So, you’ve got a great idea for an event. You know it will be a hit and people will love it. But how do you know?
As an event professional, or even someone just hosting their own events, you should do thorough market research on your events and potential audience. Market research can help you in many ways, from establishing an ideal price point to picking the location of your event.
When people think about market research for events, they're often thinking about surveys, but there are many other ways to conduct market research — including interviews, focus groups and more.
Market research is the process of discovering what your target audience wants, needs and can buy. It’s essential to your event’s success, because it helps you know how to position yourself in the market and how to create the right product for your customers.
The goal of any type of market research is to try to predict consumer behavior so that you can better serve your market's needs. By analyzing consumer preferences, buying habits and lifestyle choices, you can identify opportunities and threats in the marketplace.
Set your goals for what you want to achieve and go from there. In the process you're doing a kind of SWOT analysis of your market.
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