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Step 8: Preparing your export plan

You are here:Step 8:Preparing your export plan > Preparing an export marketing strategy for your firm > Export promotion > Sales promotion > Trade fairs and exhibitions > Preparing a trade fair budget


 

 

Preparing a trade fair budget

 

Introduction

Trade fairs are not cheap. Participation in foreign trade fairs costs a lot of money. International trade fairs are usually much more expensive than national or regional fairs and the better known the trade fair, the more expensive it will be.

Your budget needs to be fairly detailed as your budget will also underpin some of the operational activities you will need to perform (such as printing business cards and arranging transportation for your products to the fair). In the early stages of preparing your budget, you may not know all of the costs, but estimate them as far as possible and revisit the budget regularly to update the outstanding costs. Preparing for a trade fair is also a time consuming activity and for this reason you need to do the budgeting (and planning) well in advance.

Likely cost items

The likely expenses you will incur are the following:

  • Renting a stand usually on a space basis
  • Electricity and water charges, including any required fittings
  • Designing the stand (if you plan to have a professionally designed stand)
  • Building the stand (you may be able to do this yourself, but your may also require help)
  • Renting or buying display racks and other stand furniture
  • Telephone installation and call charges (perhaps you will make use of a cell phone instead)
  • Internet access and usage charges (if required)
  • Forwarding and insurance costs to get your samples and materials to the fair (this could be very high if you are taking heavy industrial machinery with you)
  • Delivery of the display goods from the airport or harbour to the trade fair
  • Customs clearing charges
  • Cleaning of the stand (especially after the fair) - this may be a required fee
  • Dismantling of the stand after the fair
  • Security services - this may be fixed or optional fee
  • Arranging a reception or cocktail during the course of the event
  • Advertising and publicity charges
  • Printing costs of brochures, catalogues, flyers, posters and/or business cards (or transportation costs if you are taking these materials with you)
  • Any additional staff costs, if you plan to hire an assistant to help with the stand or perhaps with interpreting
  • Any additional market research costs
  • The travel costs associated with attending the trade fair, including all follow-up visits after the fair has ended

 
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Step 8: more information

Step 8: Preparing your export plan
      Synopsis of research already done
      Revisiting an export SWOT analysis of the firm
      Setting the export objectives of the firm
      Preparing an export marketing strategy for your firm
                  The export product
                  The export price
                  Export promotion
                        Advertising
                        Sales promotion
                               Trade Fairs
                                  .Understand the different types of trade fairs
                                  .Formulate your objectives for participating in a trade fair
                                  .Select a trade fair that will meet your objectives
                                  .Book the stand
                                  .Organise to participate in the trade fair
                                  .Actually participate in the trade fair
                                  .Ensure follow-up on your trade fair participation afterwards
                        Direct marketing
                        Internet marketing
                        Publicity
                        Personal selling
                        Internet marketing
                  Export distribution
      Preparing an export budget for your firm
      Outlining an implementation schedule for your export activities
      Preparing and presenting your export plan
      Obtaining approval for your export plan

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More information on Step 8
Learning to export...
The export process in 21 easy steps
Step 1: Considering exporting
Step 2:Current business viability
Step 3:Export readiness
Step 4:Broad mission statement and initial budget
Step 5:Confirming management's commitment to exports
Step 6: Undertaking an initial SWOT analysis of the firm
Step 7:Selecting and researching potential countries abroad
Step 8: Preparing and implementing your export plan
Step 9: Obtaining financing for your exports
Step 10: Managing your export risk
Step 11: Promoting the firm and its products abroad
Step 12: Negotiating and quoting in exports
Step 13: Revising your export costings and price
Step 14: Obtaining the export order
Step 15: Producing the goods
Step 16: Handling the export logistics
Step 17: Export documentation
Step 18: Providing follow-up support
Step 19: Getting paid
Step 20: Reviewing and improving the export process
Step 21: Export Management
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