9 Practical Tips to Keep Up With the Rising Costs of Managing Trade Shows

Trade shows have had a steady recovery in 2022, and this trend will remain unchanged in 2023. As a matter of fact, 64% of regular exhibitors plan to exhibit at more shows this year. However, despite the favorable projections in the trade show event industry, many event managers are feeling a pinch because of the current economic situation. Event managers are struggling to keep up with the sharp increase in prices of event necessities such as decorations, transportation, venues, and more. 

While there is no way to halt the rising costs of live events, there are provocative measures that can help to manage skyrocketing trade show expenses during these uncertain economic times. In this blog, we answer why the cost of managing trade shows is going up nowadays and explore nine ideas to reduce event costs. 

Why Are Trade Show Event Costs Going Up?

Fundamentally, live event costs are going up because of inflation. To put it plainly, inflation is the increase in the prices of goods and services. When an economy experiences inflation, consumers gradually lose their purchasing power. This means that the cash they have now won’t be able to buy as much in the future. 

With inflation getting higher nowadays and the possible recession getting in the way of event managers, event production and cost management have become more difficult than ever. Hence, event managers have to be more strategic in their planning and budgeting. If you are an event manager yourself, keep reading to learn nine practical tips to manage trade show expenses. 

How to Keep Up With the Rising Costs of Managing Trade Shows

1. Take a Moment to Determine the Essentials in Your Trade Show Event

It is not uncommon to feel overwhelmed when planning an event and want to buy as much supply as possible. However, this may lead to overspending and waste. Before purchasing anything, make sure to identify what your event truly needs and which things you can do without. For instance, if you are using a contactless check-in for the participants, you may eliminate the need to purchase paper and pens for attendance purposes. 

2. Ask for Advice 

If it’s your first time organizing a trade show event, it won’t hurt if you seek advice from people who have experience in the same field. You may also conduct research online on how to save on suppliers and more. This extra effort can help improve your knowledge of event management so you can make informed decisions and manage your budget more effectively. 

3. Know Your Options

With events gaining momentum nowadays, we also observe more suppliers and venues offering their services. These services can vary from prices and packages to quality and availability. While it can be pretty convenient to go for the first suppliers you coordinate with or your regular suppliers, it is still important to do thorough research and compare different options before making a decision. It can also be worthwhile to read reviews and ask for recommendations from trusted sources. 

When you know your options well, you can better decide which choice best meets your needs. It can also help determine which fits your budget most effectively. Furthermore, familiarizing yourself with other options may help you negotiate better with suppliers for more favorable deals. 

4. Be Open to Making Adjustments

In event planning, making adjustments is not always easy, but they are inevitable. Being open to making adjustments allows you to plan events that are perfectly tailored to your audience and suitable for your budget.

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One scenario where it can be worthwhile to make adjustments is when your regular supplier raises their prices. When this happens, you may want to spend some time looking into other suppliers' products and offers. In this way, you can have a chance to acquire the supplies you need without having to spend more than your original budget. 

5. Reserve Early 

Whether you are new to event management or not, you probably know that reserving early can help you get cheaper deals. Reserving early can also save you from last-minute rush fees, which can add unnecessary expenses to your budget. 

6. Opt For Devices That Utilize Renewable Energy 

If you want to lower your electric consumption costs, you should certainly consider opting for devices that utilize renewable energy. Equipment and devices powered with renewable energy do not rely on costly electricity; instead, they utilize free and easily replenished energy sources such as sunlight. While it’s true that these devices tend to have high purchase prices, their operation cost is cheaper, making them a more cost-effective option in the long run. 

7. Reuse and Recycle Event Materials and Equipment

Reusing and recycling event materials are two of the most common sustainable practices in event management today. In addition to promoting sustainability, these practices also help in reducing costs. For instance, some of the items you can reuse or recycle for different events are signage, banners, lighting equipment, and more. 

8. Track Spending 

If you are managing several events at the same time, it can be easy to lose track of your expenses and spend more than your budget. Hence, it is essential to keep a record of all your expenses to monitor how your money is being spent. This allows you to accurately compute how much you’ve already spent and still have in the budget. 

9. Consider Integrating Event Apps Into Your Processes

Event apps are exactly what their name suggests; they are software or applications created for events. They are typically easy to use and install and have various functionalities such as guest registration and survey collection. 

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When you choose to use event apps for your events, you can streamline tasks and reduce the need to hire more staff or use additional resources. Event apps can also be used for sharing event information, such as schedules, venue maps, and more, This enables you to save on time, resources, and printing costs. 

Here’s an Event App That Can Help Elevate Your Trade Shows Without Added Costs 

If you are having difficulties managing your trade show events and looking for tools to elevate your event management, StaffConnect is an app that can help. 

StaffConnect is an event management software platform that helps in various event planning processes, from onboarding staff to data collection. It is designed with functional features such as GPS Check-In and Out, a centralized database, calendar integration, a communications hub, payroll, and more. With StaffConnect, you can easily streamline tasks and automate processes, enabling you to boost the efficiency and productivity of your workforce as well as save time and costs. 

If you want to learn more about StaffConnect, schedule your free demo here and see how our app can benefit your upcoming events.