In healthcare IT marketing, we’re all very familiar with how tradeshows work. Vendors carefully prepare their products, marketing materials, and booth exhibits to entice healthcare professionals from across the country—or even around the world—into their booths in hopes of developing leads and customers!
Many, however, are less familiar with the reverse expo. As the name suggests, a reverse expo takes a different approach. Healthcare provider organizations are actually the exhibitors and vendors visit their booths to learn more about the three “Ps”:
- problems
- priorities
- purchasing plans
They can then pitch their solution from product portfolios. The reverse expo model presents an opportunity for healthcare IT marketers to gain access to organizations and personas that can be otherwise elusive. This leads to more effective and efficient lead generation activities.
What is the difference between a tradeshow and a reverse expo?
Reverse expos flip the script from traditional tradeshows. How? By swapping the role of buyers and sellers. They are typically organized by:
- individual business entities (e.g. Health Connect Partners)
- trade magazine publishers
- group purchasing organizations
- government agencies
The effort works to bring purchasing decision-makers together into a single location. This streamlines the procurement process. It also brings together organizations that might otherwise have a hard time connecting.
Traditional tradeshows put vendors in a more passive position to connect with buyers. At reverse expos, vendors book meetings in advance through online tools or services provided by the reverse expo organizer. Meetings tend to be structured. Suppliers of all sizes—from SMEs to multinational corporations—have equal opportunity to book meetings with key decision makers and influencers belonging to target healthcare organizations. Providers are often required to book a specific number of meetings with vendors to ensure they meet mutually identified goals.
Professional society tradeshows traditionally place their primary focus on professional education (CMEs). The exhibit hall is often a supplementary (time permitting) activity. In the best of times, this passive approach can have mixed results barring significant pre-show sales & marketing efforts. In the recent era of virtual conferences, the passive approach failed to effectively bring together buyers and sellers.
Conversely, reverse expos take a more active approach to connecting buyers and suppliers. These events are solely focused on problem solving and procurement. Buyers are either planning a procurement project or seeking innovative proposals for solving their most prolific challenges. Discussions are thus focused on:
- networking
- assessing buyer-supplier fit
- identifying current or future collaboration opportunities
What is the value of a reverse expo?
Reverse expos are very attractive to healthcare providers for many reasons. Unlike traditional tradeshows, the reverse expo host covers the cost of attendance (and sometimes even travel) through supplier registration fees. This attracts a variety of decision-maker and influencer profiles, including:
- executive leadership
- IT administrators
- facilities procurement representatives
In doing so, reverse expos provide healthcare IT sales & marketing professionals with an opportunity to get in front of key healthcare provider organizations and personas. They also offer extra value through:
- Efficient use of time and budget. No more struggling to attract potential customers to your booth. You can go directly to potential customers with a single registration fee. This results in lower cost per lead.
- Broader market access. You may find healthcare providers who may not otherwise attend a tradeshow at reverse expos. This provides access to potential customers that may be otherwise difficult to access.
- Market research and validation. Not only for sales but also as an opportunity to conduct market research. You’re able to meet with a variety of organization and stakeholder personas. You have the time to discuss problem statements, their impact, and the viability and value potential of your current product or future roadmap.
Integrating reverse expos into healthcare IT marketing strategy…
Reverse expos present a great opportunity for healthcare IT marketers to gain access to healthcare provider organizations that may have been otherwise inaccessible. By providing a well-organized event focused on procurement, reverse expos drive lead generation. They also facilitate market research and product validation activities. This can ultimately increase the value of your products, services, and messaging.
Are you interested in integrating reverse expos into your healthcare IT marketing strategy? Our team of product marketing experts can help you identify expos that are most relevant to your organization. We can also develop a framework to help you maximize the value of attending for your product, marketing, and sales activities. Contact us to learn more.
