Venues should carry out regular market research to find out what their customers want and need. Market research provides you with an insight into your customer base and who they are; age, gender, interests, likes and dislikes, and why they purchase what they do. If you do not carry out regular market research and do not have a clear idea of who your customer is, then you will not be able to provide products and services that fit their needs – decreasing optimal sales.
Market research is the process of collecting and analysing information about your customers. However, it can also be market research that has been collected from individuals that are not necessarily customers; this is to provide insight into why certain people do not come to your venue, and how you can improve to increase traffic to your venue. Market research can provide you with a competitive edge, this is as you are able to provide your customers with the products and services that they want and need.
Market research allows you to identify, among other things, the below:
Amounts of money your customer are willing to spend
What styles of food do they like
What venues they regularly go to
Customer likes and dislikes
Once you are able to identify the customer that is likely to walk through your venue doors, you are able to better and more effectively market to them. This is as you will have clear demographic and psychographic information. Subsequently, it will also allow you to market to people that might not frequent your venue, and allow you to improve your venue to interest the potential customers. It is all about research and reaching your target market, using market research and identifying what they want and providing it to them, so they will return time and time again.