Quit Cutting Your Trade Show Budget!Susan A. Friedmanexhibiting, budget, booth, trade show
Whenever there is a recession, companies immediately look to cut
their budgets. Without much forethought, the first to hit the block
is inevitably training, followed closely by marketing, because both
are viewed as expenditures, as opposed to income generators.
This is a very myopic way of thinking for companies who want to
remain globally competitive. Companies should be putting their
activities under a microscope to closely examine what they are
doing and why. During profitable business cycles, the finance reins
often loosen up, and some highly creative budget juggling takes
place. However, as with all things, there needs to be a balance,
and shortages add stability to overall operations. Whenever there
is a high, a low is inevitably in hot pursuit.
Instead of reacting to the highs and lows of the marketplace,
what can your company do to maintain a steady balance? Marketing
and training are definitely keys to your success, so let's examine
five benefits and how they relate to your trade show
participation.
Analyze Your Weakest Links
When you examine your operation in-depth, you will often
discover that many of your actions are habitual. Think about some
of the shows you have attended. How do they really fit into your
marketing strategy? Are you attending out of routine or because
your competition is there? The shows that utilize unnecessary time
and energy are weak links. You should be putting all your energy
into the more profitable events that attract larger quantities of
your target market.
Another weak budgetary link is associated with excessive
employee spending at shows, such as dining at the finest
restaurants and ordering the highest priced items. How about
setting up a per diem allowance and making employees accountable
for expenses? You can even reward them with the difference if they
under-spend.
Exhibit a Global Competitiveness Mind-Set
To be a contender in the global marketplace, you need to be
present all the time--rain or shine. Trade shows can be an
essential marketing strategy by creating visibility, and exhibiting
demonstrates that you are a serious player.
Consider reducing the size of your booth before pulling out a
show. If you stop exhibiting completely, the buzz on the showroom
floor will imply that your company is in financial trouble. Whether
that is true or not, it is people's perceptions that count, and as
the old adage states, "Out of sight, out of mind."
Focus on Long-Term Results
Being invested in both marketing and training means that your
company is interested in long-term results, and implementing them
continuously in an organized manner will produce results. These
strategies can be like a dripping faucet--so long as the drops
constantly fall into the tub, it will eventually fill up. By the
same token, if you keep turning the faucet on and off by
discontinuing these strategies when there is a profit shortage,
then your results are likely to mirror your actions. Search for an
operational equilibrium to avoid the highs and lows.
Inspire Loyal Workers
Companies are often reluctant to invest too much money in staff
training, fearing that they will leave for greener pastures with
their new knowledge. That is always going to be a risk, but does
that mean you should not allow your employees to be the best they
can be? There are many reasons people leave a company, including
frustration and stress, or feeling like they are undervalued. They
might also be wary that they are on a sinking ship and want to jump
off. Whatever the instance, training is often the key to inspiring
loyalty.
Improve Performance
Employees are the backbone of your company. The relationship
between employee and employer has to be a partnership; if an
employee feels their needs are being ignored, they will leave you.
But when both sides are on the same wavelength, the company will be
on the track to success. What better place is there than the trade
show floor is there to exhibit this mentality? Your staff behind
the booth represents your internal customer service team and acts
as your company's ambassadors. They have the increased
responsibility of making or breaking future relationships with
attendees, prospects and customers. Their attitude, body language,
appearance and knowledge will form a visitor's perceptions of what
your company has to offer. Make sure that your employees are well
trained and able to do what is necessary.
Eliminating your marketing and training budgets during times of
recession is the equivalent of profitability suicide. So consider
looking to other places to make those cuts!
Susan A. Friedmann, the Trade Show Coach, works with
exhibitors and show organizers to improve their trade show success
through coaching, consulting and training. For more information,
e-mail Susan at
[email protected] or visit
www.tradeshowsuccess.com.
