Did you know many companies will borrow from the bank each month based on projected receivables? Furthermore supplies, production schedules, material costs, and labor all require a certain amount of forecasting in order to know what to expect from the coming month so that the company is not caught off guard by an expense or decrease in business that may change the shape of the budget. Projecting what is about to happen next requires a certain amount of looking back at recent trends and looking forward in an attempt to identify upcoming obstacles or new opportunities. Trade shows in particular offer some special challenges when it comes to forecasting, but the process is just as important. One way to accurately predict the expenses, visitor turnout, revenue, and overall success of an event is to keep a diary.
For most people the word diary probably brings to mind thoughts of little girls writing in pink notebooks they keep under their mattresses, but in fact everyone keeps a diary of some sort. Every time you balance your checkbook you are making an entry into a diary. Whenever you log how much mileage you put on your car so you can be reimbursed by your company you are keeping a diary. Even this blog could be considered a diary all about trade show tips, events, and custom displays. Keeping a trade show diary of your own may just the key to success you have been looking for. The next time you’re at a trade show take a moment to step back from your exhibit and write down what you see. What has been your biggest selling item so far? How many people have come by and what was their demographic? Was there anything about your kiosk that did flow right with the rest your setup? Were you a good fit with the vendors around you? Could you have done anything better? At the end of the event make notes about the number of contacts you made and be sure to follow-up with them at a later time. By answering these questions not only are you gaining insight into how well you are operating, but more to the point you are keepping a log that can be used at other events to help determine what works and what doesn’t.
In business forecasting is not an exact science, but whether you like doing it or not you can’t deny the results. Paying attention to recent trends and adjusting your finances accordingly could be one of the smartest business moves you will ever make. The next time you are walking out the door on your way to an event, grab a notebook and remember to make notes afterward. Trust me you’ll thank yourself later.
Tags: booths, Custom graphics, customer, customer service, customers, Display Booths, Exhibitors, Exhibits, kiosks, portable trade show display, Trade Show, trade show advice, Trade Show Booths