Back in March of this year, ‘Marsden Direct Group’ published an article entitled ‘price increases – how to safeguard your programmes’. The aim of the article was to enlighten marketing communications teams to the challenges our industries were facing in the coming weeks and months. In it, they talked about the following topics:
- Looking at the BIG picture – take to reflect on where future purchases can be consolidated and brought forward with the current activity.
- Consolidating purchases – large volumes of stock across multiple programmes can be stored and called off as required. Storage is increasingly becoming a less expensive consideration!
- Future proofing your annual budget – Your budget will go further today than it will later in the year. Perhaps investigate if you can go beyond the current budgeting period if you can exhibit savings that are significant.
- Streamlining your processes to purchase – Once the price has been provided, seal the deal! Get the purchase order quickly and adhere to the payment terms. If you don’t, they might be retracted.
- Minimising your logistical activity – be agile about how you move things around. Try to combine activities and reduce the overall logistical package.
All of the topics remain relevant and, specifically, to our industry, because of the continual increase in labour, material and fuel costs, the later you leave it, the more it is likely to cost.
Evidence shows that the average order for a Bespoke solution is something like six months prior to the event – and we usually start dialogue two/three months prior to the order being placed to work on the creative brief; define the materials, get designs approved etc.
With some costs rising exponentially, you can see by locking in a deal earlier, you will get better value for money across the board.
To ensure you can continue to deliver an excellent marketing programme, there has never been a better time to secure a long(er) term contracts – whether that is multiple shows or single shows over multiple years – with your exhibition partners.
Next time you make a cup of coffee, take five minutes and have a read. Hopefully, it’ll help you get more for your budget with your exhibition design/build partner in this world of ever increasing costs.