Virtually all exhibitors at trade shows budget time for surveying their competitor’s merchandise and latest offerings. Is there a better forum for competitive analysis? Trade shows offer us the chance to come face to face with our competitors, learn of their plans, and uncover information that may not make it onto their web sites and into their brochures. To make the most of this opportunity, a Trade Show game plan is essential.
Before the show obtain the show floor plan and exhibitor list. This will give you an idea as to which of your competitors will be promoting itself and who is an event sponsor. How they are sponsoring may give you some insight into how they are performing. For instance, if a competitor that has rented a 10’x10′ booth has now booked a much larger booth space or is listed as a Gold level sponsor, that tells you something about its performance. Before the show determine your plan of action, establish the questions you want answered and ensure that at least one of your team is responsible for picking up the competitors’ promotional materials. Divide the floor plan into areas of responsibility so that you will not be stumbling over each other on the floor.
At the show single out one team member as the point person – the information collector. Obviously, you cannot go up to a competitor’s booth, hide your name tag and start asking questions. Most companies are very aware that they have competitors out there trying to collect information. However, it is a fact of nature that everyone talks more than we should. Approaching a company rep in a friendly manner and identifying with him or her as fellow professionals is often a useful tactic. People like to talk to their peers, those we can relate to and with whom we can share experiences. Potential customers, suppliers and non-competitor firms also have their ears to the ground, and also talk to your competitors. A competitor may reveal more to a potential client than to you, which makes a client a valuable source of information.
For your report -don’t forget the obvious. What size booths do your competitors have; how well are they designed; who is their booth staff; what collateral materials and gifts are they handing out; which company seem to be receiving the most traffic and why? Such information can assist your own company’s marketing efforts, and is also useful for measuring your show performance with others.
After the event it is important to combine what you have collected and deliver it as quickly as possible to those who can use it. Don’t let this important step wait: old intelligence may be interesting, but it is of little value.
Going to trade shows allows us to get “up close and personal” with those we are observing on a daily basis. With some simple preparation, attending a trade show with a clear action plan can produce more valuable information than is found in a tote bag full of pamphlets and free pens. In addition to promoting your company, you can walk away from the show with a better understanding of your competition.
