Is it Worth it?
That is a question you may ask yourself everyday, perhaps even multiple times a day.
…is it worth doing this load of laundry now, knowing the kids’ practice clothes will be in the clothes hamper in four hours?
…is it worth washing the car even though there is rain in the forecast tomorrow?
…is it worth going to the gym this morning when the entire house needs cleaned and exercise will be obtained via vacuuming and scrubbing floors?
Okay, maybe these are just the neurotic questions I tend to ask myself as I’m always looking for ways to be more efficient in time management, but you get the point! Does point 1 outweigh point 2? Does it make sense to do A, when you know what lies ahead with B?
In any business, one needs to ask questions and assess information to make good, solid decisions, especially in these volatile economic times. Most decisions directly affect bottom line, and that is where the question of “is it worth it” comes into play. Maybe the questions above aren’t the best to illustrate an “is it worth it” question from a financial standpoint (although with gas so high, daily exercise through cleaning house or jogging the neighborhood may outweigh driving 14 miles roundtrip to the gym and back). Every dollar matters today, and every decision made in business should be viewed from a financial standpoint.
Take the situation of one of our clients. In the manufacturing sector, they and their peers, including other manufacturers, vendors, OEM’s, etc. participate in several trade shows per year. Trade shows are the perfect venue to display new goods/services, meet and greet customers, clients and prospective customers and clients, hold strategic planning meetings with vendors and distributors and generally speaking, “be seen”!
But at what “cost” is it worth it to be seen these days?
I’ve approximated the amounts below for a client’s participation in a recent trade show:
- Booth space at expo hall: $33,000
- Exhibit company – prep, shipping, set-up/dismantle: $15,000
- Hotel for eight employees (3 nights/each): $5,400
- R/T airfare for eight: $6,000
- Meals, cab/bus fair, other incidentals: $5,000
- Meetings/meals for customers: $8,600
- New shirts for staff: $1,700
- Marketing firm work (i.e. advertising/press; coordination of all hotel, meetings, space, exhibit; correspondence with all staff, sales representatives, hotel staff, banquet managers, etc.): $8,000
- Other miscellaneous (i.e. shipping charges, special signage/printing, etc.): $3,000
Total: $85,700
Wow – a lot of ca-ching for three days of exposure! Think about the kinds of things a business could do to gain similar exposure with almost $90,000? That kind of money buys a lot of print advertising in trade journals and magazines. It would also buy a company a lot of air time on regional radio stations. A new website with all the bells and whistles, plus a mobile website for smartphone using customers? There is a good chance $90,000 would cover it! How about engaging the company in a new internet marketing plan, including SEO, PPC and a social media plan to go with? With $90,000 they’d be off to a great start!
Now this article isn’t to knock trade shows as there is a lot of marketing benefit from gathering with peers, competitors and customers who are all like-minded in their business goals and who can share ideas, thoughts and product innovations. Instead, the point of this blog is to pose the question as you ponder business decisions for 2012…
Is it Worth It?!
Call the internet marketing experts at AGIS for information and a quote (and yes…we do trade shows, too!)