Entering a new market

Entering a new market can be challenging and certain variables have to be taken into consideration but most people don’t do the necessary market research before hand. So my question is, if you’re attempting to target a new market in the event industry, what are the necessary steps you take before entering a new market?

I personally like to reach out to people on Linkedin or Quora and find business professionals in the relevant work-field, connect with them, offer them incentives for a phone-call lunch meeting and overall introduce to them the product or service I offer and from their feedback, you should gain an understanding if this new market is compatible with your business. I see it as going on a date!

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I like the idea of going on a business date! In my experience, talking to people in-the-know is absolutely the best way to get insight. Offering to take them to lunch shows you don’t expect them to give up their time for free. Looking to make strategic partnerships, where you both bring something to the table, is also a good way forward.

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I also check out what competitors are up to and think about where my target audience will be - what media might they consume, what brands might they like, what other events might they attend, where do they live etc.

Host informal drinks. Pick a hotel bar, reserve an area from 6-9pm or whatever, then invite a mix of potential speakers, sponsors and senior delegates to come learn more. It piques their interest, and also makes clear you’re very much looking for local market advice and are willing to listen and shape the event (to an extent!) to reflect local needs!