This is the second article in a Series on Market Research and Data Mining for Arts and Cultural Organizations. In this article we will explore how much data (or completed surveys in this case) we will need to conduct robust analyses whose results we can have confidence in. We will need enough responses to perform a traditional market research analysis as well as ensure we have enough data to conduct data mining and predictive analytics. Luckily we should be able to accomplish both goals with the same data set.
Problem Definition – I’d like to…
This is the first article in a Series on Market Research and Data Mining for Arts and Cultural Organizations. A local art center is interested in how better to serve its members and visitors by providing exhibits and activities that are popular while increasing visitor traffic and memberships. The art center was founded over ten years ago and has grown steadily each year. Currently visitors and members can participate in a variety of offerings including: general visits, lectures, classes, artist demonstrations, family programs, social events and special exhibits,
The marketing manager is interested in learning more about the special exhibits side of the organization’s offerings in order to grow this segment. The manager is specifically interested in what other activities/offerings visitors participate in and how the center can maximize its limited marketing resources.
Data – I need data…
I am starting a new series of articles on how arts and cultural organizations can improve their marketing by using simple market research tools combined with data mining techniques. These techniques will allow you to better understand your customer’s behavior and better target your marketing efforts. Whether your goal is to increase your membership, improve attendance or just get better awareness there are a lot of tools that will help you do just that!
You don’t need to be a data scientist or have a bank of computer servers to use the techniques now being utilized by businesses around the world. In this series of articles I will take you from developing a simple survey and taking your insight beyond simple counts and averages by using state of the art data mining and analysis techniques. You will learn more about your customers, your product offerings, uncover new insights, and use your marketing dollars more effectively.
Stay tuned – I look forward to introducing you to data analytics and the arts organization.
Why do I need a business plan?
The main and best reason to develop a business plan is so that you have a blueprint to run and grow your business. Imagine trying to build a house without plan. If you are starting a new art business, a plan will help you organize your thoughts and help you tackle the challenges faced by startup businesses. If your art business is established a plan will help you in building a great team and allow you to focus on your most pressing problems, opportunities and initiatives.
A business plan will also be required if you are seeking some type of financing either from a bank or investors. Your plan will show what you intend to accomplish, how you will do it and how much money will be required. More often than not a business will prepare a plan with the sole purpose of getting financing. Your plan is an important tool in the success of your business and should be much more than a document just to raise money.
One of the most often overlooked benefits of a business plan is that it forces you to think about your business in new ways! The skills you develop in creating a business plan are universal and transferable to businesses of any kind or size. Perhaps one of the most important benefits of preparing a business plan is that you will start to think strategically, look at the big picture and develop a critical way of thinking about your business.