Sherry Lyons

Part
01
of four
Part
01

Best Practices for Measurable ROI - Company Events And Trade Shows: Onsite

We were unable to find any best practices for getting a good return on investment for medical device and health care company events and trade shows while onsite. Below you will find some helpful related findings and a methodology detailing our search for the requested information.

Helpful findings: Best Practices for Measurable ROI - Company Events And Trade Shows: Onsite

trade shows and events statistics

  • Over the past five years, the US Trade Show and Conference Planning industry has grown by 3.1% and reached a revenue of $16bn in 2019.
  • The average company allocates 31.6% of their marketing budgets to trade shows and events.
  • 46% of executive decision makers make purchase decisions while attending trade shows or events.
  • 77% of decision makers found at least one new supplier at the last show they attended.
  • 51% of trade show attendees requested that a sales rep visit their company after the show.

general best practices for getting good ROI in trade shows

  • Develop a pre-show content strategy - A stellar pre-show content strategy is the key to maximizing ROI. A great booth is not enough, it also needs to generate excitement beforehand. This includes creating content that illustrates the value of the event and the value prospects they will gain if they visit a booth.
  • Generate media coverage at the trade show - Get the opportunity to secure media coverage for the company and products. Media outlets complete their event schedule months in advance, so it is a must to attract their attention early to truly capitalize on the publicity they offer.
  • Optimize the trade show booth - To attract new visitors and prospects, your booth must stand out. The ultimate goal is to convert propects into customers and trade show attendees may flock to booths with eye-grabbing, gimmicky designs, and offer something of substance.
  • Post-trade show follow-up - In the case that one has accomplished the primary goal of promoting their company and forming a relationship with prospects, it is important to put as much though and effort into the follow-up strategy. A few steps to consider for better post-trade show follow-up are to follow up promptly, remind them of the booth, personalize emails & provide purchase options.
  • Post-show analysis - This includes analyzing and comparing the ROI from the latest trade show to one's average event ROI. See how the number stacks up to the average marketing campaign ROI and if the ROI at the latest trade show was lower than average, examine the methods and see what can be tweaked to improve performance.

Best Practices for Onsite Trade Show s

  • Work the plan - After setting goals and designing a messaging, this is the time to put it all into practice. Run through scripts with the staff that will be manning the booth, establishing rapport, communicating the unique sales proposition, and making “the ask” for a sale or follow-up.
  • Send reminders - Remind attendees of the benefits of visiting the booth (e.g., personal consultation, discount, contest entry). Post photos of oneself in conversation with attendees in front of the booth to encourage others to visit.
  • Limit giveaways - Consider limiting giveaways to only those who provide their full contact information (or another qualification standard) to ensure time is spent wisely. The prize, gift card, or discount should be used as a value-add with a potential customer—not wasted on some random passerby who has no and will never have any interest in the products or services.
  • Give them something to remember — Make sure prospects leave with something with contact information. A good example is promotional swag, such as a T-shirt, pen, sticker or notepad, or marketing brochures and handouts.

Research Strategy

We were unable to find any best practices for getting a good return on investment for medical device and health care company events and trade shows in Canada or the US while onsite . Below you will find the research strategies that we used to search for the requested information.

First Strategy:
We looked through trusted media articles such as Forbes, ama.org, and blog.zoominfo.com for any information on the best practices for good ROI for medical and health care events and trade shows. We first focused our research through Canada and expanded to the US. We were hoping to find a list of best practices that would directly answer the request but, unfortunately, this yielded no helpful results. What we found was computations of ROI during events and trade shows. We did find some helpful information on best practices for ROI in trade shows or events and best practices of onsite trade shows, but nothing specific to medical devices or health care companies.
Second Strategy:
We searched paywalled business articles or industry studies for any available preview information specific to trade shows or events in Canada or the US. We were hoping to find any information of how medical device and healthcare companies are getting good ROI during events or trade shows. We searched through Ibisworld, Market Insider, Statistia, and canadabusiness.ca. Again, this yielded no helpful results because the information we found within Canada was just lists of trade shows and events in the country, and information from the US consisted of trade show trends.
Third Strategy:
We then tried to search for any case studies of trade shows and events in Canada and the US specific to the medical and healthcare industry. We searched through tradegroup.com, rockwayexhibits.com, and usa-expo.com, among other sites. Though we were able to find some case studies of trade shows and events, they were related to the retail industry and not the healthcare industry.
Fourth Strategy:
Finally, we attempted to triangulate the answer. We first searched lists of top medical and healthcare events and trade shows in Canada and the US such as the International Conference on Medical, Biological and Pharmaceutical Sciences, MD & M West, and the Bio International Convention. We then checked the websites of each medical and healthcare company involved in the events or trade shows. We were looking to see if any of these company websites had mentions or articles related to their ROI at these events. Unfortunately, the information we found was overviews of their products during the events or trade shows, nothing specific to ROI.
In conclusion, we are presenting this as a full client update as we found no publicly available sources related to best practices for getting a good return on investment for medical device and health care company events and trade shows in Canada or the US while onsite. However, by broadening our criteria, we found general best practices for getting good ROI in trade shows, or best practices during trade shows.

Part
02
of four
Part
02

Best Practices for Measurable ROI - Company Events And Trade shows: Post Event

Sending post-event surveys and sharing post-event materials are the two best practices for getting a high ROI for medical devices and health care company events and trade shows after the event is over.

Post-event best practices for getting a high/good (and measurable) return on investment (ROI)

  • The best practices for evaluating post-event success(ROI) is derived from indicators such as financial success gained through ticket revenue and attendees satisfaction.

Sending POST EVENT Surveys

  • Studies state that trade show leads are never re-contacted or activated.
  • This wastes time and money on gathering them.
  • This is why post events surveys and followup should happen within five to ten days after the show, and it should be able to gather the thoughts of the participants about the event.
  • A research study by Ashfield found that 75% of healthcare professionals (HCPs) who attend medical conferences were keen to have a more significant input wherein only 15% said they are often asked to do so.
  • Additionally, post-event surveys are a way to pave the path for the future success of the events as it offers an opportunity to re-engage with attendees and gathering constructive feedback.
EXAMPLE OF A SUCCESSFUL HEALTHCARE/MEDICAL DEVICE EVENTS/CONFERENCE COMPANY FOLLOWING THE PRACTICE
  • More than 4,500 attendees join the PCMA Convening leaders convention for healthcare professionals.
  • The most essential factor of the convention is engaging with the audience and developing a better future for healthcare professionals.
  • PCMA Education conference designing medical conferences for Pfizer dug deeper to gather information on the attendees’ preferences through empathy interviews and experience design thinking techniques and further developed more engaging medical meeting formats.
  • American Thoracic Society organizes HCP conferences since 1905 and has more than 16,000 members.
  • American Thoracic Society used post-event surveys to gather attendees satisfaction status, which revealed useful insights such as meeting space comfort concern, as stated by respondents.
  • The society used the feedback and increased the meeting area, which worked, as it increased the number of participants to 16,169 attendees.

SHARING POST EVENT MATERIAL/SUMMARY

  • The post-event summary should be rolled out after the event.
  • It provides insight to prospects and customers who were unable to attend the event which includes the critical highlights of the events, key concerns for the upcoming year, and other similar topics.
  • The Ashfield survey found that 88% of respondents preferred to have a seamless service for medical meeting attendees, which begins with event registration to post-meeting materials via a meeting portal website.
  • It is recommended to share the conference material and videos after the event has ended “to keep the buzz going — and promote next year’s event.” (Source 6)
EXAMPLE OF A SUCCESSFUL HEALTHCARE/MEDICAL DEVICE EVENTS/CONFERENCE COMPANY FOLLOWING THE PRACTICE
  • JP Morgan Healthcare conference is an elite banner event and is considered as the most extensive and most informative healthcare investment event that is found within the industry.
  • The event expects more than 10,000 attendees from over 450 private and public companies to attend in 2019.
  • JP Morgan healthcare conference attendees are given access to the pre and post-event resources, webcast, presentations, and agenda through a dedicated event center sign up website.
  • Med Tech conference brings together more than 3000 attendees from the medical industry “to network, conduct business, gain access to capital, and share insights.”
  • Medtech Conference follows the practice of emailing the session post-event slide decks and presentations to all the conference attendees along with the post-conference survey.

Research Strategy

We initiated our search by exploring pre-existing event research and survey reports, which usually present studies on the best industry practices being followed by varied industries, including medical device/ large healthcare company in Canada. Through the search, we found that most of the findings that are confined in Canada were related to medical device and health care conferences being held within the country, and recent studies are directed more towards pre-event best practices for gaining better ROI. Therefore, by extending the location parameter to the US and exploring through the past year's research, we were able to find the Ashfield healthcare research report related to the Healthcare professionals(HCP’s) who regularly attend medical meetings and shared insights on the post-event preferences from an attendees point of view.

Moreover, we searched through multiple events and medical conferences, news articles, and experts’ columns through credible publications and forums. This search included the HBR, Forbes, Eventbrite, CNBC, Modern Healthcare News,Eventroi.org., Ashe.org, and E-marketer. These reliable sources tend to share the industry’s best practices and recommendations. The search populated articles mostly related to the best practices related to post-event activities. However, we could not find pre-existing information for the given topic. So we decided to triangulate the necessary information by:
  • Gathering the two best practices related to post-event best practices which support in generating ROI.
  • This has to be recommended by more than one credible source.
  • For each of the best practice, there must be an example of a medical device or healthcare company that used that best practice and is successful (ROI) in terms of gaining large participation numbers/members
From this search, we were able to highlight the best practice of Sending Post-event surveys and Sharing post-event material /summary alongside references of successful large healthcare conference /companies following the practice - JP Morgan Healthcare conference(more than 10,000 attendees), American Thoracic Society (16,169 attendees) and others.
Part
03
of four
Part
03

Case Studies - Showcasing Effective B2B Marketing and/or Tradeshow/Events

Even though we were unable to identify Canadian case studies that display effective Business to Business marketing, tradeshow, and events in the health care/medical device space, we were able to identify relevant case studies from United States-based companies Ciox Health and Optum. A detailed look at both case studies and our research strategy follows below.

EFFECTIVE BUSINESS TO BUSINESS MARKETING CASE STUDIES

1. CIOX HEALTH

EFFECTIVENESS

2. OPTUM

  • Optum is a leading health services innovation company that aims to improve the experience and outcomes of its clients while reducing the total cost of care. The company's transformational health solutions include population health management, healthcare delivery, pharmacy care services, healthcare operations, and OptumIQ.
  • To promote the launch of its most recent brand, OptumIQ, the company created Data In Focus.
  • Data In Focus was "an event that was also broadcast via live stream that featured innovators applying newfound knowledge to transform how health care is experienced and delivered." This event was meant to attract B2B decision makers and influencers either in person or via live stream.
  • Over a six-week period leading up to the event, Optum put out key event details through an integrated marketing campaign that was targeted at B2B players. In this campaign, the company utilized the use of "email, paid and organic social, digital advertising, retargeting ads, direct mail, and more."

EFFECTIVENESS

RESEARCH STRATEGY:

After reviewing the research criteria, we started by targeting case study resources that included Featured Customer and Top Rank Blog in our search for relevant information i.e. information on case studies that showcased effective Business to Business marketing, tradeshows, and events in the healthcare or medical device space. Our focus was solely on Canadian companies that might have had publicly available case studies that met the research criteria. However, through this strategy, we were not able to find any relevant case studies on Canadian companies with the only available case studies being those of companies that are not based in Canada such as Ciox Health, Optum, and Equifax.

In our second strategy, we did an exhaustive search for relevant case studies on Canadian news resources that included CBS News, the Globe and Mail, CTV News, and Global News. Our aim was to identify any publicly available information on marketing, tradeshow, or event case studies in the Canadian healthcare industry that we could use to further expand our search. However, this strategy proved unfruitful, as the only available information was general information on the Canadian healthcare industry that was not relevant to research.

In our final strategy, we targeted healthcare blogs, newsletters, and scholarly resources that included Healthcare Design Magazine, Healthcare IT News, Digital Health Canada, Patients Canada, Google Scholar, and the Healthcare Blog in our search for usable information. After doing a thorough search through these resources, we were still unable to identify any relevant information in regard to the research criteria, as the only available information was general healthcare news and information that we could not use in research.

Consequently, as recommended in the research criteria, we decided to expand our regional focus to the United States and pick up the relevant B2B healthcare marketing case studies that we had identified through the first research strategy. We then expanded our search for information on the identified case studies to each respective company's website so as to identify information on effectiveness in marketing and other tangible metrics that could be used to provide insightful information on the identified case studies. We have presented two of the case studies that were most relevant to the research criteria above.
Part
04
of four
Part
04

Canon Medical - Canada: Ranking Compared to Competitors

Canon Medical Systems Canada has an estimated global market share of 0.08% in 2018 and based on revenue would rank number two among its competitors. However, no information could be found on the company's brand perception or ranking as compared to competitors in the public domain. Below are the findings.

Market Share Information

Global

  • Canon Medical Systems (CMS) has revenues of $2,650.41 million or $2.650 billion and a net income of $94.71 million while Canon Medical Systems Canada (CMSCA) had estimated revenues of $29.64 million
  • As per the market research report published by P&S Intelligence, the market size of global diagnostic imaging systems (the industry in which CMSCA operates) was $37.2 billion in 2018 and is predicted to reach $51.2 billion by 2024.
  • Hence, with revenues of $2.650 billion, CMS's (parent of CMSCA) 2018 global market share computes to 7.1% while that of CMSCA aggregates to 0.08%. (see calculations below)

Canada

  • As per the market research report published by P&S Intelligence, the market size of the North American (U.S.+Canada) diagnostic imaging systems (the industry in which CMSCA operates) is expected to be $17.7 billion by 2024 billion. The U.S. will represent 90.1% of this industry revenue in 2024. Also, the industry is expected to grow at a CAGR of 5.0% during the 5-year forecast period (2019-2024).
  • Hence, the market size of the Canadian diagnostic imaging systems in 2024 is expected to be $1.75 billion. (see calculations below)
  • Using the above-mentioned industry CAGR of 5% and the reverse CAGR calculator, the current market size of the Canadian diagnostic imaging systems industry computes to $1.37 billion.
  • Hence, the Canadian market share of Canon Medical Systems Canada (CMSCA) which had estimated revenues of $29.64 million aggregates to 2.16%. (see calculations below)

Canada Market Share Ranking Vs Competitors

1) Canada Health Infoway Inc.
  • Revenues: $36.0 million
  • Current market size of Canadian Diagnostic Imaging Systems industry: $1.37 billion (see above)
  • Market Share: 2.63% (see calculations below)

2) Canon Medical Systems Canada (CMSCA) : 2.16% (see above)

3) FujiFilm Canada

4) SterileCare Inc.
  • Revenues: $4.6 million
  • Current market size of Canadian Diagnostic Imaging Systems industry:$1.37 billion (see above)
  • Market Share: 0.34% (see calculations below)

5) BCL X-Ray Canada Inc.
  • Revenues: $4.0 million
  • Current market size of Canadian Diagnostic Imaging Systems industry:$1.37 billion (see above)
  • Market Share: 0.29% (see calculations below)

Other Useful Information

Company Position


Social Media Presence & Perception

  • Canon Medical Systems Canada (CMSCA) has 648 followers on its LinkedIn page but does not feature any customer reviews or client feedback. Also, there are no products reviews available for the company on its LinkedIn page.
  • The company does not have a Twitter page of its own and the Twitter link on the website redirects to the Twitter page of its parent Canon Medical Systems (CMS). CMS has 523 Twitter followers. The page contains enumeration of the various upcoming events where CMS will be present or excerpts from the expert visits. No reviews or feedback about the brand is present.
  • The company does not have a Facebook page of its own as well. The Facebook page of the parent Canon Medical Systems (CMS) depicts a rating of 3.9/5 based on 7 reviews. The company has 852 followers on Facebook.

Research Strategy

The Canadian and global market share for the company were computed based on the estimated revenues from Hoovers and the industry revenues for diagnostic imaging in which the company operates. As the company operates as a private company, it does not provide any filings from which the financial information could be garnered. The filings of the parent Canon do not provide any break up of revenues for the Canadian subsidiary, hence we used Hoover's revenue estimates to compute the market share for the company. We were able to locate the 2018 industry report on the revenues of the diagnostic imaging systems industry in which the company operates. Hence, we leveraged the same to compute the global market share of the company and its immediate parent Canon Medical Systems (CMS).

Revenue Canon Medical Systems (CMS) = $2.650 billion
Revenue Canon Medical Systems Canada (CMSCA) = $29.64 million
Market size global diagnostic imaging industry = $37.2 billion
Global market share CMS = ($2.650 billion / $37.2 billion) x 100% = 7.1%
Global market share CMSCA = ($29.64 million /$37,200 million) x 100% = 0.08%

We were also able to locate a report on the above industry size for North America and the split between the U.S. and Canada. We used the Canadian industry market size to compute the Canadian market share of the company.

Market size North American diagnostic imaging systems 2024 = $17.7 billion
Percentage US revenue = 90.1%
Market size Canadian diagnostic imaging systems 2024 = (100%-90.1%) x ($17.7 billion/100) = $1.75 billion
Computed Canadian diagnostic imaging systems 2019 = $1.37 billion (reverse CAGR calculator)
Canadian market share of CMSCA = ($29.64 million / $1,370 million) x 100% = 2.16%

The market share was computed with the formula (Company Revenue/Industry Revenue*100) for all companies:
Market share Canada Health Infoway Inc. = $36 million /$1,370 million x 100% = 2.63%
Market share FujiFilm Canada = ($29 million / $1,370 million) x 100% = 2.12%
Market share SterileCare Inc. = ($4.6 million / $1,370 million) x 100% = 0.34%
Market share BCL X-Ray Canada Inc. = ($4 million /$1,370 million) x 100% = 0.29%


While we were able to find information around the global and Canadian market share of Canon Medical Systems Canada (CMSCA) there was NO information that could be located apropos of the company's brand perception or ranking as compared to competitors. All the information found was apropos of the various products and services offered by the company, the leadership position held by its parent in the diagnostic imaging market and the presence of the company on various social media channels. For ranking vis a vis competitors we have included the market share comparison of the company versus its competitors as useful information. The primary reason the information might be missing is the lack of any credible reviews, perception and feedback from the company's customers or clients in the public domain, or any comparison of the company's products to that of competitors by a third-party review website. The company is also not very active on social media and has NOT disclosed any client information on its website potentially due to competitive reasons and confidentiality agreements with its clients. Due to this no reviews or feedback could be garnered or tracked about the company. Below is the deep dive into the various strategies that we deployed to hunt for the missing information.
Our first strategy was to scour through the company website and its various sections like 'Overview', 'Products', 'Services', 'Company Profile' etc. and especially the "News and Events" section that contained the Company press releases. The idea was to check for any customer and client feedback on the company's products and services in order to understand their perception of the brand or to check if the company had won any awards or accolades around customer satisfaction or brand perception (like 'Most valuable brand' etc). Companies normally post client feedback and reviews on their website and also announce any awards won through their press releases. While this research would most likely lead to only positive perception about the company, as no company would post negative reviews about itself on its website, the idea was to provide client with an overall mix of positive and negative views about the company. However, no pertinent information could be located as the company had not posted any reviews on its website, blog or press releases. All information found catered around its products, services and the CSR activities of its parent.
Our second strategy was to scour through the various company filings such as annual reports, quarterly statements, trading reports, sustainability reports, company presentations, and the earning calls transcripts of the company because these normally contain management commentary about the company and its global presence and how various stakeholders perceive the company. However, since Canon Medical Systems Canada (CMSCA) operates as a private company, no financial filings could be located. We also searched through the filings of the ultimate parent Canon but they did not provide any pertinent information. All information found regarded to the overall parent company's financial performance and the growth of the company's medical system unit.
Our third strategy was to scour through the media articles (in sources such as the National Post, Toronto Sun, Forbes, Business Insider, Bloomberg, Reuters), news items apropos of the company in various company databases (such as Owler, Crunchbase, Hoovers, Craft.Io etc), various blogs and magazines related to Canadian Diagnostc Imaging Systems (such as 'Diagnostic Imaging', 'Downtown Radiology', 'Canadian Magnetic Imaging' etc), the company's social media platforms (such as Facebook, Twitter and LinkedIn), and various third party review websites (such as 'Select Science', 'Bright Local' etc). All these are potential sources for reviews, feedback, brand perceptions or competitor ranking related information, therefore, the idea was to check if any of these sources has provided such information about the company. However, no relevant information could be found. All the information found again catered to product capabilities and the social media pages mostly contained enumeration of the various upcoming events where the company would be present or excerpts from the expert visits on its premises. No reviews or feedback about the brand were present.
Our fourth strategy was to try to triangulate the information by garnering the list of major clients of the company and search individually for some top 7-8 clients, any reviews or feedback posted by them about the company on their blogs, websites, social media platforms or third-party review websites. However, the company has not disclosed any client information on its website probably due to competitive reasons and confidentiality agreements with its clients.
Our fifth strategy was to leverage the sell side/analyst coverage research reports to check for any relevant information around the brand perception and competitive ranking of the company. Such sell-side/third party broker reports especially the INITIATING COVERAGE reports are a valuable source for such information as they cover a company from scratch and undertake a comprehensive peer valuation while valuing the same. Hence, we tried to deploy this research strategy to check if any of the reports highlighted how Canon Medical Systems Canada (CMSCA) fared against its competitors on various financial and qualitative parameters. However, since the company is private in nature there was no research reports that could be located. We were able to locate the analyst coverage for the parent company Canon but all information was behind paywall.
Our sixth strategy was to expand our search by going beyond the standard Wonder's two-year source timeline rule. With this approach, we hoped to look for slightly outdated but useful information on reviews /feedback posted about the company on various sources highlighted above. However, again no relevant information could be procured and all the information from the past centered around the new product information and various events where the company was present to showcase its product portfolio.
Sources
Sources

From Part 04