Events help in conducting marketing research by:
Helping in creation and sustenance of a panel of consumers Surveys or announcements during events can be used to attract and select from the audience a truly representative panel of consumers, who can be used to provide feedback to the company on the products/brands that it manufactures or trades.
The panel so formed is sure to be more informed about the product as well as the issues involved with it.
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Enabling market database assimilation, maintenance and updating:
By keeping track of the reach and its effectiveness as well as interacting with the audience that actually turns up for the event, event sponsors can assimilate an authentic database.
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The database can be used to track various marketing trends. Events can then help in maintaining and updating the database. Changes in the demography of the target segments can therefore be closely tracked.
Providing instant feedback and opportunity for an authentic and instant market research:
Most feedback from surveys carried out by market research firms are error-ridden when carried out by third parties or suffer due to deficiencies in the methodology of data collection and lack of authenticity.
Events provide a host of audience-friendly occasions, wherein the required data can be collected both instantly and authentically. Either the reverse side of invitations / passes can be directly used for printing questionnaires or separate handouts can be distributed during the event itself.
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The instant gratification that can be provided in the form of lucky draws and gifts during the breaks in the event, act as an incentive for the target audience to at least participate.
Thus, events also lend tangibility to marketing since the uses of events designed to achieve specific objectives can be directly measured, if so desired. Events thus help in generating qualified sales leads.