Marketer’s takeaways from ASCO 2019 - Part 2
Combination of shock, awe, and inspiration- Part 2
The American Society of Clinical Oncology Annual Meeting took place in Chicago May 31 to June 4, 2019
Background: Over 40,000 people converged on Chicago’s McCormick Place recently for the 2019 ASCO Annual Meeting. It resembled every major medical conference I have been to- people, advertising, and scientific promise everywhere.
PART 2: A Sea of Non-Confidential Confidential Conversations
Giant medical conferences like ASCO accomplish a lot. There is a deep and wide distribution of scientific findings, people with a shared interest are in one spot at the same time, and business deals get done.
If you haven’t been to such a meeting, it is a sight to see. Imagine the largest convention space you’ve been in filled with people with free tote bags with product logo’s, long lines for transportation, and constant visual stimulation via posters, monitors, and exhibits. Every evening, after the scientific sessions have ended, there are at least a dozen reception options for conventioneers. Have cocktails while non-profits raise money, have dinner with a vendor, or go to a company-sponsored buffet presentation as they present their latest breakthroughs. I find the marketing observations nearly as inspiring as the amazing science presented.
There are people everywhere. Every coffee shop, hotel lobby, and hallway bench is filled with people talking deals. Scientists are pitching investors, consultants pitching companies, recruiters pitching professionals… all in the spirit of buying the future and a healthy return on investment.
I’ll bring the story back the hotel’s executive lounge (assuming you read Part 1). It was shocking the number of groups of two to ten that I saw sit down, had everyone sign “confidentiality agreements” and then began pitching propriety technology and investments while surrounded by strangers. This was not exclusive to the lounge; everywhere you walked, there were groups packed next to one another, each huddled with legal documents and PowerPoints.
...if anyone else knew about this...
You could not help but overhear pitch after pitch. This one alpha deal maker in the lounge (he was the ultimate “loud talker”) joke about the exclusivity of his deal and “if anyone else knew about this” comments. Perhaps the overstimulation of the thousands of people, high decibels, and time urgency numbed their judgment to present in such a packed public forum.
My takeaways:
Pitching deals in public while having people sign confidentiality agreements tell me the pitching party is motivated by:
- presenting to as many targets as possible (quantity vs. quality)
- unconcerned about the target’s comfort to ask deep, serious questions about the matter
- thinking like a seller and not a buyer
It seems to me that the atmosphere of a pitch should match the business proposition. If people are going to ask for an investment in a public place, leave out the junior-league NDA signing process (everyone around you can hear and see you) and get on with the pitch. Alternatively, if the deal is serious and the confidentiality means something, rent a meeting room to honor the importance and sensitivity of the conversation.