A survey of more than 100 managers, directors, and C-suite occupants at life-science companies found that the marketing function has gotten a greater chunk of the total budget in the past year—and exhibitions are among the most preferred areas to spend that money.
To start, the annual Health & Life Science Marketing Trends Report from SCORR Marketing found that 49 percent of companies devoted at least two percent of their yearly revenues to marketing in 2023, with 26 percent spending at least five percent. These figures are very close to those from 2019, says the report, and are far ahead of the 39 percent of firms that devoted at least two percent to marketing in 2022.
As for where those larger budgets are going, trade shows and events were the most common big-budget item, said 55 percent of respondents. In fact, exhibition presence saw a notable increase in investment in the past year: 56 percent of respondents’ firms increased the amount they spend on trade shows.
One other sign of the value of exhibitions to life-science firms: Although nearly 75 percent said their companies outsource at least some marketing work to agencies in the last year, the most likely activities to be kept in-house were strategic planning, social media, and trade shows; more than 50 percent said that was the case at their firm.
Interestingly, while social media occupies a small share of budget among nearly all respondents, it ranked as one of the best-performing online marketing activities. When asked to rate the effectiveness of various digital tactics on a scale of one to five, social media had an average rating of 3.60, behind only case studies at 3.61. LinkedIn, YouTube, and X (formerly Twitter) were the most-preferred channels.
HCEA Annual Convention Set for August
Among the people most likely to be interested in these marketing trends are attendees of the Healthcare Convention & Exhibitors Association’s 2024 Annual Meeting, happening August 14 to 16 in Tampa.
With a theme of “Growing Stronger Together,” the event will also focus on the role of food and beverage in creating interactive opportunities and memorable experiences at meetings and trade shows. In that vein, HCEA has secured Tracy Stuckrath, founder and president of thrive! meetings & events and the host of the "Eating at a Meeting" podcast, as its opening keynote speaker.
Stuckrath will discuss how show organizers and exhibitors can reimagine the role of catering in their hospitality experiences to create stronger attendee engagement. She will also address how aligning catering choices with broader health, inclusion, and sustainability goals can strengthen brand image, impact, and loyalty.
