How to do Market Research in Event Planning
This blog sheds light on How to do Market Research in Event Planning as we all know Event Management is the process of analyzing, planning, marketing, producing and evaluating an event. It is a different way of promoting a product, service or idea.
If an event is managed efficiently and effectively, it can be used as a very powerful promotional tool to launch or market a product or service. Events Management requires certain core values to be deployed to every element, process and decision to justify professional approach and achieve effective and efficient results.
Types of Events
- Corporate Events – Events like HR Summit etc.
- Education and Career Events – Events like education and career fair, workshop, seminar, debate, contest, competition etc.
- Private Events
- Social Events
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 BKK in US. If societal need is not met with event objective, then it is not a good idea to organize such event there. The event will fail for sure.
Market Analysis (Understanding with Example)
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.
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 Pakistan if your target audience belongs only to Lahore or Islamabad / Karachi.
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.
AW Events Pakistan is a creative event management company based in Lahore that caters different events ranging from formal business meetings, Corporate Seminars, Family Gala Events, Event Decoration, Wedding Events, Event Décor, Artists Management, Performers, Comperes/Hosts, Promotion and Marketing, Brand Activation, Mascots, Game Shows, Cultural Dance.
We are an all-rounder, tapping various verticals when it comes down to celebrating the grand way.
