Case study: Reverse Expo Adds $40,000 to B2B events

Company: Md Publishing 

Key Executive: Jamie McKelvey, Vice President of Sales

Initiative: Reverse expos for B2B events

Summary: A reverse expo can add $40,000 or more to some B2B events, according to a case study from MD Publishing, whose six events are responsible for a large share of company revenues. Here’s how they did it.

 MD Publishing’s mission is to keep medical equipment professionals and healthcare employees up-to-date on industry news. It serves three niche verticals: biomedical engineers, nurses, perioperative professionals, and imaging directors and managers. Four glossy publications generate approximately 50% of their annual revenue, but this company also provides six conferences, three webinar series, and consulting services. 

The most significant conferences, MDExpo and ICE, held on the East and West coasts,  also provide a significant share of the revenues and support the company’s goal of cultivating a community of readers and advertisers by bringing them together. The conferences focus on exchanging innovative solutions and fostering highly valued face-to-face contacts. 

After hearing about Reverse Expos in 2015, MD Publishing decided to host one of their own at their next event. 

Strategy

The MDExpo’s reverse expo uses a “speed dating” model to give exhibitors time to speak with industry leaders. These are timed conversations with exhibitors rotating every ten minutes to speak with a different industry leader and are held on the first day of the general conference, so it also serves as an ice-breaker.

Exhibitors pay extra to attend, and the number allowed is based on the number of industry leaders committed to participating. This event provides critical in-person interaction with decision-makers, so the event always sells out.

“We keep the ratio of leaders and vendors equal. If we have 30 leaders participating in the leadership summit, then we will only allow 30 or fewer vendors to buy into the reverse expo,” McKelvey said. 

The larger conferences, like the upcoming MD Expo in Orlando, have over 100 exhibitors, while ICE, the next largest conference, will have approximately 60 exhibitors. Not all exhibitors can buy into the reverse expo, which creates a sense of F.O.M.O and guarantees a hot ticket for revenue generation.

 “The opportunity to buy into the reverse expo is on a first-serve basis since there is limited access,” McKelvey said. 

At the MD Expo, the reverse expo is limited to three hours, allowing for up to 18 one-on-one meetings. Since this does not allow time for exhibitors to meet with all industry leaders, MD Expo provides participating exhibitors with basic information on each industry leader in the reverse expo. “The vendor submits their wish list of leaders they want to meet with. The wish lists are entered into our software and generate individual schedules for everyone involved,” she said.

To attract top-quality leaders, MD Publishing invites individuals of desired rank and title to attend the Leadership Summit, while other individuals are vetted through an open, online application process. These leaders come a day early to participate in a private track explicitly tailored for their caliber of title. This  Leadership Summit track includes “1.5 days of education and networking, as well as cocktail hours and meals, specifically for this group.”

When the leader is accepted into the Leadership Summit track, they also agree to participate in the reverse expo on the first day of the general conference.

At the reverse expo, each of the 40 decision-makers sits at their own table. Exhibitors sit directly across and have 10 minutes to talk one-on-one before moving on to the subsequent decision-maker on their schedule.

“The burden is on the vendor. They have a set amount of time to introduce themselves, and their product, and position their resources as the best for needed time or cost savings,” McKelvey said.

“The allotted 10 minutes, if used correctly, is a great way to break the ice, qualify the leader’s interest, and invite them to a longer conversation sometime throughout the general conference.”

Attendees who have purchased a traditional booth at the event typically pay around $2,500. The reverse expo is an additional cost, typically $1,250 for the first vendor and $750 more for additional people from the same company. Attendees in the reverse expo must be registered exhibitors who have paid for a  booth.

Results: 

• “It helps break the ice for the rest of the event and starts the conversation with key decision-makers. You are no longer a person with a name tag.” 
• NMI estimates that the additional revenue at about $1000 a person, or  $40,000 to $50,000 range for a 40-exhibitor event. 

Lessons learned 

• Part of the reverse expo’s success is the sheer horsepower represented by the level of the decision-makers invited, and creating exclusivity. “100% that is part of the draw to participate. Plus, this group has the opportunity to learn and interact with their peers.”
• MDExpo’s website markets the event with a full page on the website. The value proposition, that buyers represent  360 healthcare facilities and a purchasing power of $1 billion, is fully conveyed with a large visual on the page.  
• “Lean on your team. We do not hire outside staff to operate our events. We take MD Publishing employees well-versed in key areas, i.e., individuals from our social media, web, art, and sales teams,” she said.