Trade shows are great opportunities to showcase your products and services, but also to learn more about your competitors. Knowing what they offer, how they market themselves, and what their strengths and weaknesses are can help you improve your own strategy and gain an edge in the market. But how do you learn about competitors before a trade show? Here are some tips to help you prepare.
The first step is to do some online research on your competitors. Visit their websites, social media accounts, blogs, and newsletters to see what they are promoting, what features and benefits they highlight, and what feedback they get from customers. You can also use tools like Google Alerts, SimilarWeb, or SEMrush to monitor their online presence, traffic, keywords, and ads.
By using a comprehensive online research strategy, businesses can glean critical information to inform their trade show approach and position themselves strategically in the competitive landscape. Here's how to do it: 1. Explore competitors' websites, social media profiles, and online content to understand their product offerings, marketing strategies, and recent achievements. 2. Analyse customer reviews, industry forums, and news articles to gauge customer sentiment and identify potential pain points. 3. Utilise competitive intelligence tools and platforms to track online mentions, assess market positioning, and uncover shifts in strategies. 4. Engage with industry influencers and thought leaders to gain perspectives within the market.
A good but underrated resource is their ratings on review platforms, discussion forums. You can use AI or just read through for the highlights, pain points that people share. This serves as important content that you can incorporate in your battle cards
The next step is to analyze their materials, such as brochures, flyers, catalogs, and samples. You can request these from their sales reps, download them from their websites, or find them at other trade shows. Look for their unique selling proposition, their pricing, their design, and their quality. Compare them with your own materials and see how you can differentiate yourself.
The third step is to talk to their customers, either directly or indirectly. You can do this by attending networking events, webinars, or forums where your target audience hangs out. You can also use social media, surveys, or reviews to find out what they like and dislike about your competitors, what problems they have, and what solutions they are looking for. You can use this information to tailor your pitch and offer value.
Look up people on Twitter (X) or on review platforms, reach out to the reviewers (both positive & negative) on LinkedIn or Email seeking their feedback. If someone has taken the time to talk about it online, it means they care about and understand the problem statement you are solving for
The fourth step is to visit their booths at the trade show, either as a visitor or as a spy. You can observe how they display their products, how they interact with attendees, and how they handle inquiries and objections. You can also ask them questions, collect their materials, and sign up for their newsletters. You can learn a lot from their strengths and weaknesses, and use them to improve your own performance.
A good test here would be to test the common objections you hear for your products/ services and see how they respond to it. Also keep an eye out for case studies
The fifth step is to network with their partners , such as suppliers, distributors, or influencers. You can do this by attending industry events, joining associations, or reaching out via email or social media. You can ask them about their relationship with your competitors, their satisfaction, and their challenges. You can also offer them your value proposition, and see if they are interested in working with you.
Once while speaking to someone who had worked formerly with a much larger competitor, we realized they had gone through a similar journey as we were planning and had rolled it back due to technical & scale issues. That allowed us to be more aware of these challenges in future and accordingly course correct before spending a lot of time on it
The sixth step is to follow up after the trade show, and keep track of your competitors' activities. You can do this by reviewing their materials, visiting their websites, following their social media, and reading their newsletters. You can also contact their customers, partners, or leads, and see if they are happy with their products or services. You can use this feedback to adjust your strategy and stay ahead of the competition.