Good planning is the heart of an events industry business, but before you get to the preparation part, it’s best to first analyze the events business. SWOT analysis is an excellent tool available to devise a strategic planning technique that can help a person or a company to identify the strengths, weaknesses, opportunities, and threats associated with the event business.
With a SWOT analysis, a business can come up with a strategy that leverages on their strengths to utilize opportunities or protect it from possible threats. Let’s take a look at how SWOT analysis can help an event business proliferate.
- Strengths
Determining the strengths of an event business and how it can help in managing processes efficiently can be of great use. Such attributes of your company and your team members can be helpful in achieving the project’s goals. Analyze your strengths and formulate a plan to achieve an unparalleled event. For instance, top-notch public relations (PR), an experienced events team, attention-grabbing attractions, and good market value can promote your event well. Plus, if you have the support of loyal and generous sponsors, then it’s going to be a compelling asset for you.
- Weaknesses
Listing the weaknesses and attributes of your business which are detrimental in achieving the project’s objectives will help you control a situation better. The list may be challenging to create but it is always the best idea to compile an honest report. For instance, lack of budget, an absence of publicity or media contacts, and inexperienced event team are some of the common weaknesses in an events business. Identifying and taking steps to eliminate them can help you draw more attendees and approach potential sponsors.
- Opportunities
SWOT analysis considers opportunities as a vital marketing initiative that is available to an events business. Analyzing external factors such as economic conditions, availability of high-grade infrastructure, support from the local authorities, etc., can be helpful in achieving the event’s objectives. You can also ask questions from the target audience who may benefit from your event. A video or written testimonial from people can be used in your event marketing planning. Furthermore, don’t underestimate the power of social media. Create visually appealing pictures and videos for your social media page or host a virtual pre-events sneak peek on Twitter or Instagram to boost your business’s social presence.
- Threats
Threats are external factors that can affect your business in reaching its goal. Some situations such as unavailability of raw material, poor infrastructure, bad weather, no support from sponsors or local authorities, etc., can be overwhelming for an events business. Recognizing these threats may not deter them from happening; however, it will allow you and your team to prep in advance and minimize their impact. You can also be well prepared for any situation with a backup plan if and when the need arises.
It is crucial to conduct a SWOT analysis before starting an event plan. Developing a strategy which maximizes the strengths and opportunities of your event and also minimizes the consequences of the weaknesses and threats can be profitable.
Moreover, a contextual analysis is always desirable whether managing a large or a small events business. Focussing on the logistics issues and addressing it with SWOT analysis is a key element for an event’s success!
