Estimated reading time: 5 mins

This post is the latest installment in our series on developing and funding a new product for pharmaceutical companies.  (Click to read earlier posts that evaluate bootstrapping versus investor funding.)

Once you’ve developed a product and secured funding for it, whether by bootstrapping or relying on investor funding, you’ll need to get the word out about your product.  The first place to start is your network. Beyond that, one of the best (and often overlooked) ways to both promote your product and expand your network is to attend association meetings and conferences.  

Benefits of Attending

“There is no substitute for attending live, face-to-face professional development conferences relevant to your business/career goals and needs. When you make the investment of time and money you return to the workplace with a renewed sense of purpose, armed with new knowledge and tools as well as valuable new contacts that can turn into long-term relationships. These benefits will help you grow personally and more importantly professionally.” Heidi Richards Mooney

The first benefit of attending a professional conference is that you can expand your network of colleagues and like-minded professionals.  “Today, probably even more than ever before, networks are a key form of social capital for achieving goals in both your professional and personal lives,” says Dorie Clark, via Harvard Business Review.  Meeting other professionals who have similar passions and goals not only benefits your network but also gives you access to the thought processes on individuals who face the same types of problems that you do.

Another networking aspect of attending professional conferences is that you’re likely to run into people you already know.  This helps to revitalize and solidify your relationship with these individuals.  In fact, it’s often worth the effort beforehand to find out if anyone you know is going so that you can touch base with them during the conference.

When you attend a conference also frequented by field experts and thought leaders, you have the opportunity to compare notes with them, bounce ideas off of them, and possibly even harness their network by asking them to put you in touch with prospective clients.  You might also be able to extend the relationship beyond the conference and obtain a new mentor or business partner.

If you are looking for collegial recognition as an expert in your own right, frequently attending and participating in conferences is a necessity.  “One of the biggest benefits my career has experienced from attending conferences is how much they have raised the visibility of my company among my peers. Consistently going to events, meeting more people, and publicizing the trips has enabled me to become somewhat well known in my industry. Doing this will enable you to leverage that visibility into even more publicity – most of it for free,” notes Wendy Piersall at monster.com.  Not only will you meet people face-to-face, but you’ll be able to share what you’ve learned with those who couldn’t attend the conference.

Conferences have benefits aside from networking.  One of the biggest is finding resources such as vendors, technology, and other tools that could benefit your business.  “Most professional conferences include vendors whose reason for being is to connect with you and educate you on their latest and greatest products and services. You may find new tools you were unaware of, tools that could provide a solution to problems your company, or your customers, are facing.” Allen Mireles, cision.com.  

Along the same vein, attending conferences enables you to keep abreast of industry trends and market trajectories.  This knowledge could be especially valuable when you make business decisions.  You’ll also have a better grasp of your own product’s positioning within the industry.

When you are surrounded by individuals within your area of expertise, you also have the opportunity to get technical.  You may learn new ways of solving existing problems or discover revolutionary tools still in development.  This type of camaraderie among peers may even lead to a renewed passion for your business.

How to Participate

“When you are active in your industry, you can develop a reputation as an expert to your peers and your clients.  Those who are engaged over the long term are often asked to speak at the events and to write articles for their industry publications.  Like it or not, others like to associate with the experts in any industry.  Clients feel good about doing business with those that are celebrated by their peers. If your strategy is to be the best-kept secret in your business community, you will be missing a valuable opportunity.” Thom Singer, MasterCard Biz.

Once you’ve found the conferences you’re interested in attending, there are several ways to participate in them.  The first is to volunteer for a leadership position.  This might include helping run the conference, find speakers, and organize events.  You can also usually volunteer as support staff, which assist with setup and teardown, registrations, etc.  This is a great way to meet insiders and perhaps even get enhanced access to guest speakers and other influential attendees.

Another way to participate is to become a speaker.  If you have expertise in an area that overlaps with the conference’s agenda, you may be a welcome addition to the other experts coming to offer their insights.  Speaking at a conference gives you excellent exposure to potential clients as well as increasing your opportunities for networking.  

You can help maintain your post-conference network by keeping in touch with members after the conference has ended.  This not only allows you to keep them within your network, but it offers the possibility of collaboration on mutually-faced challenges.  The conference may also have a local chapter that you can join.

Carving Out Time to Participate

If you’re like most professionals, particularly those who own their own businesses, work doesn’t stop merely because you go away to a conference.  Making conference activities a priority while managing other demands can be tricky and will require advanced planning and a fair measure of determination.  Here are some ways to to balance conference participation with business as usual.

The first is to allot dedicated time to just conference activities.  Mark it on your calendar, let your staff know, and turn off devices that can reach you while you’re participating at the conference.  Another way to get the most out of your time at a conference is to carve out time to work on office matters offsite.  This will enable you to focus better and reduce office and conference bottlenecks.  Keep in mind that it might not be possible to delegate conference activities to staff who don’t share your drive or may be looking to leverage a conference building their own personal networks.  

As we’ve seen, investing the resources to attend and participate in conferences can be well worth it, especially if you need to broaden your network.  The few days away from your office can also help to rejuvenate you professionally and expose you to new tools and solutions.  My own personal experience attending and participating in HIMSS (Healthcare Information and Management Systems Society) and other conferences and organization meetings for more than 25 years has been invaluable for all of the reasons outlined above.

What benefits have you gained from professional conferences and memberships? How have you juggled career responsibilities with conference participation?