Your Market Analysis
Who do you want to visit your farm or ranch? Define those whom you will serve and determine their characteristics, needs, wants and demands. Consider yourself a specialist. Determine a market that will fit with the goals and values of your farm or ranch and help you become more profitable.
Consider the following:
- Demographics – gender, age, income
- Geographic Information – region, urban or rural
- Psychographic – lifestyle or personality
- Benefits – the tourist’s perception, what appeals to them, how you can form an emotional tie
- Volume — how often will they visit
Who will you target?
Once you determine your market, conduct as much research as possible about that market. For example, if you want to attract bird-watchers, read all you can about the travelers that make up that industry. Find out who is visiting other locations similar to the one you are starting. Market research can be obtained from various places, such as the local chamber of commerce, convention and visitor bureaus, trade associations and publications that share your target market.
How will you attract people to your farm?
How can you position yourself in a different niche or develop a complementary activity? How are you special? Compare your product, price, promotions, services, strengths and weaknesses.
Where do your potential visitors live?
Consider the closeness of major population centers and what your potential visitors presently do as tourists. How easily can they travel to your area? How many people currently travel near your area? What other attractions are in your area?
How will you entertain your guests?
A general rule of thumb is that tourists will be more likely to travel to your location if you can keep them busy four times longer than it took them to get there. For example, if it takes them an hour to reach your location they need to be busy for about four hours. If you can’t entertain them for that time frame, are there other activities that you can package together to make the trip worth their time? Consider working together with other area businesses to create appealing packages.
These links will help in your search for a target market:
Oklahoma Department of Commerce
Economic Data and Research
U.S. Federal Statistics
Other helpful resources:
Oklahoma Tourism and Recreation Department
Business Info Guide
Hotel and Hospitality Trends