Author name: Mollie Ring

Market-Entry

Myth vs Reality for Life Sciences Companies Entering the US Market with Mark Lesselroth, BioPort USA

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Link to video HERE  Podcast Transcript  Bill : Hi and welcome to the next episode of Belly to Belly. It is great to have you here with us today. So today we’re actually going to spend a little bit of time in the life sciences space and we’re joined by Mark Lesselroth from BioPort USA. Welcome, Mark. Mark : Thanks for having me, Bill. Bill : It’s great. So the title of this conversation is around the myth versus reality of life sciences companies entering the US market. We certainly want to kind of dive into that conversation. And just as a for context here, our listeners are both companies, b2b companies that are looking to enter the US market plus also a variety of Trade Representatives that are helping and support organizations that are helping these companies come into the US. Just for a moment before we hop into that really interesting conversation. It’d be great to know more about you and about Bioport. Do you mind just kind of giving us a little thumbnail of your background and also what you’re what you’re doing today with bio port USA. Mark : Absolutely. So first of all, I want to thank you. I appreciate this opportunity. You know, anytime I have the chance to spread the word so to speak, or spread the gospel, if you may. It’s a wonderful thing. So I am the president and CEO BioPort USA. Which was established in April of 2018. And the impetus behind it was, I wanted to identify innovative life science technologies, be a biotech medtech pharma in vitro diagnostics for around the world that could really improve our healthcare system. I know it sounds somewhat altruistic, but I’ve been around the world for a number of years. I was originally born in Germany, and lived throughout lived almost 15 years throughout my life in Germany. So both as a child as a student and then work there and as a result I you know, I not only learned the language, thanks to mom, who’s German but is also experiencing a lot of different cultures, not just the German culture. I was traveling a lot and I was exposed to a lot and and I recognize that while I love the United States, I think it really is a great country, that there are some amazing things happening outside and, you know, I don’t know how much longer I’ll live but I thought with the remaining years here, I want to do something good and, you know, find a way to introduce this technology just to make it easier on patients and make it easier on health care providers. Bill : That’s really cool and amazing. So oh, you know, I guess I’d start with our thesis here, which is the myth versus reality so I guess what, what’s the sort of paradigm that where you see companies that are life science companies are coming into the US? What are the myths that they’re is sort of holding closer or embracing that are challenging Mark : I’m glad you asked. I think one of the number one miss is that they know the US market. After all, we are a Western nation. Many of the International life science companies speak English. Many of them have traveled here either for pleasure or business. Some of may even studied here and work here. And so you know, the thought of well, if I went out to business here, how hard can it be? versus you know, China for example, I’ve met many people who think oh my god, I don’t speak the language. I don’t understand the culture. I definitely need help. There’s no way I can do this on my own. And with us, they think no problem. We can do it. And frankly, nothing further could be from the truth. They really don’t understand the US market in terms of how we make decisions, whether it comes to buying something, selecting something, the nuances associated with the regulatory process, they sure as heck don’t understand our reimbursement system, because most of them come from a country that offers universal health care. So that’s a big one in terms of a mess. Bill : That makes a lot of sense. So yeah, I would venture to say that many people in the US don’t understand the reimbursement system. So the idea that someone from outside the US would understand it would be difficult. So when companies, you know have these challenges where they maybe don’t understand this the sales process or the regulatory system, what challenges does it create for them? Well, how does that handicap them? Mark : Well, you know, it’s problematic because if they think they know the system, and then they go through and go about doing business as they’re used to in their home country, many of them will invariably fail. You know, they think it’s good enough to, let’s say, exhibit at a trade show and industry trade show, find a sales rep or distributor, sign an agreement and pay we’re off to the races, and nothing further could be from the truth and that holds true for American companies as well. But I think American companies for the most part, know better. Now those companies that are more successful United States are the ones that understand what you need to do in terms of developing a sales strategy, what you need to do to support a distributor how important your brand is in terms of influencing the purchasing decision. These are all concepts that for the most part are extremely foreign to the international life science community. And so many of them either fail outright or they do not achieve the success that they had anticipated. Because they weren’t prepared to adapt and adopt the US way of doing business. Bill : So, in sort of thinking about that, which would you say

Exhibitor Tips, Return on Investment

Ready for SelectUSA? Crush this 12-Step Checklist to Make Sure

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SelectUSA is an unrivaled opportunity for international firms looking to scale to the U.S. market, making the event uniquely high stakes for economic development organizations, investors, service providers and the high volumes of mature companies in attendance. At MEET, we like to say that effective preparation is 90% of winning the race; this is especially true with SelectUSA. Increased participation rates due to lower barriers to entry (no travel expenses!) have raised the pressure to differentiate. It’s also raised the bar for a well-executed participation strategy. Are you ready for SelectUSA? Here’s a 12-Step Checklist to ensure you’re prepared to step up, stand out and walk away on top. And feel free to connect with us during the event or schedule a meeting with Bill Kenney at bill@meetroi.com. We’d love to hear how it’s going. SelectUSA Preparation Checklist 1. Nail Your Target Know precisely who you want to meet and what outcomes you want to achieve. It’s not enough to identify industries. Focus on categories within industries and refine your personas by role and type. If you’re able to narrow it down to specific people within each organization who you want to meet, go there. 2. Customize Your Value Proposition Always frame your value proposition from your target audience’s perspective. By fine-tuning your value proposition and self-introduction, you’ll help to ensure that every interaction is congruent with how you want to be perceived and your prospect’s pain point, improving the ROI of each interaction. 3. Create Your Agenda Spend time reviewing the SelectUSA agenda and overlay your objectives with valuable content. To increase the likelihood of building connections in these settings, be prepared with questions, speaker research and intelligent chat concepts. 4. Train Your Team Once you identify your internal team, hold an event orientation that focuses on company introduction and messaging. Bonus points if done by persona type and audience! Delegate event responsibilities by skill, type and role, and train individuals for specific tasks. These investments in your team will exponentially increase their likelihood of success, in turn improving yours. 5. Pre-Set Your Meetings Make sure every minute of your team’s time at the event is well-spent by using the big stone approach. Make introductions on LinkedIn and secure meetings with high-value connections (big stones) before the event to ensure they’re on the books. Then fill in with other agenda items (your small stones) to help meet your targets. 6. Prepare Your Pitch Prepare, practice and get feedback on your pitch prior to the event. Don’t be afraid to iterate and adjust, particularly as you consider different audience types and desired outcomes. 7. Collate Your Collateral At an event the size of SelectUSA, a good pitch will not be enough to keep you top of mind for target prospects. Prepare “leave behinds” – company overviews, investor summaries, and product sell sheets – for every meeting. Strong collateral will inform, excite, and remind your audience to take action after you’re gone. 8. Maximize Virtual Event Participation In many ways virtual events have removed the friction to participating in matchmaking, networking and spin-off events. Take advantage of these opportunities and prepare for each accordingly. Have prepared questions to build your intelligence and insights, and SHARE your insights/questions during presentations. Differentiate yourself and be ‘seen’. 9. Nurture Your Relationships Have your post-event communication staged prior to the event and block out time each evening to send these out. For each person you meet, make notes and customize your communications to ensure they feel personal. If you wait more than 24-hours after the event has ended, you’re too late. 10. Identify Your Allies Identify and be prepared to share your objectives with key resources and partners. Empower these allies to connect you with the opportunities that you seek and ask others how you can reciprocate. Network with connectors/leaders who can guide you, introduce you and promote you. 11. Optimize Your Presence Wear comfy shoes…virtual style. Help your team be on time and stay focused. Ensure your space is optimal – good lighting with enough room to stand up and move around – to keep your energy level high. Know the technology and how to navigate the platform so you can focus on actively participating and making connections, rather than “finding the bathroom.” 12. Follow Up Diligently Follow-up is the key to relationship building and event success! Develop pre-written text by persona type and reach out the same day you connect (not the following week). Keep following up until there is a next step. Congratulations! You’re ready to hit the virtual aisles of SelectUSA! And don’t forget to connect with us at the event to let us know how it’s going.   About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows, virtual and in-person events. MEET’s processes help clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward. Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Exhibitor Tips

Virtual Event Networking: How Not to #FAIL

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  One year ago, virtual events were limited to particular industries. Today they’re everywhere. That’s because in the absence of in-person events, we’ve had no choice but to embrace virtual platforms as a means of building and maintaining our professional networks. But if everyone’s networking through virtual events, then why doesn’t it feel easier? Having hosted, attended and evaluated numerous events in 2020, we’ve identified three of the most likely reasons why virtual event networking still feels challenging in 2021. Fortunately, we’ve also identified 10 ways to guarantee better results at your next virtual event. Three reasons why virtual event networking still feels hard #1 It’s difficult to know who else is in the room MOST event attendees do not take the time to complete their bio on the virtual event platform. This makes it almost impossible to know who is in attendance. Even when a platform utilizes AI to match registrants, it’s very difficult to make high quality connections in the absence of profile data. #2 Practically every virtual event uses a different platform Chances are, almost every virtual event you attended this last year used a different platform–interesting if you’re looking for insight into the growth of the virtual platform industry, less interesting (not to mention intimidating) if you’re trying to meet quality prospects and maximize ROI. For insights into the growth of the virtual event industry and what to expect for 2021, check out our interview with Allen Yesilevich, Head of Marketing & Growth at Accelevents or read the highlights here. #3 The learning curve is steep In addition to platforms being new, most attendees don’t log on prior to the day of the event. That creates a steep learning curve for new users, further complicating their engagement during the event. Case and point is this User Guide put out by one virtual event networking platform Remo. Amazing resource, but a lot of onboarding for just one facet of platform. But don’t fear! 10 strategies to overcome these and other challenges at virtual events #1: Take the time to log onto the platform prior to the event. Even just 20 minutes exploring the site will go a long way. Some events open networking access up to a month in advance, leaving you plenty of time to get started. #2: Set up your bio and upload a picture. Even a bad one is better than none when it comes to building relationships. #3: Know the persona you’re targeting. This is critical for any event but especially when profile data is inconsistent and you need to rely on other clues. Not sure you’ve nailed your buyer persona? Check out MEET’s 8 Point System to ensuring virtual event ROI. #4: Use the system’s intelligence to connect PRIOR to the event via email and start a conversation or schedule a one-on-one. #5: Do your research via external tools such as LinkedIn to gain background on event registrants and prepare for one-on-one meetings. #6: Set clear goals around the type of people you want to connect with, how many, and what you want to learn about them. Clearly defined goals help you to measure your own success across events as well as your team’s performance. #7: Be active and visible during the event. That means asking good questions, engaging the exhibitors, and leveraging all available networking sessions. #8: Be efficient with your time. Once you’ve connected with the right person, close for the next step. Secure an ‘offsite’ meeting and move on the way you would if you were in-person. #9: Don’t forget to engage speakers and sponsors. They are selected because they are opinion leaders and know the industry. #10: Last but certainly not least, Follow up! Why a good follow-up strategy is more important now than ever Nothing is more important than follow up according to Kelly Kenney, Head of Strategic Partnerships at MEET. “Virtual events work for a chat and brief exchanges, but they’re not optimal for engaging in the very complicated things that humans do to build trust.” If virtual event networking seems hard, that’s because it is. Therefore the important differentiator, in any event but especially with virtual, is a finely tuned follow-up strategy. “At the end of a virtual event, you’ve connected on fewer levels,” shares Kelly. “Your ROI depends on establishing a thread to build identity and trust. And for that, follow-up is your greatest asset.”   About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows, virtual and in-person events. MEET’s processes help clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821

Return on Investment

The Future of Events: A Look at 2021 and Beyond

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  The temporary shutdown of in-person events in 2020—and subsequent explosion of virtual events in their place—has left one question on everyone’s mind.  What will the future of events look like in 2021 and beyond? With more than 75-years of experience in the U.S. B2B events industry, we at MEET get asked this question a lot—and we’re not afraid to share our opinion. But for some added perspective, we checked in with Allen Yesilevich, Head of Marketing & Growth at Accelevents, a market leader in the virtual events space, to learn more about what signals the industry is sending, and why. Accelevents, an all-in-one virtual and hybrid events platform, incorporates everything from multiple event stages, a lobby area, attendee engagement, virtual exhibitor spaces, and even gamification.  “Whether you want to do an online trade show or a summit—any type of virtual event, we can power it for you,” explains Allen. Recognizing this past year as one of the unprecedented growth for virtual event platforms, we set the stage by asking: What was 2020 like for the events industry? “2020 started off as a very difficult year for in-person event companies,” shared Allen. “Everyone essentially had no choice but to pivot into this digital realm.” He went on to describe a time characterized by a sense of discovery—“a quest to figure out the most optimal way to pivot into virtual.” “Digital was always this kind of enigma—everyone wanted to incorporate it within their live face-to-face experience but nobody really knew how. Then 2020 created this catalyst of innovation and buy-in acceptance, even though we were ‘forced’ into the situation” Industry predictions for the future of events 2021 Allen wasn’t shy about his prediction for 2021: in-person events will be back. “I can say with 100% certainty that in-person events will be back because there is no doubt that humans love to connect and engage with one another in person.” “You cannot replace the energy and enthusiasm that you feel on the trade show floor.” What he was not 100% sure about is when—that part, he admits, is out of our hands. As such, Allen reframed the question: “it’s not when in-person events will return, but when they do, what will they look like?” According to Allen, 2021 is where we’ll really start to see virtual platforms at their best. “If 2020 was the discovery phase, 2021 is going to be the optimization phase.” For event attendees and exhibitors, therein lies the opportunity for results. “The conversation has shifted to how one can leverage Accelevents—or any other virtual event platform—to maximize ROI in 2021 and beyond.” Allen believes that trade shows will never return to pre-COVID scale, mainly due to the success virtual components and hybrid event models have proven they can deliver. “Now that digital and virtual components can be infused within the in-person experience, it fundamentally changes the goals of what an event professional or a brand can achieve.” What would a hybrid event model look like? To some degree, that’s anyone’s game. “Event technology is the ‘wild west’ right now,” shares Allen. “Innovation is going to dictate exactly what a hybrid landscape looks like.” The basic model, Allen explains, requires allowing in-person and virtual audiences to engage and interact with one another while also consuming content simultaneously. “Imagine there’s a keynote session at a conference or even a demonstration at a booth, a hybrid model will allow you to live stream that digitally so the in-person audience gets that value but so does the virtual audience.” How has the move to virtual changed the ROI calculation for exhibitors? Allen believes the bar is now raised for event organizers and marketers who, through a virtual model, are held more accountable for spending money wisely.” “Event marketers will be able to determine ROI in a physical exhibit and then calculate ROI in a virtual exhibit, and see how everything is interconnected.” Striking the right balance Allen predicts that marketers will feel it’s essential to hold a number of in-person experiences or exhibits throughout the year but the vast majority will remain virtual. “The volume of in-person experiences will probably decrease because they’re so expensive but the aggregate number of events that occur throughout the year will be greater because virtual events are relatively inexpensive. But you’ll still need those physical experiences to be the tent pole events throughout the year where you can shake someone’s hand (once we feel comfortable doing that again).” Looking to determine the right mix of virtual and in-person events for your 2021 pipeline? Check out MEET’s Virtual Trade Show System to ensure you’re asking the right questions when developing an event marketing strategy. Who will come out ahead in 2021? “I do believe we’ll see some silver linings from this,” shares Allen. “The event space is going to be better for this disruption and I think that the savvy, smart event organizers who are able to adapt to the times [through virtual and hybrid platforms] are going to come out ahead.” From our perspective at MEET, the same is true for event participants. We will be stronger from this, but those who are able to adapt quickly, will come out ahead. Check out the full recording of our The Future of Events podcast with Allen Yesilevich from Accelevents for more predictions on the frequency of in-person versus virtual events, tips for event organizers on how to select the right platform and get the most out of its functions, and best practices for participating in virtual events as an attendee. About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows, virtual and in-person events. MEET’s processes help clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Uncategorized

Online or In-Person? Developing Your 2021 Event Strategy

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  For the past nine months, companies have solidly depended on virtual for their event strategies.  But with a vaccine on the horizon and predictions for a return to normal as soon as this summer, could that all change? More importantly, should it change? We sat down with Kelly Kenney, event participation guru at MEET, to talk about the key considerations to building a 2021 event strategy and how to strike the right balance between virtual and in-person. You can check out the full podcast from our conversation on developing your 2021 Event Strategy here. As someone deep in the trenches of the event world, we started by asking Kelly to share her crystal ball view for 2021 and what advice she’s giving to clients. “While some big events will come back in-person in 2021, the virtual world is here to stay and for good reason,” shared Kelly. “I’m recommending a blended strategy to our clients, one that leverages the unique attributes of each type of event.” By blended, Kelly is referring both to a mix of in-person and virtual events and participating in events that are offering in-person and virtual attendance options. What can companies do now to prepare for a blended 2021 event strategy? Kelly suggests leveraging virtual events to ease the transition back to in-person. “The virtual world has given us a unique opportunity to participate in shows we wouldn’t have done in the past,” shared Kelly. “They’re also way more efficient and easier for testing your various marketing and business development hypotheses.” Following a well-designed virtual trade show strategy will help to eliminate many of the ROI issues companies struggle with in-person. Persona, value proposition, and call-to-action testing are great examples. “You may decide in the morning to focus your booth on one type of persona and in the afternoon on another. Virtual events make it easy to do that—as long as the technology allows and what you’re testing aligns with your assumptions about the audience.” But virtual is not without its challenges Virtual events are by no means perfect. Having participated in and hosted numerous virtual events since the start of the pandemic, we understand the array of challenges exhibitors are facing on these platforms. The biggest: booth traffic. When planning to exhibit at a virtual event, we asked Kelly what are some of the key questions to ask event organizers before making the investment. “First, you have to know the technology: what are the attributes, what can you bring to the booth, and how will engagement be facilitated.” “You’ll also need to know more about how the event is structured, what’s the layout, the agenda, the time slots for people to be in the exhibit area, and what’s attracting attendees to the exhibits and conflicting with that.” Finally, Kelly recommends asking for engagement statistics—representation of how other exhibitors have done—from the event hosts. “You’ll want to assess, based on the technology, the agenda, and the flow of the event, which assets and calls to action to use and when.  Event hosts have all that data and knowledge, so leverage it.” How should companies strike the right balance between online and in-person events as we think 6, 12, or even 24-months into the future? Step 1: Understand the unique value of both virtual and in-person events. “I can get more competitive intelligence from one virtual session than I can get from an entire in-person event,” shares Kelly. “I can see and hear what everyone is thinking in the chat, who the subject matter experts are, and who I want to connect with—it’s a whole strategy in itself.” But according to Kelly, at the end of the day, you can’t replace great in-person connections. “Shaking somebody’s hand, looking them in the eye, building rapport and trust—you just can’t do that virtually. I can’t wait to get back to in-person but I also value the virtual.” The takeaway: from competitive intelligence to testing, to efficiency and ramping up your sales and marketing team, there’s great value in engaging in both virtual and in-person events.  Pro Tip: Looking to train new members of your sales and marketing team? Try sending them to a couple of virtual events to get a handle on how to communicate and engage with your target audience before investing in their in-person participation. Step Two: Know what outcomes you want to achieve. As Kelly explains, so much of deciding on the right mix of virtual versus in-person comes down to doing the math—i.e. knowing what you want to achieve and the value each one delivers. “If your growth target is 11% then you need to know what results you’ve achieved from each specific event and event type. Then, thoughtfully build your event selection matrix and run it across a year to ensure an even flow of high-quality prospects.” Finally, what’s the easiest way to differentiate yourself at an event in 2021? No mystery here. It’s follow-up, follow-up, follow-up. “I am astonished at how many events I have been to this year and I have not received one follow-up,” shared Kelly. “The reason you participate in any event is to connect. If you don’t follow up, you are wasting your time and your resources. Good follow-up is the easiest way to differentiate yourself.” For more valuable insights on planning your 2021 virtual and in-person event strategy, including maximizing ROI and the keys to negotiating with event hosts, check out the full podcast here. About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through in-person and virtual trade shows and events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward. Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Exhibitor Tips

Leveraging Virtual Trade Show Events as an Attendee

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Eight months into the pandemic, virtual trade show events have proven their unique value. Which means for those who thought they could coast until in-person events come back online—it’s time to get moving. On November 21st, MEET released the final podcast to a 3-part series: Leveraging Virtual Trade Show Participation See: Part 1: Strategy, Part 2: Exhibiting, Part 3: Attending  In this final episode, Kelly Kenney walks us through tips for getting the most out of virtual platforms as an attendee and what unique opportunities virtual events have to offer for differentiating yourself. First and foremost, know your tech We all know how to walk into a room and meet people. This is not the case with virtual trade show technology and those who are experts are quickly able to differentiate themselves from other attendees. “The tech’s either going to work for you or against you,” shared Kelly. “What we’re finding is that it’s really easy to differentiate yourself at an event if you understand the tech and use every facet of the event. A lot of people end up being invisible because they don’t know how to leverage the technology.” The technology is your roadmap—helping you to physically work your way through the virtual trade show floor and content. But beyond being present, you also need to know how to get results. Five steps to leveraging virtual trade show events Fortunately there are many aspects of your in-person event strategy that can be applied to virtual. Here’s the hit list: Complete your profile as early as possible before the event. The majority of visitors fail to do this and miss out on valuable networking opportunities, making this the easiest way to differentiate yourself from other attendees. Get comfortable with the technology. Sign on early and practice moving through the navigation tools. Look at the agenda–the topics and workshops—and have few good questions on hand for the chat or Q&A time. Engage in preset meetings (some platforms will suggest connections for you) Show-up and follow-up after your meetings! In essence, be vocal and proactive. “You can’t just sit there and drink your coffee and watch. You have to jump in, ask questions, interact positively, and be seen!” A behavior you want to avoid As is the case with all in-person events, there is a code of conduct with virtual. Unfortunately, with so many new players in the game, we still see a lot of cringe-worthy behaviors. Knowing when and where to be self-promotional is important. Workshops are not these spaces, and yet too often we see attendees (often competitors) using the chat feature to self-promote. Alternatively, make thoughtful, on-topic comments that do not distract from the context of the presentation. “Making yourself seen is not about announcing that you’re in the room,” shares Kelly. “The neat thing about virtual is that you’re able to see what everybody’s thinking during the presentation in the chat. You don’t get that in-person. Pay attention to what’s in the chat, who is saying it, and have a few prepared questions or relevant points to get their attention and prompt them to want to connect with you.” Exploring virtual booths and exhibits There are some key advantages to walking the virtual trade show floor. According to Kelly, it can be more relaxing but just as informative as in-person. “Instead of feeling like everybody’s looking at you when you enter a booth and hoping to engage you, virtual allows you to take your time and explore everything the booth has to offer.” Pro Tip: When you virtually walk into a booth, touch everything. Whether it’s a video, a live chat or a paper to download, it’s helpful to get the full experience of what is being offered. It’s also a great opportunity to meet your competitors. “I love these virtual shows to really get an understanding of the vibe of my competitor, their offerings and how we differentiate. I’ll even stop by and say something like: “This is a really interesting booth. We’re in the same industry and I’m glad that you’re at this show. How did you decide to come?” The future is hybrid While a reasonable number of in-person events are projected to come back online by summer or fall 2021, evidence suggests the future will be a hybrid model. Therefore, how should scaling companies plan to use the next six to nine months to prepare for the future of trade shows and event marketing? Given their low barrier to entry, virtual trade show events are ideal for exploring new market segments and buyer personas, engaging in rapid A/B testing, and checking out shows that you wouldn’t have looked at in the past. “The virtual aspect is such a boost to events in general. We recommend leveraging their unique assets now while they are plentiful, cheap and the playing field is even in that everyone is learning together.” However, a word of warning–the playing field will not remain that way.  From Kelly’s perspective: “By year-end there’s going to be people who are far exceeding the status quo because they understand the virtual format and are leveraging it to the hilt. In summary, it’s time to get on board with virtual events. “You will be outpaced quickly if you stand by. And if you do them well, virtual events will accelerate your results.” For more tips on leveraging your attendance at virtual trade show events, like how to fill up your networking table, effectively multi-task, and manage team participation, check out the full podcast. About 
MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through in-person and virtual trade shows and events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward. Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.  

Market-Entry

5 Steps to Launching a Virtual Trade Show Plan

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One outcome of the recent explosion in virtual events due to COVID-19 is the unprecedented opportunity it has created for companies that are expanding internationally. Truly, the “cheese” has moved. By lowering barriers to entry, the ability to confidently and skillfully navigate virtual venues is more valuable than ever, particularly as entire industries move their trade show and events online. How long will it take for things to return to normal? Tech giants like Microsoft and Facebook have already announced they are not planning any physical events until July 2021. Other industries are testing virtual platforms for the first time, but making no commitments. In essence, there’s no way to know. Regardless, the question every market-entry firm should be asking themselves NOW is, given the lower barriers to entry and unique opportunity to differentiate, do virtual events make sense for our company? If so, what is the best path to leverage the opportunity? Here are five steps to help you get started. Step 1: Avoid Overwhelm For many companies, particularly those endeavoring to scale into new markets, the dynamics of moving to a virtual trade show strategy may feel overwhelming. You may be asking yourself: How can I market to prospects I can’t see? How can I train my staff if I’ve never participated in a virtual trade show event myself? Is it possible to translate our branded booth display to the virtual format? Outside the booth, how can I take advantage of trade show content and virtual hospitality events? Don’t get paralyzed by fear! At MEET, we specialize in helping international B2B growth companies soft-land and scale in the U.S. through trade shows and events–even those that are virtual. Step 2: Get Focused The good news is that regardless of whether an event is virtual or in-person, the strengths of a highly effective trade show strategy are the same. They’re also the same as fishing. You must know: Who is your target prospect, i.e. what type of fish you are trying to catch Where to find them, i.e. in which body of water they live What type of call-to-action will prompt them to self-identify, i.e. what type of bait will attract them to your line The first step to adapting your in-person trade show plan to a virtual format is identifying where your existing strategy is strong and where it needs to be strengthened. After all, the likelihood of catching the right kind of fish is zero if you’re looking in the wrong body of water no matter which type of bait you use. Think it might be time to take a closer look at your existing trade show strategy and how to optimize for better results? Check out MEET’s Trade Show Performance Assessment today. Step 3: Set Goals Undoubtedly, there are certain features of the virtual platform that you and your team will need to learn. Some opportunities to consider include: Spend time getting to know the conference platform and booth features before the show. Design a virtual booth display that is clean, easy to navigate, and brand-aligned. Train your team not only on how to use the technology but how to be active and engaged on the platform. Begin with specific goals for each event and align your preparation to those goals. Step 4: Test Your Hypotheses At MEET, we always advocate for testing your strategies during events and measuring results. None of that should change when you adapt to a virtual platform. In fact, it may even be easier and less resource-intensive to A/B test your marketing messages with a virtual display. Additionally, don’t be afraid to do some competitive intelligence. For better or worse, it’s now easier to visit your competitors’ booths and see how they are using the platform. Step 5: Ask for Help The vast majority of virtual trade show participants are new to the platform and it’s safe to say that exhibitors, hosts and attendees are all learning together. Now is a great (and easy) time to stand out. At MEET, we support international scaling companies to leverage all the unique capabilities of virtual platforms while laying a stronger foundation for in-person events when they come back online. If you’re looking to: Prepare and train staff on how to navigate virtual platforms Adapt your integrated marketing strategy to fully leverage virtual booth displays Identify and engage prospects in and outside the booth Gain visibility during live sessions Host virtual hospitality events MEET’s Virtual Trade Show System can help. Now’s the time to claim your “cheese” and get a leg up on the competition in a new market. Plan, Prepare, and Preform. Launch your virtual trade show strategy TODAY. About

 MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Market-Entry

Q&A with Bill Kenney on the Future of Trade Shows

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Are in-person trade shows gone forever? That’s a good question. It seems pretty unlikely that in-person trade shows and events are gone forever. We’ve already seen some events come back on the calendar and believe that the advent of a widely available vaccine will be a big milestone in the general return of large in-person gatherings. That said, the industry may forever be altered with so many more virtual platforms now on the market. What type of new opportunities exist in virtual trade show platforms? Virtual trade shows are an interesting space. We just surveyed about 35 platforms to get a sense of the industry. Some have been up and running for 20+ years while others haven’t been around for 20 weeks. From a functionality standpoint, there are definitely some differences. Some platforms offer many of the same functions as a typical trade show – main stage, breakout rooms, exhibit booths, sponsor promotion, and networking functionality. Others are more focused on specialty functions such as networking. These platforms typically emphasize matchmaking and reduce much of the trade show functionality and capacity. Has anything been lost? There are some really good platforms today but it’s hard to imagine that anything will replace meeting people face-to-face. Shaking someone’s hand and looking them in the eyes, for most people, is a fundamental part of relationship building. What’s the best way to adapt an in-person trade show strategy to virtual? We wouldn’t necessarily suggest adapting an in-person strategy to virtual. Rather, we suggest looking at an integrated strategy. As much as we are confident that in-person events will come back, we believe that virtual events are here to stay and believe that many organizations will need to augment their in-person schedule with more frequent, more targeted virtual events. The efficiencies are just too great. When looking to develop an event marketing strategy, we suggest three basic steps: Identify your target and be super specific – the more narrow, the better Identify the events and/or create events that attract your target Identify the value proposition and offer that attracts and converts your target How can MEET help? MEET can handle the process from A to Z, from strategy to execution to measurement and continuous improvement. For about half of our clients, we are their first employees in the U.S. so we are adept at operating independently to establish early traction and a sales system. The other half of our clients have existing U.S. offices and operations and we come in much more as an accelerant and force multiplier to help the company scale quickly. About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Uncategorized

The Less Obvious Benefits to Measuring Trade Show ROI

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There are many reasons for measuring trade show ROI. The most obvious: to improve marketing performance. After all, without baseline metrics of your returned value, it’s impossible to know where and how to make improvements to maximize the results of your in-person event strategy. At MEET, we’ve identified a number of benefits to measuring trade show ROI for our clients, some of which are less obvious. In this post, we’d like to share two rarely considered benefits to measuring trade show ROI and nailing a performance-based strategy for growing your company. The ROI calculation Calculating ROI is a critical measurement for any marketing strategy. On the surface, it’s a fairly easy equation with two variables. ROI = Gains – Costs / Cost In other words: ROI = Delta / Costs Efforts to maximize trade show ROI boil down to decreasing costs and/or increasing gains or both. (For more on the intricacies of calculating ROI, including the multiple ways to understand gains, check out this post. ) ROI as a relative performance tool Once you understand ROI as a set of variables, it becomes easier to see how this data can be used as a relative performance tool. In the beginning, all trade show ROI data will be abstract measurements of an individual event’s performance. Overtime and year-to-year, period-to-period, or event-to-event, this data can be used to evaluate ROI comparatively, informing how your marketing strategy is progressing (or failing to progress). For more on how to develop a metrics toolkit that works for you, check out our recent webinar: Benchmarks, Goals, Metrics and ROI, Everything You Need to Know About Measuring Trade Show Results.   Use data to empower your team A rarely considered benefit to calculating trade show ROI is how this data can be used to empower your event team. Performance without goals is like a race without a finish line, i.e. impossible to measure success. Optimizing your event team’s results requires clear expectations and benchmarks that both guide and inform their unique function within a broader marketing strategy. We recommend using trade show ROI data as part of your pre-event training activities. You’ll be surprised by how motivating and affirming these metrics can be, particularly at trade show events that require sustained focus and physical stamina. Help event hosts improve your trade show ROI Once you’ve developed a comparative trade show ROI database: Note which events are at the bottom of your performance ranking Make some assumptions about why this might be the case. At MEET, we do this assessment on a quarterly basis for our clients. We then take this data and approach the hosts of these events as partners. After all, trade show success is a win-win for exhibitors and hosts, making trade show ROI a shared goal. On behalf of our clients, we ask hosts how we can improve our performance at their event. Assuming you’ve done your event selection research and determined the most effective booth strategy to attract your target prospects in attendance, improved performance may only require a few simple adjustments. Back to our ROI formula, these adjustments will either reduce costs or create higher gains. Whether it’s by discounting exhibiting fees or moving your booth to a location with higher floor traffic, there are a variety of ways that event hosts can, and are willing to, work together to improve your trade show ROI. In our experience, event hosts are extremely open to making these adjustments when met with an exhibitor who is approaching their participation strategy from an analytical versus emotional perspective. Measuring trade show ROI removes the elements of chance and surprise that many assume are part and parcel to any marketing strategy. The truth is, there’s more to know than you might think. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. About
 MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Return on Investment

A Lesson in Maximizing Trade Show ROI from Great Bakers

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  What is there to learn about trade show ROI from great bakers? The answer: ratios. For example: Bread = 5 parts flour : 3 parts water Cookies = 3 parts flour : 2 parts fat : 1 part sugar The beauty of understanding baking from the perspective of ratios versus recipes is that it opens the baker up to a world of exploration and a higher likelihood of success. At MEET, we like to use this baking analogy when making the case for maximizing trade show ROI. In fact, we like the analogy so much, we’ve designed two cookbooks for our clients: The Sales Management Cookbook and the Exhibitor and Trade Show ROI Cookbook. Here’s a preview of how they work. The Sales Management Cookbook MEET’s Sales Management Cookbook is a great tool for establishing baselines for your existing marketing and sales strategy. Through simple calculations, the Cookbook empowers Managers with key data points such as the average value of a customer, and the ratio of suspects and prospects to new customers. Critical Definitions: Prospect – has a need, money, and is urgent Customer – someone who pays you money For example: to understand the average value of a customer, take your total revenue for the most recent 12-month period and divide it by the number of customers you invoices. No need to over-complicate it—it’s just that simple. To figure out the ratio of how many suspects are needed to deliver a new customer, you’ll need a variety of inputs from within a discrete-time period, including: # of suspects engaged (for example people who approached your booth at a trade show) # of suspects qualified as prospects # of prospects who agreed to a first meeting # of proposals submitted # of contracts signed # of 1st orders From there you’ll be able to determine how many suspects were needed to deliver a new customer. You’ll then be able to use this benchmark data to inform your sales and marketing strategy with knowledge-based decisions around where investments are needed. (For a visual, step-by-step demonstration of how we did these calculations and others, check out our recent webinar: Benchmarks, Goals, Metrics and ROI, Everything You Need to Know About Measuring Trade Show Results or feel free to reach out and we’ll send you a sample.) The Exhibitor and Trade Show ROI Cookbook What makes the Exhibitor and Trade Show ROI Cookbook unique is not simply the math but the science. In measuring for trade show results, it’s critical that you understand two things: The variety of functions in and outside the booth that contribute to trade show ROI. The target of your marketing strategy, which is roughly 1% of trade show attendees, i.e. quality/quantity. Remember, prospects have to have a need, money, and urgency. For more on MEET’s approach to trade show staffing in and outside the booth, check out this post. For more on narrowing your target prospect, check out this post. Understanding the science behind trade show ROI strategy will dictate where and how you measure success. Our Cookbook will help you break down your strategy into a series of activities, goals for each of those activities, and how to incorporate basic data inputs from your Sales Cookbook, e.g. average revenue per customer. For a quick tutorial of how to calculate trade show ROI using this tool, we recommend that you tune into our recent webinar or set up a call. We’re happy to walk you through it. What do MEET Cookbooks spit out? Management gold. Your Cookbook results may indicate that each member of your booth team needs to find one new, qualified prospect every 15 minutes to meet your trade show ROI goals. The beauty of having a clearly defined objective like this is that it makes the work more rewarding, easier to manage and incentivize. Boiling down the practice of marketing to a numerical science opens the doors to a world of results-driven innovation. What’s amazing is how many scaling companies operate without the slightest idea of how their marketing investments are helping (or hindering) to achieve their goals. Cookbook tools have the ability to inform every aspect of your marketing and sales strategies—from goal-setting and event selection to staffing and management. So throw on an apron and get baking. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. About
 MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

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