Market research is extremely important when you plan your event. The key elements you need to research before you start organising your event or festival are:
1. Your event ideas
Look at what you want to organise. Write down all those ideas and make it into a coherent story. Does that story have a beginning, middle and an end? This is where your vision comes in. What are you trying to achieve?
2. Choosing your venue
It is important to know where you want to organise your event. The location of your event has a huge impact on what your event will look like and how your visitors will experience your event. When choosing a location think of: accessibility, atmosphere, size, logistics, and your audience.
Please research the date you have in mind for your event. Look at the event calendar of the area (or the industry): what else is being organised around the same time as your event? Be clear on the duration of your event. How will your event impact the local area (traffic, logistics, security, etc.)?
Research your competition. You should look at other events that are happening in the same area and/or are being organised at the same time as your event. Competition can also come from TV (Euro 2016) or a national event (Queen’s birthday parties)
Audience profiling. Please do it. Who do you expect at your event? How will you reach this audience? Where is your audience? What is their age? You need to know whom you are organising your event for.
Research your event before you start planning it. You want to know whether there is a market for your event. Is your potential audience waiting for your event ideas? Try to find the answers before you spend your money.