Use Trade Shows to Learn about Customers and Competitors

Before the show begins, familiarize yourself thoroughly with the competition. Read their materials and look carefully at their displays. Then use that competitive knowledge to gain more information. Talk to people, ask lots of questions, pay attention.

Some of the best information on your competitors comes from customers. That´s one of the many good reasons to talk to as many people as possible at trade shows. Every prospect has information you need, even if they don´t want or need your products. What are they interested in? Who do they buy from? Why? How much do they buy? When? At what price? The answers don´t have to result in a sale to be valuable. You can scout out new suppliers, scope out new and existing competitors, partner with allies and even shop for other trade show venues -- all by listening to what these important visitors tell you.

If you see your competitors´ materials in the hands of a visitor, ask them what they think of the company, its people and products. How do their prices compare? It never hurts to hear from decision-makers about what they think is important. Also, people like to be asked their opinion. It makes them feel important. You´ll be surprised at just how much information some people are willing, and eager, to share. Ask them and they´ll probably tell you.

Most of this information is never written up or printed anywhere. It resides inside people´s heads and won´t come out unless they talk to someone. Why shouldn´t it be you? Make contact. Join the human network; it´s the most valuable (and inexpensive) network you can access. Attending conferences, conventions and trade shows is still the best way to make connections and gather intelligence that you can use yourself or pass along as "inside" information to a customer, prospect, vendor or partner.

While you´re at the show, remember to regularly pool research information with team members. Individual observation should be balanced with group intelligence to help put the big picture into focus and widen the perspective. A group can gather far more intelligence than any one person can collect alone. Comparing notes before, during and after the show will spread that knowledge around and could also point to information gaps that you should be filling.