|
Cutting
Down Your Trade Show Budget
Whenever
a recession threatens the economy, companies immediately look at
where they can cut budgets. Without much forethought, the first
to hit the block is inevitably training, followed closely behind
by marketing. Why? Both are viewed on the balance sheet as expenditures
rather than income generators, so obviously theyre hot contenders
for elimination.
This is a very
myopic way of thinking, especially for companies who want to remain
globally competitive. Instead, at times like these when resources
are under severe scrutiny, look at this as a golden opportunity
to analyze your strategies. Put your activities under a microscope
and closely examine what youre doing and why youre doing
it. Often during times of plenty, the finance reins loosen up and
some highly creative juggling takes place when budgets exceed their
estimations. Obviously, we enjoy the abundant mentality and wish
that it could last forever. But just as with all things in the universe
there has to be a balance, and shortages add stability to plenty.
Whenever highs exist, lows are inevitable.
So, instead
of reacting to the highs and lows of the marketplace, what can you
do to maintain a steady balance? Marketing and training are definitely
keys to your success, so lets examine five benefits and how
they relate to your tradeshow participation.
1. Analyze
your weakest links
When you
take time to look examine your operation in more detail, you
often discover that many of your actions are done out of habit
rather than being productive and profitable. Think about some
of the shows that you attend. How do they really fit into your
marketing strategy? Are you attending them just because youve
always done so, or because your competition is there? These
are often your weak links, the shows that utilize unnecessary
time and energy. Think about doing away with the "nice
to be at shows" and rather opt at 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 just because the boss is paying. Consider
setting up a per diem allowance and make employees accountable
for expenses. You might even reward them with the difference
if they under spend their stipend.
2. Exhibit
a global competitiveness mindset
To be a
contender in the global marketplace and establish a vanguard
positioning, you have to be out there come rain or shine. And,
tradeshows signify an essential marketing strategy when it comes
to visibility. Exhibiting demonstrates that youre a serious
player in the industry. However tough, its important to
keep tradeshows as one of your major promotional strategies.
Rather consider reducing space than totally pulling out a show,
provided of course, that its the right show for you. Unfortunately,
if you stop exhibiting completely, the "buzz" on the
show floor says publicly that you must be in financial trouble.
This may be completely false, but its peoples perceptions
that count. Theyre the reality they believe. As the old
adage states, "out of sight, out of mind." And, since
memorability is a key factor associated with exhibiting, if
youre not seen, how can you possibly be remembered!
3. Focus
on long-term results
Investing
in both marketing and training means that youre interested
and willing to focus on long-term results. Neither is designed
to give a "quick fix," rather using them continuously
in an organized and planned manner, will produce results. Theyre
like a dripping faucet, so long as the drops constantly fall
into the tub, it will fill up. However, if you maintain a "turn
on, turn off" approach, that is train and market in times
of plenty and discontinue when theres a shortage, then
your results are likely to mirror your actions. Look at how
you can keep an operational equilibrium to avoid the highs and
the lows. Develop a consistent marketing and training strategy.
4. Inspire
loyal workers
Often companies
are reluctant to invest too much in training staff for fear
that once trained, theyll leave for "greener pastures." Since
there are no guarantees in life, thats always going to
be a risk, but does that mean you shouldnt develop your
people to be the best they can be? Absolutely not! The reasons
employees leave may be many. Employees may leave because of
frustration or stress. They might feel unappreciated or undervalued.
It could be that they believe your company is heading for an
iceberg and want to "jump ship" before it sinks. Maybe they
feel that their salaries are not in line with the jobs they
are performing. Or they could feel that they don't have enough
authority, growth opportunities, or direction in their careers.
Training is often the key to help inspire loyalty.
5. Improve
performance
Employees
are the backbone of your company. Without them, your company
cannot stay afloat. The relationship between employees and employers
has to be a partnership; if they feel their needs are being
ignored, they will leave you. But when both sides work on the
same wavelength, share the same goals and ideas, the company
will be on the right track for success. What better place than
the tradeshow floor to exhibit this mentality. Your exhibit
staff represents your internal customer-service team and your
company ambassadors. They stand for your entire organization.
These people have the awesome responsibility of making or breaking
future relationships with attendees, prospects and customers.
Their attitude, body language, appearance, and knowledge help
to create positive or negative perceptions in the minds of visitors.
Make sure that theyre well trained and can do what you
expect of them. Training shows that you recognize your teams
importance in the company and look to develop their skills to
improve performance.
Exhibiting is
a powerful extension of your companys marketing strategy and
your people are the backbone of your company. Eliminating your marketing
and training budgets during times of recession is tantamount to
profitability suicide. So consider looking at other places to make
those cuts!
|