Sports market research is the process of evaluating the viability of a new event through research conducted directly with potential consumers. These market research allows a company to define its target market and get opinions and other feedback from consumers about their interest in a sports programme.
The research may be conducted in-house or by a third-party company that specializes in market research. It can be done through surveys, product testing, interviews, and focus groups. Market research is a critical component for any brand before associating with a sports event.
Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.
Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than Twitter, they can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.