This post was written by Brian Lawrence, one of the industry’s foremost authorities on marketing in the wedding industry. Brian has consulted with many wedding professionals and wholesale suppliers at www.brianlawrence.com. Brian also owns Local Traffic Builder, a nationally-known web design, marketing and social media firm serving the wedding and event industry. He is the author of “The Wedding Expert’s Guide to Sales and Marketing” and “The Invitation Business Report” and has helped thousands of industry professionals with his marketing insights through personal consultation, books, seminars, blogs and articles, and speaking engagements at leading industry conferences.
The wedding industry is unique in that you do not have to create the need for products and services. At a formal wedding, you can approximately forecast what and when they will buy. Most wedding professionals specialize in a particular category. While most wedding businesses may network on some level (through the exchange of business cards, for example), the majority of businesses do not focus on making the most of networking relationships or think about add-on sales.
It is natural for businesses to focus on increasing the amount of clients. Profitability, however, can be more easily gained by a continued exploration on how to make more money on each client. The most passive attempt to accomplish that would be to raise prices. However, your bottom line, what the market can bear and the bridal niche you are trying to target should motivate pricing, or raising your prices can result in you losing business.
Finding new products and services are a more creative and effective process to increasing profits. One of the most valuable outcomes that many brides and grooms are motivated by is the saving of time. If your company is an earlier rung on the planning ladder as a venue, caterer, bridal shop, photographer, video or entertainment company, often couples will have yet to order invitations, favors, bridal gifts, flowers, limousines and tuxedos, for example, and you may be able to be of assistance.
If you were to endeavor into offering these services to existing customers, you have an advantage; you already have their trust. Secondly, if a bride and groom are convinced that they can enjoy equivalent or better quality and comparable pricing that trust advantage along with the benefit of saving time and keeping track of fewer bills, can help you win business. In addition you have the advantage of exposing the couple to services at earlier stage than they may have normally began their research and can more time to pay the services on a more gradual basis (a strong benefit you can establish).
Some wedding businesses may be overwhelmed at the thought of taking on new services without understanding the craft and how to fulfill the service or merchandise the products. It’s easier than you think. Continue reading