Trade shows are prime opportunities for competitive intelligence. They allow you to see your competitors up close, learn about their latest products, and gather information that isn’t available online or in brochures. To make the most of this opportunity, having a strategic plan is essential.
Before the show, obtain the show floor plan and exhibitor list. This will help you identify which competitors will be present and who is sponsoring the event. For instance, if a competitor has upgraded from a small booth to a much larger one or is listed as a Gold-level sponsor, it indicates their growth and performance. Plan your strategy by determining the questions you want answered and assigning team members to gather promotional materials from competitors. Divide the floor plan into sections to avoid overlapping efforts.
During the show, designate one team member as the point person for information collection. Directly approaching a competitor’s booth and hiding your name tag isn’t advisable since companies are aware of such tactics. Instead, engage with company representatives in a friendly manner, identifying yourself as a fellow professional. People often share more with peers and potential clients than with direct competitors. Additionally, suppliers and non-competitor firms can be valuable sources of information as they interact with your competitors.
When gathering information, don’t overlook the basics. Note the size and design of competitors’ booths, the demeanor of their staff, the materials and gifts they distribute, and which booths attract the most traffic and why. This information can enhance your marketing strategies and help you gauge your performance against others.
After the event, promptly compile and deliver the collected information to those who can act on it. Timely intelligence is crucial for making informed decisions; old data loses its value quickly.
Attending trade shows with a clear action plan allows you to not only promote your company but also gain a deeper understanding of your competition. With a bit of preparation, you can walk away with more than just promotional materials and freebies—you’ll have valuable insights into your market.
