CHICAGO — According to Forbes, almost 90% of Americans are worried about inflation.
Trade show professionals are feeling inflation’s sting as it drives up costs for holding an event and traveling to one. Trade Show Executive’s (TSE) Young Professionals Corner connected with Peter LoCascio, Founder and President of Trade Show Consultants — which has supported the events industry since 1973 — to discuss how to navigate high costs.
ANDREW: What advice would you give to a show organizer who is worried about costs?
PETER: Find ways to reduce the cost for exhibitors and attendees alike by asking vendors to competitively bid or justify their services. Reevaluate current organizers’ profit margins to confirm best price/best practices are currently effective.
ANDREW: What are some ways for organizers to bring down costs without sacrificing the event experience?
PETER: Negotiate more favorable cost-saving deals with hotels, airlines, food providers and ground transportation service providers. Ask the host city to consider contributing to the event and pass these savings on to exhibitors and attendees alike.
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ANDREW: What are some surprising ways to bring down costs?
PETER: Reduce administrative overhead, eliminate possible conflicts of interest and reevaluate current policies and procedures. Hire an independent auditor to search for unusual relationships between vendors, suppliers and management.
ANDREW: What are some things to avoid when bringing down costs?
PETER: The perception that service is diminished, causing problems for attendees … Reducing the attendees’ value might reduce the number attending, thusly affecting exhibitors’ ability to accurately establish a current ROI and perhaps causing them to reduce exhibit space or drop out of the show completely.
ANDREW: What other advice would you give to show organizers in this era of increased
inflation?
PETER: Be transparent and honest, and share information freely to all who need to see it for confidence and support.
ANDREW: Is there anything else that you would like to add?
PETER: The worldwide trade show and convention industry is a cooperative venture that has to benefit all stakeholders.
If attendees can’t afford to travel to and from conventions, their numbers will go down. Exhibitors who depend on exhibiting at trade shows to begin their selling process can’t see enough quality prospects on the show floor, justifying costs and efforts will be questioned, and their exhibit space will be subject to reductions or worse.
Visit www.tradeshowconsultants.com to learn more about LoCascio.
