Event Planners Market Research Tips
You don't need much in order to start an event planning business, and this means that event planners are a dime a dozen in the big city. Competition is very fierce and you have to offer something that makes you stand out from the crowd so that the bigger, more established groups of event planners don't gobble you up.
Starting in the party planning business is exciting to say the least, but a bit of reality check is needed every once in a while. One way of making sure you're not just building castles in the air is to make ensure there is actually a market for your party planning business. Specialization is an option for event planners who want to corner a certain target market. For example, you could focus on the graduates and plan your business model around this group of people. However, if you feel that young teens and parents won't easiliy spend on graduation balls, you may choose to target the bachelorettes who are more likely to shell out cash for a memorable hen party.
Event planners should engage in market research to....
1. Measure the acceptability of your service or product
2. Narrow down the specific needs of your target market
3. Guage the scope of your target market
4. Consider the best strategy to adopt
5. Identify your top competitors, and
6. Research a way to make your service more unique
You can narrow down your target market according to their demographics (age, gender, income, religion, education etc.), geographical location (urban or suburban) and psychographic traits (lifestyle, personalities and values). Don't forget that there is probably an untapped market that your competitors are ignoring. Finding out where these people hang out and what their main concerns are will enable you to corner the market.
You can usually assume that event planners are among the sharpest among all the business people in a locality. They can discover opportunity from miles away and will always find ways to pitch their services to potential clients. They have to be aggressive because the event planning business is very dependent on trends and market demands. You should also undergo a thorough self-analysis to determine your unique selling position. Here are some questions you need to ask befor you launch.
1. Do you have real passion for the business?
2. Can you afford to give out discounts to well-connected individuals, socialites in return for future promotion?
3. Do you have enough employees to cover your back just in case you need to work on simultaneous projects?
4. What stands you out from the rest?
5. Are there enough suppliers to support your growing business? and
6. Do you have a plan B? (or C or D...)
So,...what is a plan B for event planners? The main purpose of a plan B is for you to keep your business going and earning during quite time of the year. One good plan B is to go back to your roots. If business is slow or if your competition is too big for you to handle, the best thing to do is to regroup, re-organize and go back to the drawing board.
|
For more information on Event Planners go to http://PartySuppliesCenter.com/planning-a-party/event-planners |
Related posts:
Comments
Leave a Reply
Related Articles About Halloween Costumes- Many Bay to Breakers revelers feel no need for speed at wacky race
- Philharmonic's pops concert relives 70 years of cinematic history
- Halloween comes early, courtesy of Pottery Barn
- Wes Anderson on Moonrise Kingdom, Halloween Costumes, and Summer Movie Surprises
- SEO Miracle and Costumes Megastore Partner to Promote Halloween Costumes 2012
- Halloween store Ricky’s sues rival, ex-execs
- Ordinance bans Halloween smoking
- Fangtastic journey
- It's beginning to feel a lot like Halloween
- These moms don't sweat the small stuff
