Start by using a good search engine. (Yahoo!, Google, and AOL are among the top picks.) Your local bookstore or library should be able to supply you with some great search tips, if you are not that familiar with search tools. Once you become acquainted with internet research, you will find this method will save you time on the phone and in your car, as much of the research legwork can be done on your computer. Be careful to check your sources — links from recognized organizations (chambers of commerce, government, Better Business Bureau, etc.) are your best bets for starting out, as not everything on the internet is credible information. Your local government or chamber of commerce will also provide you with community and business links to lead you to the information you need.
Your local library
Libraries are invaluable resources. Look through business and trade publications for trends and sales information. Often you can find market studies on file that directly fit your needs. You can also locate census information and trade reports. Ask the librarian for help with your specific information needs.
The Yellow Pages
Your local telephone book can be a major resource. Study the classifications that list your competitors under the headings Special Event Planners, Wedding Planners, Party Planners, and so on. How many competitors are there and do they use display advertising?
Chamber of commerce
Your local chamber of commerce is an excellent source for all business information. Visit them online, call them, or visit them in person. If they cannot help you, they will direct you to someone who can.
College or university business departments
Many college and university business departments offer extensive research help to the new businessperson. Occasionally, advanced students will take on the complete market research function for a company as a research project.
Government departments
Government departments, particularly those devoted to small-business development, can be another helpful source of information. In the United States, the Small Business Administration (SBA) offers publications covering topics such as budgeting, market research, legal structures, marketing, and financing. Call your local office and ask a counselor what is available. In Canada, these departments are the responsibility of each province. The department that handles small-business development can provide information on start-up assistance and point you to federal programs that may be helpful.
Both federal and provincial or state governments are increasingly using “portal” technology to better guide their online users. Through these portal websites, governments direct you by your area of interest to the relevant resources and portfolios available, both online and in print. These sites offer reliable links to business sites within government. Go to <www.state.gov> or <www.whitehouse.gov> for the us government portals. The Government of Canada’s portal is at <www.gc.ca>.
The Business Development Bank of Canada (BDC) <www.bdc.ca> conducts seminars on business topics, which are very informative to anyone new to business. It also offers books and pamphlets. (Go to <http://www.sba.gov/aboutsba/sbaprograms.html> on the internet for a complete listing of the topics covered.) There is a charge for most of these publications. If you do not have a bdc office near you, write to the nearest regional office.
If you need demographics, the bdc’s online computer service has it all. Again, if you do not use a computer with an internet connection, you should get set up now. Otherwise, you can engage the services of a research firm to help you with your search, but keep in mind that these services can be expensive.
The face-to-face meeting
Perhaps the most effective way to gather data is to arrange personal meetings with people who are potential sources of information. A representative from your local chamber of commerce, the head of a trade association, an executive from a hotel, the owner of a travel agency, and a corporate executive are a few examples of people who could provide you with valuable information. More than any other information-gathering activity, face-to-face meetings often lead to other important sources for data and will often establish business contacts that could be important to you in the future.
Remember that in the events world, you may have to meet with several departments in larger organizations. For example, individual departments may be responsible for their own events (sales and marketing division versus research and design), and they may even have responsibility for different aspects of one event (planning versus operations). Again, the internet is a great place to start doing some background research on the companies you have targeted. Look for up-to-date information on events or meetings or media. Often, there is a contact name listed. Review the news releases and calendars if they are available. Do an online search to find out if the company has networking associations with other companies.
Telephone well in advance to schedule a face-to-face meeting. Know the name and proper title of the person you want to see and use it during your conversation. Introduce yourself and briefly indicate what you would like to talk about. People are busy, so don’t waste time or talk about your plans in too much detail.
Try to gather as much information as possible before you meet face-to-face. Once you have conducted this initial research, you will be better equipped to pose questions that are relevant to the person you are interviewing. Refer to the information you have collected and ask for specifics. Here are some basic questions to ask during a personal interview with a potential client for your business:
(a) Does their company currently hire special events professionals?
(b) How often do they hire special events professionals?
(c) What type of events do they put on?
(d) Are they satisfied with the quality and cost of the events?
(e) What are their event objectives that must be met?
(f) Do they see their event needs changing in the near future (for example, special occasions coming up, such as a company anniversary, new associations or expansions, change of venue)?
(g) Do they have associations with other organizations that do events or partner on events?
(h) What sources do they use to find event professionals?
The more questions you ask, the better understanding you will have of your potential clients and exactly what they are looking for. Bring a portfolio with several of the special event ideas that you have produced or created. Write down information as the meeting progresses. Refer to your notes and ask questions to be certain that you get the information you need. Ask for a referral to another source for information. If possible, hand the person a card with your name and number and ask for a call of introduction.
After the meeting, review what you have learned, rewrite your notes, and file them. Always follow up by contacting referrals, and always remember to send a thank-you note after a face-to-face meeting. One of the most important things to keep in mind when planning for and operating your business is the follow-up. Those you meet with today to collect market research may be the companies and individuals you do business with later on. Always take the opportunity to make a lasting impression on your future clients by sending them a formal thank-you note for their time and assistance, including your name and contact information.
Analyze the information
Study the information you have collected as objectively as possible. Ask yourself the following questions:
(a) Is there a market for your service?
(b) Can you define who your potential clients are?
(c) Do you know who your competitors are?
(d) Can you see any advantage your service will have over your competitors?
(e)