Market Research
Before organizing an event, find out whether there
is a market (i.e. audience) for your intended event
or not. For e.g. you want to organize a fashion show
in Oman. If people there have little or no interest
in fashion shows, then it is not a good idea to organize
such event there. The event will fail for sure.
Market Analysis
If there is a market for your intended event, then
do market analysis. Market Analysis means finding information
about your target audience. Find out who are your target
audience i.e. there age group, sex, qualification, profession,
knowledge level, income, status, likings, disliking,
personality, customs, traditions, religion, lifestyle
etc. Knowing your target audience's customs, traditions
and religion is very important so that we don’t hurt
there customs and religion unknowingly through our event.
For e.g. if you organize a Hindu wedding and serve beef
there, then u will be in mortal danger as cow is considered
as a sacred animal in Hindu religion. Similarly serving
pork in a Muslim function can bring havoc. Find out
where majority of your target audience live so that
you can direct your marketing efforts towards them.
There is no point in advertising across US if your target
audience belongs only to New Jersey. In this way you
can cut down your advertising and marketing cost tremendously.
Find out what are the desires and expectations of target
audience from your intended event. Find out when (i.e.
date and time) and where (i.e. venue) they want the
intended event to take place .For this you will have
to do survey. All this information will help you in
developing a better event plan.
Competitors' Analysis
It means finding information about your competitors.
Find out who are your competitors .i.e. there age, sex,
qualification, knowledge level, experience in organizing
events, turnover, market value, PR (media and corporate
contacts) and market share. Find out how there promote
and execute there events. What they do in there events?
Why people come to there events? For this you will have
to attend each and every event organized by your competitors
and then create an event report. The event report will
contain things like seating and light arrangement, promotional
materials used, blueprint of the whole venue, program
and food menu and contact details of sponsors, partners,
clients (for whom the event is organized) and service
providers like DJs, Anchors, Make up artist, Performers,
photographers, videographers, decorator, florist etc.
Find out as much information as possible about events
organized by your competitors.
