Trade Show Competitor Intelligence Gathering
This article, how to Gather Trade Show Competitor Intelligence, offers an interesting perspective on collecting Insight on your competitors.
Trade shows are excellent sources of competitor information. You can collect competitor brochures and other marketing materials at trade shows, but there is much more you can find. It is a fantastic opportunity to get some great Intelligence on your competitor’s future intentions.
Don’t miss the opportunity
If brochures are all you collect, then you’ve missed a significant opportunity to learn more about your competitors. Trade shows offer a chance to take a fresh look at your competitive landscape. You will get an up-to-date of what’s happening. Who’s doing what, and what new products are on display?
Try to understand why your competitors are attending and what they tell the world. What new products are on display, what benefits are they claiming, and how are they marketing themselves? Which company has splashed out on a bigger booth? Who’s had to cut costs and had to get a smaller one? And which competitor is not going to be there? Are any new competitors presenting for the first time? Also, are there any alliances being created? What seminars, product presentations, and demonstrations are planned? Remember to ask why to all of the above.
Preparing for the trade show visit well before you attend is wise. Isolate the companies who are going to be there. Study your competitors from afar and try to understand why they will attend. Get an exhibitor floor plan and see which of your competitors have the best pitches. Which ones are located at the back and will not get much footfall? Are they found in the same place as they were last time? What does all this research tell you about what your competitors focus on and their current position in the market?
Like everything associated with Competitor Intelligence, thinking about what you want from the trade show visit is essential. Set some objectives and determine the questions you need to answer. Also, it would help if you worked out how and what questions you will ask those representatives at the booths.
At the show
There are many ways to approach the actual visit. Depends on how important you see the trade show and how much budget you must spend. Trade show Intelligence is best done as a team exercise. So your team can visit several booths simultaneously and repeat booth visits to ask a different question with a new face.
Hit a booth with two people. One to talk, the other to listen and to judge the response from other visitors. Trying to interrupt the salesperson while talking to your colleague can sometimes reveal great answers.
It’s best to compare notes regularly, but if your budget allows, why not book a hotel room next to the exhibition hall? Why? Use the space as your Intelligence Centre. Whiteboards and post-it notes around the room with the agreed questions displayed. When you find the answer, fill it in. If someone disagrees or has supporting material, it will all come together immediately. Have boxes at the ready for competitor marketing material and put them in order. The order you place them in is entirely up to you and will be evident at the time.
Have other people read the marketing material and analyse the information you have found. So, know what position you are in straight away. Having an intelligence centre nearby will also reveal what you haven’t discovered yet. It is better to find out you need more information with 5 hours to go before the trade show shuts than the next day when it’s all packed up. What new products and services do you need to find out more about? Try and get to the show early or the night before. Find your competitors in the hotel bar, and they will start talking shop as the drink flows. Complain about the boss, boast about their new product and many other things.
Arrive early at the show and look for your competitors. Assess who is on the stands and assess how popular their stands are. Listen to other visitors’ conversations, too. Are salespeople happy and motivated? How do they sell? What’s their approach? What benefits and features do they focus on? Do office juniors entirely staff the stand, or are senior directors attending?
When you go to the stand, how are you greeted? Do they ask who you are and what you are looking for? Near the show’s end, you will find tired, less motivated staff working the stands. You may get junior salespeople looking to make a name for themselves. Ask the questions you need to know.
After the show
After the show, determine what you have learned and what else you need to know now and build a report answering the questions. Make sure the Intelligence found is communicated and used. As with all Competitor Intelligence collections, staying ethical by adhering to the SCIP code of ethics is essential.
Trade shows present a unique environment for collecting competitive intelligence, with opportunities to observe competitors in a dynamic setting. This article offers specialized strategies for maximizing the potential of trade shows, focusing on observational techniques, engagement tactics, and analysis of competitor behaviours and interactions.
Delving deeper into the Trade Show Competitor Insight Collection realm, it becomes imperative to understand the nuanced strategies and tactics that can be employed. This involves the active observation of competitor behaviour and interactions and the subtle art of gathering insights through conversations and networking. Integrating this approach allows businesses to draw a comprehensive picture of competitor strategies, enabling them to anticipate market shifts and adjust their strategies accordingly. By harnessing the potential of the Trade Show Competitor Insight Collection, businesses can gain a competitive edge, identifying opportunities and threats in real-time and adapting to the dynamic trade show environment effectively.
Collecting Competitor Intelligence at Trade Shows
In conclusion, attending trade shows can give you a wealth of information about your competitors. You can find out what products they are selling, how they are selling them, and what marketing strategies they use. All of this information can help you improve your own business. So, if you can attend a trade show, be sure to take advantage of it! This article was called How to Gather Trade Show Competitive Intelligence by Octopus.