Although market research is as old as commerce itself, it is something that is often neglected by event organisers, who are often short on time, or simply do not know better. In fact, most marketing research requires advanced skills in academic research methods or social science data analysis.

Why do you need market research for your event? What is target market research? How can you conduct a market study? How can this be beneficial for your event? These are just some of the questions that will be answered in this article.

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What Are the 4 Main Purposes of Market Research?

1. Discovering new opportunities for business growth.

A company must realize that market research is more than just learning about trends and consumer behavior, and that market research can provide you with a wealth of information. Through the use of the information provided, your organization may be able to discover new revenue streams for your business if you identify opportunities through the information given. Besides opening up new channels of revenue, market research can also reveal opportunities for businesses to pivot as a result of certain challenges they are facing. In the world of business, pivoting can either be a dramatic or small change, but in either case, the overall goal is to change the business models for the purpose of promoting company growth through a product, a strategy, or an idea. As a result of this process, market research can play a critical role in determining entirely new business opportunities for an organization, which will ultimately lead to the development of new revenue streams.

2. Keeps your business afloat by avoiding failure.

Typically, people think of market research as being proactive, i.e., it helps you enter a new market or plays a critical role in the development of a new product you are making. However, business intelligence also serves a very important purpose when it comes to mitigating risk as well. In some cases, research is what makes a company decide not to do something, something that ultimately could cost the organization revenue as well as its brand image, which could be detrimental to the company’s future. In spite of the fact that this is sometimes overlooked, it is one of the most important aspects of how market research helps organizations achieve their goals.

3. The ability to make good business decisions.

It is possible that there will come a time when your organization will reach a point where a critical decision will have to be made. In almost any circumstance where this occurs, it is imperative that you have information on your market, your competition, and the industry as a whole in order to make the most informed decision regarding your business. An organization’s lack of information, specifically a lack of market research, can hurt them when they decide to make an important business decision as they would be making the decision based on out of date or irrelevant information, which might result in the wrong decision being made. There can be a negative impact on the business as a result of this.

4. Finding investors to provide funding for your business.

If you have a new idea for a business or a new product, then securing funding from investors is one of the most important steps to bringing your product to market. When you present an idea to an investor, it is important to recognize that they are going to want to know that you have done your homework before pitching the idea. If you conduct market research, you can get a better understanding of the industry, the current or potential competitors, and most importantly, whether or not your idea is going to address an existing problem in the marketplace.

Market Research in Event Planning

Why is market research important for an event?
source: qceventplanning

Things to Research When Planning Your Event

It is important to know that the main purpose of researching your market is to determine whether your event will be successful or not. Is there a market for your amazing ideas? Are people interested in what you have to say? It is important to focus on the following points when conducting market research:

1. Location For Your Event

It is very important to consider the location of your event when planning it. The first thing you need to do once you have decided whom you are aiming for is to find a location that can be accessed by this particular crowd in some way. Your event needs to be held at a location that is suitable to the event and the atmosphere of your event. It is also worth mentioning that locations can be quite expensive too, so your budget can determine where your event will be held. It is important to check the wish list of a client if you are organizing an event on behalf of them.

2. YOUR MARKET

My advice to my students used to be to make sure they looked at everything that might have an impact on an event. There is no doubt that you have heard of the PESTEL analysis. Well, it’s a bit like that, isn’t it? There is a possibility that the current political or economic situation will have a negative impact on your event. This might seem a bit far-fetched, but if the event market does show any signs of saturation, you should definitely keep an eye on it. If the festival market is dominated by one big player or if it is dominated by several players. Is that going to affect your event in any way?

3. DATE OF YOUR EVENT

What is the date of your event? When will it take place? There may be other events being held on the same date that you may want to check out. There is actually a need for you to check the events calendar of the region where you are organising your event in advance. It is possible that a similar event will take place only a month before your event takes place. There might still be competition in that case. Make sure you do more than just research events. There are also other activities that you need to take into account. There is going to be Euro2016 taking place in France, but if the England team is doing well, it might negatively impact your event in Somerset.

4. WHAT IS THE AUDIENCE YOU ARE TARGETING?

In an ideal world, you would be able to identify who your audience is. It is important for you to be able to describe the audience that you are aiming for. Taking a look at the demographics, what do they like, what do they eat, and what do they drink, is important. There might be some useful information to be found in the UK Festival report. If you know your audience, you will be able to find out where they are and how you can communicate with them.

5. IDEAS FOR YOUR EVENTS

The first and foremost thing you should do is to focus on the event ideas. If you were to organise an event, what would it be about? There may be a need to rethink your event concept if it is too complicated to answer this question. Is your event concept something that has already been done before? In that case, how successful was it? What was the location of the event and who attended it? You need to research your proposed acts/entertainment: do they have a following and have they performed in the same area before?

The Importance of Market Research in Planning Your Event

Why is market research important for an event?
source: pestleanalysis

1. Mapping out your competitors

There is no doubt that mapping out your competitors is one of the most important elements of market research, and this is particularly true if you are in the event planning business.

If you are trying to plan an event, it is important for you to know what other events are being planned in your area at the time you are planning your event. As a result, you will be able to see who your competition is and how they are planning their events so that you can learn from them. It is also possible to use this information to help you shape your own event in the future.

For instance, if you live in an area where there are quite a few similar events happening at the same time, you might want to find ways to make yours stand out from the rest. This could be a great opportunity for you if there are no other events like yours in your area that are similar to yours.

There is nothing more important than knowing what has been done in the past before you can even think about designing an event. As a planner, you should know who’s had success with similar events and why they’ve been successful, so that when you’re planning your own event, you won’t make the same mistakes that others have made in the past.

In order to do this, there are many ways you can do so: you can look at their websites, read their press releases and case studies, or speak to people who have attended their events in the past. I believe that when it comes time to plan your own event, the more information you have about what worked well and what didn’t work so well, the better equipped you will be when it comes time to do so.

2. Mapping out your target audience

There is no doubt that market research plays a vital role in the event planning process. By doing so, you will be able to determine who will be attending your event, what they’re seeking, and how to reach them.

The first thing you need to do is map out who your target audience is. How would you describe the demographics of the area? Can you tell me how old they are? Can you tell me what their interests are? Does the client have any special needs or considerations that should be taken into account when making the decision?

As soon as you’ve done this initial analysis, you’ll be able to come up with a better idea of what kind of messaging will resonate with your target market. Moreover, you will also be able to customize your event to meet their needs in order to make them feel more comfortable and relaxed, which will hopefully lead them to return again in the future. In order to be able to tailor your marketing campaign to meet the needs of the people you are trying to reach, it is essential to know what kind of people you are trying to reach, as well as where they are located.

If you are organizing an event for women in the Boston area, and you want to reach as many of them as possible, you might be better off with direct mail instead of online ads if you want to reach as many of them as possible. For instance, you might find success advertising your event on Facebook and Twitter if you’re holding the same event in Los Angeles, where social media is more popular than in other cities.


3. Determining the location of Your Event

One of the most important decisions you will have to make when planning an event is to choose the right location. If it’s done properly, it can mean the difference between a successful event and one that ends up being a failure. The purpose of market research is to collect and analyze data in order to figure out what your customers want and what they need. There is no doubt that market research is an essential component of any successful business, but it is especially crucial for event planners who need to know where their event should be held so they can choose an appropriate location.

Why is market research important for an event?
source: business.tutsplus

There is no doubt that if you are going to host an event in a particular city or state, you will need to conduct some market research first. It is for this reason that each and every event is unique, and some cities are better suited for certain kinds of events than others. If, for example, you’re planning to hold a basketball game-watching party at a bar or restaurant in New York City, then you might want to make sure that there are enough TVs available with good sports coverage in the area so that your guests will be able to enjoy the game! As a result, your guests may be disappointed if they arrive expecting to watch the big game, only to find out that they will be unable to view it when they arrive.

As it relates to venues, if you plan on holding a meeting at a hotel with terrible wifi service and no breakfast options available in their restaurant (or worse still, no restaurant at all), then your attendees won’t be happy when they arrive expecting something entirely different when they show up at your meeting!

In order to ensure that your event will be a success, you need to do some market research before planning on hosting it. What are people looking for when it comes to their events? Are they interested in more hands-on activities or are they less interested in them? Are they looking for something more formal or something more casual? You will be able to find the perfect location for your event if you have the answers to these questions in mind.

The location should also be considered as to whether or not it has been used before and what kind of experience attendees have had there in the past. There may be a problem with it if no one likes it!

If you are unsure about the suitability of a location for your event, it is best to do some research. You can also ask around (on social media) in order to find out if the location works. Having the opportunity to find out what other people think about certain venues and how they would rate them based on their experiences using those venues, as well as what amenities are available at those venues like restrooms and parking lots, will allow you to make a more informed decision as to where to hold your next event.


4. Choosing the right date and timing

The choice of the right date and timing is one of the most important aspects of planning an event. If you are planning an event, you may find it challenging to choose the right date and timing for the event. It is up to you to decide which option is the best for you based on your budget and how much notice you want to give.

The first thing you need to decide is what day of the week you would like your event to take place on. Most companies choose to schedule their events on Fridays or Saturdays because those are the days of the week when most professionals are free to attend events. There is also the option of choosing Sunday, although this may be less common since many people have church obligations or other commitments on Sunday.

Secondly, you should take into account what time of day you would like your event to start and end and what time of day you would like it to end. In the event that your event will have more than one speaker, it is a good idea to have them all speak at the same time to help keep things organized and make it easier on attendees when there are multiple speakers present at the same time.

As soon as you have decided on a date and time for your event, you should ask yourself what type of crowd will be attending the event? Is this a business-to-business transaction or a business-to-consumer transaction? Do they come from all over the world or do they just come from within a certain radius of where they live? As a result of these details, you will be able to determine how far in advance tickets should be sold in order for attendees to plan ahead accordingly.


5. Figuring out what you want to achieve

In order to plan an event successfully, market research is one of the most important steps. The first thing you need to do is find out what your target audience wants and what they think about your brand as a whole. Aside from deciding what you want to achieve with your event, it’s also important to determine what it is you want to achieve, so that you can tailor it to suit your needs. One of the most important steps to take is making sure you have a solid foundation for your startup. When you are attempting to plan an event and you don’t know what you want to accomplish, then you aren’t really planning an event—you just have a bunch of ideas and don’t have a plan. A lack of a clear outcome at the end of your planning process can result in frustration and disappointment at the end of your planning process.

It is therefore important that you first figure out what your goals are for the event before you even start thinking about who will be there and what they will be doing. In your opinion, what do you hope will happen? What do you want people to be able to take away from it? In what ways will it benefit them? Can you tell me how much it will cost? Would your budget be able to support those objectives?

As soon as you have figured out what you want, you can begin to think about how you can make it happen.

Identifying who you’re trying to reach is the first step in creating a successful campaign. How would you describe their demographics? Can you tell me what they like and dislike about you? Can you tell me what their interests are? It is this type of research that we refer to as “the research.”

As soon as you know who your audience is, the next step is to find out how they feel about your company or brand on a more personal level. If you want to accomplish this, you can conduct surveys or polls on social media or other platforms where people from different demographics congregate, or you can execute focus groups. After you have gathered some data from these surveys (and maybe a few focus groups), now it is time to analyze the data that has been collected.

Taking into account all of the information you have gathered from the surveys, you will need to figure out how you can apply that information to the planning of your event-for example: If a majority of women said they loved the idea of having an outdoor screening at night, but men were more interested in something indoors during daylight hours—then perhaps an indoor screening during the day would be more effective than an outdoor screening at night.

In order to plan an event effectively, market research is an important step.

Conclusion

It is true that market research comes before taking the decision and starting with event organization process. It is a systematic process of understanding market conditions, requirements, and necessities. If you want to grab audience attentions and be successful in the event then you must understand them properly, know their expectations, requirements, habits and likes in order to organize an interactive and appealing event for them so that they will remember it forever with satisfaction. Furthermore it is necessary to develop your own perception towards this activity by analyzing and studying data of your own target market.

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