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The Importance of Market Research for Facility Planning
Developing a community or recreation center can be tricky when it comes to revenue and market demand. Finding strong and consistent revenue streams can prove to be difficult, especially if you aren’t offering exciting attractions.
Most facility planning for community or recreation centers will focus on a gymnasium, weight room or pool. While those can generate revenue, it’s important to do the necessary market research before building your facility so you know what you are up against. In today’s post, Sports Facilities Advisory will look at how market research impacts facility planning.
Gauging Community Interest
The first step of market research is gauging the interest of your community. Without strong community interest in your facility, the likelihood that your facility planning process will go smoothly is slim to none. When researching community interest in your facility, it can be beneficial to utilize a feasibility study. These studies will allow you to dive deep into the market conditions of your community and see how practical your project is.
Without the right project plan for the right potential client base, your facility won’t be able to get off the ground. Market research plays a key role in that determination.
Assessing Market Competition
Another important aspect of market research is determining the competition in your area. If you are developing a basketball facility in a town that already has several booming basketball facilities, the project might not be a great idea. If there is competition that you want to take on, it’s important to know their strategy and business plan. Market research will help you evaluate the competition and help you during the facility planning process.
Executing Your Vision
At the end of the day, the goal of market research is to help you execute your vision for your facility. An inspired vision isn’t typically developed through market research, but it is the market research that will inform whether your vision can become a reality. For your facility to be successful, you need an inspired vision as well as the strong market research to make it happen.
Contact SFA For More Facility Planning Tips
Facility planning is a tough process, and without the right market research it will be difficult to bring the project to completion. For more information or tips, give SFA a call at (727) 474-3845 or contact us online today.