Three Market Research Tips to Get You From Zero to Hero
You have probably, at least once in your life (we hope), visited a really great attraction- maybe it was a world-class ski resort, or an adrenaline-filled adventure park, or even Disneyland. What made that attraction so fantastic? Was it the service? The activities? Was everything ‘just so’ that made your visit?
Any well-executed attraction started with an idea and that idea had to be backed up with proof before being brought to reality. This is where market research comes in. Now, don’t get too excited – we know the term doesn’t exactly get your skin tingling, but there is a lot to be said about a solid research process. If you don’t know your market to the nth degree, how can you ensure your attraction will be a success? We’re going to share a few of our trade secrets with you, so take note:
- Chicken or the egg: What comes first, the target market or the attraction?
A lot of people will have a great idea for an attraction but may not be aware if there is a market for it. On the flip side, they may know the target market like the back of their hand, but how do they anticipate what the market wants before they even have it? Both situations are something that Select Contracts comes across and has a lot of experience in. In the former situation, we’ll take a detailed look at the local demographic and assess whether or not the attraction in mind is suitable. International and domestic demographic statistics are also important, however the regional market is your bread and butter so any attraction should be carefully planned around them. In the latter instance, our expertise of nearly 40 years lies in formulating attractions that best suit a specific demographic. We develop concepts that are sustainable in a way that is not threatening to existing attraction mix which allows for reciprocal growth in the local economy – why? We believe in the importance of a strong leisure and recreational attraction offering that works with existing attractions for a more sustainable outcome for community, local businesses and the ties within that network.
- Don’t be afraid to pay for a good market study – it could be the difference between an idea on paper and investors crawling over each other to fund your next project.
Not everyone is prepared to undertake the enormity of this task, and we get it, funds are always tight at this stage. However, it could be the best money you will spend on your entire project. Your biggest barrier to getting your ideas off the ground is likely funding – and how do you get that funding without a bullet-proof, punch-in-the-face-awesome market study? You don’t. Bottom line, investors want as much proof as possible that your concept is going to make them money and how to do that is with very thorough research that is backed up by good data and industry experience of the author.
- Don’t just ask anyone to write you a market study.
Do your research before they do theirs. Does the company have a track record of successful projects? Have they conducted research internationally and are aware of cultural differences that may be at play? Do they have a wide range of projects researched in their portfolio? Ask to see a portfolio before you take the plunge – you don’t want to be in the middle of the process and find out the deliverables you are getting aren’t going to hold up to potential investors’ critiques.
Select Contracts has an excellent track record in getting projects from inception to conception, through construction to operation, helping clients obtain the quality reporting they need to take their ideas to reality and then physically building those ideas and getting them open. If you’re at any stage of the process and you’d like us to help on your next great venture, or perhaps you’d just like to shoot the breeze to see if we can help you, or even do a peer review on someone else’s market study, don’t hesitate to get in touch with us. You can contact us on our website or call us at our main offices in Whistler, Canada (1 604 938 0299) or Christchurch, NZ (64 27 373 7568). We’d love to hear from you – the sky’s the limit and we’ll happily take you there!