Reference no: EM133391256

Dance-a-Boogie (DaB) was set up ten years ago by three former graduates of leisure management and recreation. They had, as a team, cut their teeth in big sports and leisure companies but had decided to strike out and set up for themselves. The three had complementary skills: Danny was a marketer and salesman through and through, Ray was the project manager - keeping everything on spreadsheets, while Stu had catering in his blood. The three had the support of a small group of non-execs, including a retired accountant and a solicitor.

Over the years, their business, Dance-a-Boogie had allowed the three friends to become highly successful in their chosen markets - events and parties for groups large and small, ranging from birthday parties to corporate events. Though largely female, their target audiences spanned groups in their mid-20s to those who had been teenagers in the 1980s.

But they had reached a crossroad. The team realised that, though totally self-financed to date, to expand further from their current sites would require external investment - and the plan was to open operations in other suitable cities. Although respectably profitable to date, they needed to impress would-be investors. They felt that one way to improve the steady performance and attract financial support was to sweat their assets.

The six venues they leased around the UK were filled well most weekend evenings, and especially around the major seasonal times like Christmas and peak wedding season ( July to September). However, during the day they were largely unused and they were underused during normal weeknights too. Location was a factor too: the centres of cities with universities were particular targets.

Dance-a-Boogie's particular successes included hen parties and tailor-made private corporate events. The corporate offerings had the potential to make more money to being paid for centrally and usually to celebrate some particular success. The venues all had a real club feel, being not too big or too small - any one venue housed no more than 250 people, and were a safe place for women alone or in groups.

The individual night's formulae were tried and tested: either disco suited to a particular night out ('1970s, for example, or with the focus on a particular music genre - Motown, garage, etc.) or live bands with guests dressing up in the style of the performing band. Dance-a-Boogie prided itself on the quality of food that was provided in the all-inclusive, pre-paid price.

The only additional costs on any particular night were drinks on which DaB made good margins. Only pre-booked parties were admitted.

Danny led the way and decided to take some outside advice.

1. What market research material and social media techniques would be required to help the decision making with respect to 'sweating the assets'?