Market Research in Event Planning
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. their age, sex, qualifications, knowledge level, experience in organizing events, turnover, market value, PR (media and corporate contacts) and market share.
Find out how they 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 arrangements
- - promotional materials used
- - blueprint of the whole venue
- - program and food menu
- - contact details of sponsors, partners, clients (for whom the event is organized)
- - 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.
SWOT Analysis in Event Planning >