Bundling Exhibitions Products to Drive Revenue


by Chris Baumgartner, Account Executive, Ungerboeck Software International 
                  

Chris Baumgartner, Account Executive, Ungerboeck Software InternationalAs the exhibition industry has been evolving and taking more modern approaches in nearly every business process, pricing exhibitor products is no different. Traditional methods of pricing consist of pricing everything individually for exhibitors to sort through and make purchase decisions based on their needs and goals. However, new pricing structures are changing the way that exhibition organizers sell products and generate revenue.

A Whole New Level of Exhibitor Sales

Instead of selling exhibition products or services individually, exhibition organizers are beginning to bundle their products for a single price. This opens up a whole different level of sales that organizers can access. With bundled offerings, exhibition organizers have products that are much easier to sell to potential exhibitors. Instead of selling items that have to be pieced together, they can sell a complete package in less time and with much less effort.

Increase Revenues

Price is always the most important profit and revenue driver, something that many seem to forget in this industry, due to the focus primarily on the ROI of the event. Therefore, exhibitors will be satisfied with having options for bundles that include all the items they need at one single price, making it easy on both the exhibitor and the organizer. The need for customization and personalized experiences for attendees is a large motivator as an exhibition organizer, and you should consider exhibitors in the same way. Exhibitors appreciate options, so they feel empowered in themselves making their own selections. Giving an exhibitor easy, well thought out options will help increase the value for the exhibitor and make part of their processes easier.

How to Price Bundle

The goal of properly priced bundles is to give exhibitors a package of tools to enhance their experience and meet their strategic needs for the exhibition. Understand the types of exhibitors at your show and use historical event data to determine what products have frequently been purchased together and begin to create bundles that cater to the target exhibitor demographic.

For example, if in the past you’ve had about 30% of exhibitors purchase the same size booth, the same services, such as audio-visual, internet, and catering, and they have communicated similar needs then make the sales process more streamlined. Bundling these products and services together for one set price will make not only, purchasing decisions easier but backend planning and logistics will benefit as well. The sales team is then given an invaluable tool to help exhibitors make “upgraded” purchases as the pricing structure will likely involve a discount for purchasing said items together.

Easy, Effective, and Efficient

Product bundles can include anything from the booth space to sponsorship opportunities. Most bundle prices include appropriate sponsorships or advertisements, booth space, services, and resources that will help the exhibitor get the most out of the show with the added bonus of convenience – for both exhibitors and the exhibition organizers – as well as increased revenues from bundled sales and upsells. There are usually recommended items or additional products or services that exhibitors can purchase in addition to bundles, and this is a great way to drive revenue up while also offering a more innovative and effective method of selling to exhibitors.

Price bundling allows for a more efficient and effective sales process for exhibition organizers. Less time is spent determining which products and services that an exhibitor will want, and more time is spent focusing on improved customer service, providing a seamless experience, and maximizing workflows. With product bundles, it is possible to sell more products and services faster, greatly increasing revenues from the show.

Conclusion

The importance of being able to quickly produce product bundles and put together customizable packages for each show is increasingly drastically due to exhibitors needing to cut costs and prove the value of their attendance at events. As the exhibition industry continues to modernize, price bundling within the exhibition industry will be a way to price your products and services competitively and more affordable than other shows, while also increasing the added value of exhibiting during an event.

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