We all have brilliant ideas, or at least we think we do. The unfortunate fact is that in most cases, before we have the chance to act upon our wonderful inspiration, we’re challenged - or we challenge ourselves - to reveal the details. With that, we realise that perhaps our ideas are not completely comprehensive or ready to launch to the world.
The same happens in our industry.
We’re privileged to work alongside highly motivated and creative colleagues and passionate clients, but on occasions, such passion can be detrimental; where risk was previously exciting, it’s now vital for both venues and organisers to completely understand what’s happening in an industry or sector before they take the plunge with a new event.
Ideas should be evidence based and venues can support this activity through market intelligence and insight.
For venues, understanding the size, growth potential and key trends of a sector helps to foster a more collaborative relationship with organisers. Having a clear grasp of the challenges in an industry, be it low growth or a decreasing target audience through consolidation or failed businesses, helps venues to better understand the organisers’ perspective and be fully engaged in helping to develop a strategy for an event’s future.
In this digital age we are increasingly faced with information overload, receiving what feels like an endless stream of data and opinion. Research teams can help by collating the information into actionable insights and disseminating to the relevant people.
Infographics are a great way to present what can be pretty dry data in an engaging way, helping to stimulate discussion and new ideas. People are four times more likely to read an Infographic than a presentation, so it’s a fantastic way of getting your message across.
However, in an increasingly competitive marketplace, it is also important to look outside of the exhibitions and events industry. “Experiential” is one of the common buzzwords used as visitors - both trade and consumer - look for more of an ‘experience’. Research can help with the bigger picture by identifying best practice examples and looking at what retailers and fast-moving consumer goods companies (FMCG) are doing to connect with their customers.
Inspiration can come from anywhere - even the wackiest campaign examples can spark an idea.
Ultimately, working together with research teams will help you to explore alternative opportunities and to effectively use market intelligence for the benefit of your business.