Читать книгу Start & Run an Event-Planning Business - Mardi Foster-Walker - Страница 7

Your market is that segment of the population that could potentially use your service. Finding out who they are and what they want is called market research. This research will provide you with the data you need to help identify your potential clients and determine how to reach them. Conducting thorough market research is the foundation of any successful business.

First, you must research your competition. Any special events company that is doing serious business will be advertised in the Yellow Pages and will likely have a website. Spend time looking at your competitors’ websites and studying their printed materials. This should give you a good idea of who the major players in the marketplace are and the type of competition you are up against. Remember that these people may be your competitors now, but there is a good possibility that they will become your future colleagues — people who will refer clients to you and people with whom you may associate professionally to share information on growing your businesses. It is not in your best interest to pretend to be a customer and waste another event professional’s time asking for quotes or ideas. This type of behavior can return to haunt you.

Competition is not a deterrent to going into business. However, it is important to know who your competitors are and where they are located so that you are on an equal footing. Knowing your competition allows you to learn from them. What do they do right? What do they do wrong? How will you be better?

Market research helps confirm market size, minimize financial risk, save time, and pinpoint where you should concentrate your service. Researching your market can also uncover market segments that you may not have originally considered. It establishes a foundation for decision-making and positioning your service. However, not taking the time to do some basic market research can cause you to fail when you might otherwise have succeeded.

The steps in basic market research are outlined here.