the build. These might include:
· Electrics: to power anything from lighting to coffee machines, TVs and laptops.
· Furniture: usually provided on hire for the duration of the show.
· Rigging: if we’re suspending anything from the ceiling, like a hanging banner.
· AV equipment, for example if you have content played on a TV.
· WiFi/IT equipment to power card machines, digital interactions, or devices.
· Hospitality, such as an externally-ran drinks service.
· Waste and water: If you’re serving food or drink on the stand, it’s likely that you’ll need waste and water. Speak to the event organiser to be sure, as the rules can differ between venues or events.
· Facilities fees: if you’re providing food or drink on the stand that isn’t supplied by the venue, it’s likely that you’ll have to pay a facility or corkage fee. Asking about this in advance will spare you from an unexpected sting on the day of the event.
Top Budgeting Tip #4: While some on-site services are essential, they can feel like a bit of a grudge purchase. (That’s why we estimate the cost of site services from the beginning, to give you a transparent view of the complete project cost and help you avoid any surprise fees.)
Storage
A good exhibition stand designer will listen to how you want to use your stand and factor in an appropriate amount of storage. Event venues usually provide additional storage at a fee, so it’s important to know how much you’ll need and book ahead if you’re taking lots of product.
Lead Capture
With ‘event tech’ ever evolving, there are an abundance of lead capture tools available to exhibitors. From business card scanners, lead capture apps, CRM integrations and venue-provided tools, you may choose to invest in event tech for lead capture. (Although, whether barcodes or business cards, the most important thing is to keep your data informed and useful for following up post-event.)
Staffing, transport, and accommodation
Budgeting for your staff, transport, and accommodation at events will vary significantly depending on where the event is, and don’t forget that hotel prices can skyrocket as you get closer to the date. Being prepared and booking ahead could help you get a better deal.
Merchandise
If you’re planning to give away merchandise at your stand, you want items that visitors will keep, wear, or carry with them, not something that gets pushed to the bottom of a bag and immediately forgotten about. However, quality merch naturally means more cost. As with any element of your event, work out how much you’d be happy spending, do your research, and assess the pros and cons before you commit.
Pre & post event marketing
Don’t forget – event marketing doesn’t start when your stand is built and the doors of the venue open. Nor does it finish when the doors close. Remember to build pre and post-event marketing into your budget – after all, you need to make sure that people know you’re there. You can read our advice on pre-event marketing here.
Top Budgeting Tip #5: Include your pre-event marketing and follow-up in the overall budget to make sure you get the most out of your events.
Planning for events can seem like an overwhelming task if you’ve not done it before – after all, there are a lot of moving parts when you break it down. Hopefully you are now feeling better prepared. It’s true that there’s lots to factor in, but speaking to the event organiser, venue, and your exhibition stand partner will help you understand the costs specific to your project.
By being savvy about budgets, you’ll be able to more effectively plan ahead, get more out of your event marketing spend, and achieve more extraordinary events.
Are you planning an event? Get in touch with our team today to find out how we can support you from design through to build.
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