Understanding your competition

As you look for attending or sponsoring an event for growing your business, you must know your competitive advantage. What differentiates you from your competition? The only way to understand your competition is by doing full research on their products,services and market share. The point is not to copy them but to create unique value proposition. When we differentiate ourselves from our competition, we naturally become the major player in that segment of marketplace. You should  attend events that brings you closer to your competition. Doing initial research before attending industry events helps you to create opportunity for partnership with competition.  Determine if the company is public, private or a subsidiary. If it is a private company then you can look at their website, press releases, executive bios,media coverage, products and services, clients and case studies,marketing strategy, job postings and headquarters. The website also can tell you more about the social media activity. The brand awareness, consumer education, customer loyalty and sales of your competition helps you to understand the shoppers behaviors. Also the articles and news in the web search engine news and alerts,local business newspapers and executive interviews can help for initial research. Following associations and conferences that your competition is currently  attending would be helpful to create your differentiation strategy. You can also look at their credit report and government filings. Knowing your competitors vendors also helps you to create opportunity for long term relationship with them in the marketplace. When you are fully prepared before attending the events you are more engaged and are able to follow up efficiently with your future clients after the event. It also helps you to ask the right questions during your experience in the live events. Taking pictures of your competition and their services products will help to share them with your internal team to create internal differentiating strategies. Find out the expertise of your competition, how online shopping is executed and  how promotions are executed. Do they have a video ads,mobile ads, mobile loyalty and coupons? Do they have their own mobile app and tablet apps? Understand that the competition is also dealing with human beings. Find how they connect with core human needs – connection, self-expression and explanation. Find out how they build community and educate their clients on their products and services.
If you want to be more prepared before you attend you next event and want to maximize your event experience, talk to one of our specialist at www.maximumeventexperience.com
At Innovation Works we believe that life happens only once and each of us deserves to maximize their event experience by personalization and knowing themselves better with each event experience.