Market research is the process in gathering information on consumers wants, needs and preferences. This process determines the product/service/experience that a company will sell. This process can be timely but it is crucial for a businesses survival as it targets the market for exactly what it wants. There are two types of market research, Primary and Secondary.
Primary Research
This is research that is brand new and the business conducts it themselves. This can be through questionnaires, surveys and interviews (Business Case Studies, 2015). Some online examples would be using surveys on social media, via email and through other sites such as Survey Monkey (https://www.surveymonkey.com/). This research is valuable and companies can distribute it to a large audience and get first hand research.
Secondary Research
Also known as ‘desk research’, it is based on information that is already available. This can be information such as reports or any types, online surveys that have been done already, financial information, library documents and many more resources (Business Case Studies, 2015). For online desk market research there are sources through gathering information over competitors companies through their online reports, social media reviews and their own social media pages.
Event Online Market Research
With 3 billion people (Stats from: http://www.internetlivestats.com/internet-users/) in the world having regular access to the internet events marketers have the perfect opportunity to gather their research. As the events industry being a people orientated one and one that relies solely on the attendees experience for a selling point it is vital that they find out what the public want from their events. Some ways the events marketers can do this:
Online Surveys:
By conducting online surveys and questionnaires event agencies can see exactly who is interested in their events. These can be done through many different platforms. Using companies who publish the survey for them, directly emailing existing customers to see what they want and using social media platforms to reach out to the public with surveys that have been created internally.
Direct Communication:
Using emails, social media and approaching other companies to actually asking a direct question to the wider public would be an effective way to receive information on what the public exactly want. When this information is gathered, the comments which are similar would provide the company with the type of event which is most demanded, and as i mentioned before this is crucial as it is an experience based market.
Internet Search Engines:
Just by simply typing in your event or a competitors event it will produce many different websites which can be timely to explore but can give an organisation first hand information. Whether this is review blogs about their own event or competitors, social media reviews or financial information about competitors it gives information on how to improve and target more effectively.
From these methods event companies can and have been able to tailor their events to provide the best experience as possible to their target market. With this being said, consideration always has to be paid to those not online so other market research would have to be put into place to make sure all the market is covered to get the best results.
REFERENCES
BUSINESS CASE STUDIES., 2015. Market Research and Consumer Protection. [online]. England: Business Case Studies LLP. Available from: http://businesscasestudies.co.uk/food-standards-agency/market-research-and-consumer-protection/primary-and-secondary-research.html#axzz3YiKe7OCD [Accessed 12 April 2015].
INC. STAFF., 2011. Conducting Online Market Research: Tips and Tools. [online]. USA: Inc. Available from: http://www.inc.com/guides/biz_online/online-market-research.html [Accessed 12 April 2015].
Sharma, H., 2007. Market Research in Event Planning. [online]. Event Education. Available from: http://www.eventeducation.com/event-analysis.php [Accessed 12 April 2015].
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