The market research process is a critical step that businesses have been using for years to ensure product-market fit. You want to know what will make customers buy your product before you spend money making it. The same logic should be applied to events. However, it often isn’t. This results in loss of money, potentially worsened relations with the host’s audience, and lack of return on investment, to name a few.
Using Market Research for Your Event
Connect the Dots views event design as product development. Just like you wouldn’t develop a product without knowing there’s a demand for it, an event shouldn’t be developed out of thin air. We suggest relying on data, rather than guesswork. Therefore, reminiscent of a market research process, we gather insights and information from attendees beforehand to inform the design of the event.
Can You Use a Market Research Process to Improve Your Event?
The short answer: yes. Just like the business-version of market research, the event-version, allows you to know ahead of time what the market wants. As a result that knowledge and research will improve attendance and the outcome of your event.
At Connect the Dots, we call the market research process ‘co-creation’ as you’re giving your attendees a say in creating the event. Whether it is called co-creation or something else, those principles of all market research remain as they always have. The first step in any market research process is to test the product and make sure there is a want or market for it. This ensures that there will be a positive outcome for the business creating the product. That same logic can be applied to events.
If you are spending money to create an event, you should be making sure that there is some sort of market for it. The way to know this is to reach out to your potential audience beforehand. Above all, you need to ask the right questions in the right way to get the answers you need. What part of your company and of the event that you want to put on will drive interest? Are there people interested in what you’re offering? If not, then shifting the focus of your event, or aspects of it, will increase impact. The best way to know how to adjust? Talking to your audience once again.
A Path to the Right Research
How to ensure your market research is valuable? You have to be sure that you are asking the right questions. Therefore, we compile past insights from previous clients to help direct you towards the right questions. Next, our upcoming software makes it simple for you to engage attendees, get answers, and derive actionable insights. If you want to know more about our co-creation tactics and how to apply it to your events, give us a shout at firstname.lastname@example.org.
Connect the Dots eliminates the guesswork in event design by harnessing the power of data. Our unique process provides event organizers with actionable insights and event designs, ensuring the most relevant content and best-fit format to engage and convert your target audience.