Event Planning Business – Market Research

A thorough investigation of the viability of an event planning business in your geographic and specialty area will help you gain an honest sense for your business potential. Market research can even uncover information that will help you focus your business strategies and prevent costly and time-consuming mistakes.

Identify the Competition

It is important to know who you are up against. Check the yellow pages, business journals, specialty magazines, and newsletters for competitors in your area. Research the Web for event planners and take note of the marketing techniques they use. What is something unique that you can offer? Think of a way to put a spin on your company to create more interest or to create a niche market. Prepare yourself to enter this competitive business well informed.

Identify Industry Growth Potential

Research how events are treated in today’s economy. It is essential that you present your services in an appropriate way. In the nineties, budgets were created to support lavish events that represented how much people cared about the way they entertained their guests. Web site premieres and launch parties were everywhere. However, the focus shifted in the twenty-first century. Events were scaled back to reflect the prudence people were showing in their daily lives. Recognize the “whys” of an event in order to do the “hows” in an appropriate way.

Identify Potential Markets

As you begin your research for business opportunities, be aware of areas that are ripe for event services. Match this with your skills and interests. If your local business listings show an excess of wedding planners but no children’s event planner, take note. Your potential market can be based on geographic territories, types of services, types of customers, and even budget levels.

Identify and Quantify Market Share

Take an honest look at what business your competitors are receiving, and what would be left for you. Is there something different that you can provide? For example, are they handling all the hotel events, but none of the country club events? Develop a checklist of potential clients and event locations, and start doing your homework. This will help provide you with a sense for your opportunities. Remember, developing a business takes time; remain consistent and persistent with your efforts.

Consider Your Marketing Plan

It is a good idea to think about your marketing plan now. Start a database of contacts, and keep track of your initial calls and plans for follow-up. Be prepared to make efforts to develop a relationship with a client. You can drop potential clients a note in the mail periodically. It’s also a good idea to develop a personalized incentive item with your company name on it to remind people of your services.