How To Maximize Your ROI At Pharmacy Trade Shows
“You can’t limit yourself myopically in your industry”
After recently attending an auto-show convention in Los Angeles, CA it taught me one thing. Times are really changing.
I was very impressed by the amount of simulation games and activities that were going on. It appears the auto industry has already figured it out. They’ve mastered how to create customer engagement. It’s called “enough showcasing and start innovating”
It was no surprise to me that the companies that had the simulating games had all the attention and engagement. What will be your draw in?
Why is that we keep bringing the same lousy ideas to Trade shows.
We’ll then go back and ponder on why we didn’t make a return on our investment. Well, the times have changed and we can’t keep using conventional wisdom.
The conventional way of marketing no longer works. With hundreds of booths fighting for attention, why are you worth someone’s time? Are you even worth talking about? How are you noticeable?
Attendees want more action and we’re responsible of giving it to them!
In order to innovate, I think it can be wise we start attending conferences outside of our industry to get ideas.
Bigger is not always better
Too many times we associate bigger with better. Or, we match bigger with value. According to Adweek’s article, sixty-four percent (64%) of marketers have been disappointed with larger trade shows.
This comes as no surprise. Have you ever thought why? The bigger the event, obviously the more competition. The bigger the event, the less time people have. The bigger the event, the more cost will be spent for booth space.
Check the stats
Top reasons cited included:
- 45% cited cost of attendance for low return on their investment
- 45% also cited, hard to get noticed by not getting the right spot at Trade Show
- 36% complained of low-value leads
Let’s reflect back to our child prodigy. I’m sure you all remember the game “Where’s Waldo”. This game was a classic. We all know how hard it was to find Waldo.
The smaller the event, the more meaningful/impactful
Marketers have had a more favorable opinion with smaller conventions.
- More engagement and customer reach
- More media leverage and coverage
- The ability to host receptions or events with less competition
- Easier to connect with the attendees for better conversion
Take PatherRx Specialty Pharmacy. This has been a company that has stuck out to me for years. It’s a specialty pharmacy that primarily services rare disease disorders and orphan medications.
Population size for orphan medications if you can guess? Roughly 200,000. Yet, this company is ranked as one of the fastest growing companies with a 3-year growth rate of 13,380 percent.
Have you ever wondered why? They don’t market to the masses. They stay small and have a niche market where they can easily engage and connect to customers.
Start with a digital footprint
Simply relying on just one form of marketing in such a competitive market, is hard to get your message across and turn it into a sale.
Have you ever thought about how hard it even is to get someone to try something for FREE!. People value time and hate for it to be wasted. With so many options, what’s your inertia advantage? How are you noticeable and remarkable to the consumer?
Spending thousands of dollars on travel, airfare, food, and hotel stay for a trade show, without the proper digital marketing is worthless. You’re wasting your time and money.
The rule of 7 is the old marketing adage. Prospects need to see and hear your message at least 7 times, before they even take action. You have to create noise and become blissful.
The crazy thing about marketing is, peoples needs and wants change on a daily basis. You can get stellar results today and get poor results tomorrow.
Take email marketing for example. It was effective a few years ago and now it’s just about dead. Why do you think we see more spammers? It only makes it harder for emails to be trusted.
Infographics and informational marketing is what more consumers are clinging to. This helps start the sales cycle. 1. Build the relationship 2. Recognize the need 3. Form a solution 4. Deliver and close the sell 5. Follow up and create retention.
Too many times we skip a step, which causes our marketing to become lousy and ineffective. A great product with lousy marketing gets you nowhere.
To understand more about what I’m talking about. Have you ever heard of the traffic temperature? Check it out from Neil Patel’s blog “How to Skyrocket your content marketing with cost effective social media ads”:
Cold: Your brand hasn’t been noticed yet. Nobody knows who you are. This is where the brand creation starts by promoting Blogs, Social Media Ads, Content Video, etc. This is where the Trust begins.
Warm: Traffic has seen your brand at least twice. You’re starting to create engagement. The consumers are aware of who you are but, still not ready to convert. This is where we can start releasing e-books, video marketing, and free trials to our services.
Hot: Traffic has become full aware of our brand and on the cusp of ready to convert to a sale. This is where we start showing up at events/trade-shows, and sending out surveys.
We have the consumers trust, so we can expect honesty from surveys and their attention at trade shows.
If you noticed, infographics and informational marketing, such as blogging was in the first step of the cold zone.
Blogs help gain our customers trust and long-lasting relationship. Why? Because we’re are providing valuable information that is worth their time reading at NO COST.
In hind set, before we spend massive dollars at annual trade shows, It’s important we build a strong digital footprint in our industry.
As we’re building a digital footprint, it’s important we are asking ourselves the right questions. It’s not about counting how many followers we get each week, but how many people are engaged to our message and committed to our brand. “It’s better for our message to be loved by 100 people, than be liked by a million”.