Medical congresses and trade shows are goldmine of high quality competitive intelligence. They offer an excellent opportunity to gain insights into competitive landscape, competitors strategy, new products, R&D, evolving paradigms, new launches, positioning and messaging, views of KOLs etc. Some of the key factors that make congresses and trade shows superior competitive intelligence gathering opportunities are summarised here.
- The ‘density of the respondents’ i.e. number of people who can be approached for intelligence collection per unit area, is relatively high.
- Secondly, with the in/out flux of respondents, there are multiple opportunities to engage in conversation for intelligence.
- Because of the intrinsic nature of the event, most respondents are willing to talk and disseminate information.
- In case of pharmaceuticals, for most therapy areas, there are at least two congresses in a year- one in the US and another in the Europe. Similarly, there are European and American counterparts for medical devices and diagnostics conferences. This further increases the opportunities of competitive intelligence gathering.
- The amount of intelligence that can be collected from conferences and trade shows is extremely high. Moreover, the intelligence is fresh and can be collected in a relatively short time period - usually the duration (3-5 days) of the conference.
- The intelligence gathering by a third party vendor is efficient and circumvents the issues associated with in-house efforts.
- As a supplier of competitive intelligence, we notice that the ROI for intelligence gathering from conferences is ~3-4 times higher than those of similar desk based intelligence gathering efforts.