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Advice You - Show Me the Money: Maximizing Tradeshow ROI
I hear it all the time: Tradeshows are a waste of time and money. We stand around, selling our hearts out, and what do we have to show at the end of the day? Nothing.
Well, that's the result you should expect, if you're like most exhibitors, and neglect the most crucia
Well, that's the result you should expect, if you're like most exhibitors, and neglect the most crucia
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
l aspect of tradeshow participation: Follow Up.
What happens at the tradeshow is obviously import to your success, but equally important is what happens after the show ends. This is where most exhibitors drop the ball. Differentiate your company from its peers and wrin
What happens at the tradeshow is obviously import to your success, but equally important is what happens after the show ends. This is where most exhibitors drop the ball. Differentiate your company from its peers and wrin
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
the full value from your tradeshow participation. To truly benefit from all the hard work what went into exhibiting, must ensure that appropriate follow-up activities take place.
Follow Up Begins Before the Show
Research tells us that over 80% of leads gathere
Follow Up Begins Before the Show
Research tells us that over 80% of leads gathere
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
d at tradeshows are never followed up. That's a phenomenal number, especially when each lead has the potential to generate profit for your company.
Why do so many leads fall by the wayside?
It's because show leads have a reputation for having no substance – they’re ei
Why do so many leads fall by the wayside?
It's because show leads have a reputation for having no substance – they’re ei
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
her just cold business cards or similar basic information imprinted on a company lead card. There's nothing there to give already busy professionals a reason to follow up.
Even if the salespeople do follow up, there's only so much they can learn from a business card or
Even if the salespeople do follow up, there's only so much they can learn from a business card or
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
bare bone information. For salespeople to view leads as being worthwhile for follow-up, they need quality information.
For this reason, it is vital that before the show you spend time going over the lead collecting process. Clarify exactly what types of information sho
For this reason, it is vital that before the show you spend time going over the lead collecting process. Clarify exactly what types of information sho
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
uld be recorded on lead cards. Explain the importance of the information you are gathering. Make sure everyone knows exactly how to operate the card readers and use the printouts and lead cards.
Everyone working the show should know exactly what results you want to ach
Everyone working the show should know exactly what results you want to ach
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
eve at the various tradeshows you attend. Each show should have its own set of specific, clear, quantifiable, realistic goals. These goals should be in line with your company’s overall marketing objectives.
These goals give staffers something to strive for, but they al
These goals give staffers something to strive for, but they al
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
o serve as benchmarks to evaluate and measure team and individual performance.
Develop a Follow Up System
To achieve and perhaps surpass your specific goals, you need a follow up system. The best time to develop your follow up system is during the planning and
Develop a Follow Up System
To achieve and perhaps surpass your specific goals, you need a follow up system. The best time to develop your follow up system is during the planning and
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
training stage.
Use this time prior to the show establish how the leads will be handled. For example, select a team member to take responsibility for collecting all "hot" leads at the end of each day and overnight them to the home office for immediate processing. Assig
Use this time prior to the show establish how the leads will be handled. For example, select a team member to take responsibility for collecting all "hot" leads at the end of each day and overnight them to the home office for immediate processing. Assig
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
someone at the home office as a “follow-up” manager. This person takes charge of the entire follow-up process and should be someone who does not attend the show. Their job is to carry out the follow-up system that was established before the show.
Timeliness is of esse
Timeliness is of esse
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ce with all leads, not just the "hot" ones. Obviously you're not going to overnight every single lead back to the home office, but there are steps you can take to ensure you stand out from the crowd of exhibitors.
It is important to send something, such as a letter, em
It is important to send something, such as a letter, em
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ail, or broadcast fax, to everyone who came by the booth to thank them and let them know when they can expect to hear from your company again. This should be done within three to five days after the show. Remember, if you don't follow up, your competitors will.
The
The
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ext Step: Accountability
Use contact management database programs to ensure your sales staff get leads that are as complete and useful as possible. Then, after leads are distributed, hold your account representatives responsible for the results.
There should be a
Use contact management database programs to ensure your sales staff get leads that are as complete and useful as possible. Then, after leads are distributed, hold your account representatives responsible for the results.
There should be a
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ritten progress report from each salesperson at regular, predetermined intervals. This information can be used to track their performance, sales made, etc.
Some companies use performance in lead follow up as one factor in a salesperson's annual performance review. Kno
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
wing that they will be held accountable for results is a powerful motivator.
Measuring results
At the end of the day, management wants to know their money was well spent. Keeping track of your leads will allow you to measure sales directly attributable to your
Measuring results
At the end of the day, management wants to know their money was well spent. Keeping track of your leads will allow you to measure sales directly attributable to your
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
radeshow participation. Recording this data will allow you to provide qualitative and quantitative analysis of the show.
For example, you can calculate the return-on-investment to demonstrate to management the effect tradeshows have on the bottom line. To measure the c
For example, you can calculate the return-on-investment to demonstrate to management the effect tradeshows have on the bottom line. To measure the c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
st per tradeshow lead, simply divide your total show expenditure by the number of leads gathered. To measure the cost per sale, divide the total show expenditure by the number of sales.
Qualitative data, such as types of prospects who visited the booth, dates and times
Qualitative data, such as types of prospects who visited the booth, dates and times
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
of their visit, products/services of interest, buying intent, and results of any pre-show promotional activity often proves invaluable when planning future show participation.
The key to tradeshow success is wrapped up in the lead management process. It starts with kn
The key to tradeshow success is wrapped up in the lead management process. It starts with kn
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
wing at the outset what you want to achieve, then continues through establishing a strategy that is user-friendly, and finally the actual follow-up operation leads to bottom-line profitability. With a little forethought and planning the results will speak for themselves
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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