Monday, 19 December 2011

Events: Independent Research Contributes to Profits

Jonathan Brill, CEO of Adroit-e Research, suggests Organisers need to maintain their event healthcare.

Can you increase your operating profit from events during these turbulent times?  Yes! The larger exhibition companies certainly do and they readily acknowledge the contribution of very accurate Event research.

Reed Exhibitions’ sales from events increased in the first 6 months of 2010 were up £29m on the same six months in 2009 with profits overall up 4% on a hefty turnover.

For MIPIM, the world’s premier real estate market place, Reed Midem engage an independent agency Adroit-e Research, who for the past 9 years, have conducted painstaking At Show Research and analysis.

At every event, a comprehensive interview is conducted with 700+ attendees and exhibitors from every continent involved. The core of the research is concerned with discovering the perceptions and attitudes of all involved in the market place.

It’s the equivalent of taking the temperature of a patient. An accurate reading suggests the next course of action. Taking the right action, based on highly accurate information is the key to good health, be it personal or corporate health.

So why would you take a patient’s health with a faulty thermometer which gives highly questionable readings – you wouldn’t – if you were a doctor you’d be struck off. So why do some events, either ignore research or conduct research without due process?
Here are 2 nonsense statements, ridiculous in your personal life but only too true as metaphors in events organization.

‘Yes doctor I took my own temperature and though I can’t make out some of the calibrations, I’m sure I’m fine.’

‘No I don’t know what my temperature is, but I know the drugs I need.’

Successful events companies can increase profits, perhaps even with diminishing attendances, if they know accurately what people want, what their satisfaction levels are at any particular point in time, how people are reacting to external forces beyond their control, and  how the real micro-economy of the event translates into business performance.

Engaging a reputable 3rd party research agency to work with visitors and attendees is a necessary element towards maintaining a healthy event.