Market Feasibility Study and New Concept Market
A core component of Forward Analytics' tourism market research and feasibility services includes destination development assignments, especially in the area of arts, culture, and recreation. Forward Analytics works with a broad range of arts, institutional, government, and corporate clients by conducting market feasibility studies, concept enhancement testing, and providing new concept market research.
In order to build successful destination, tourism, and economic development plans for tomorrow, our clients depend upon us today for extensive background information, sharply honed analytical skills, and a sound instinct for capturing the most influential business intelligence hidden in the marketplace. Forward Analytics' comprehensive approach to conducting a market feasibility study taps into existing data sources, or secondary research, and combines that information with primary research to paint a complete picture.
Early Stage Research and Due Dilligence
Step one is to perform a SWOT (strengths, weaknesses, opportunities, and threats) analysis. A Thorough evaluation of various communities and attractions that represent competition for new concepts and plans is undertaken. This early stage competitive intelligence research helps all parties involved to juxtapose the new development opportunities and strengths, along side the weaknesses and threats.
A destination development plan involving many elements means that opportunities may exist to serve a broad range of community, civic and commercial demands. Thus, the planning team needs to perform a suitable in-depth evaluation of needs and community opportunities that the development can meet. The market research process should include several community input and data-gathering exercises in order to identify the full-range of opportunities for planning and development.
In some cases, our market research process begins with conducting a need assessment survey. We use custom survey research to identify unmet needs, missed opportunities and development preferences as indicated by community residents or the potential market. We recommend surveying to be extended to surrounding communities, since the attraction of dollars from the outside community will maximize the economic impact of any proposed developments. The survey findings also enable us to perform market segmentation research procedures to identify populations demanding each identified development need.
New Concept Research and Concept Enhancement Testing
After conducting the needs assessment, Forward Analytics presents the findings at a "visioning" work session. In addition to performing information gathering functions, we will perform thorough on-the-ground fieldwork, examining general attractions, site characteristics, key location factors, transportation access, etc., that may contribute to the development strategy and plan. Even prior to testing we work collaboratively with project stakeholders to identify and prioritize development concepts that present the best opportunities for successful enhancement.
Forward Analytics has experience creating complex market analysis. We understand that a successful plan requires a detailed appreciation of the new concept, products or services offered; accurate identification of markets; an appraisal of the most efficient and effective means of communication with those markets; and knowledge of the media, mechanisms and relationships that support such communication efforts. The complexity of such projects dictates that we design custom market research to serve each client's need.
The next step in our new concept market research and testing project evaluates the potential attractions, events, promotions and other key elements of the proposed development plan. The research will measure the level of interest in the new development concepts and evaluate behaviors such as: annual days spent in tourism activities and average length of trip, average party size and spending per day, mode of travel preference, preferred types of tourism activities and destinations, to name a few. The concept testing research should target a statistically significant (quantitative) sample of key audiences. Key audiences will have been determined via earlier market segmentation research that will have profiled likely tourist or visitor demographic characteristics.
Deliverables for our Tourism Market Feasibility Study
Forward Analytics will provide a detailed development plan for tourism and destination development based on the results of the concept creation and testing process. Our plans typically comprise the following core elements:
If you are considering a large-scale community project, Forward Analytics can help you unlock the business intelligence needed to ensure your success. We aim to provide the highest value to our clients. If your project requires further outside consulting, we provide collaboration with leading architects, engineers and development firms throughout the United States. If you have a need for a market feasibility study, new program development, or concept market research and testing, you will find Forward Analytics to be an interested and responsive partner. Our status as a woman-owned business, along with our project resume and skill sets, can go a long way toward raising the profile and "uniqueness" of your projects.
We provide critical guidance for large scale projects involving many stakeholders. Our reports take into account:
Visitor demand & behavior
Location & transportation
Media & communications
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