by Alex Standiford
How working with other businesses in the bridal industry can attract more business and increase your profits.
When I go to a bridal show, I am as interested in building relationships with the other businesses as I am with brides. This is because I understand the power of duplication.
There are hundreds of business owners in the same industry as me, targeting the very same market, but not all of them are direct competitors. By directly working with other companies, we open doors to all kinds of money making opportunities through the power of duplication.
Here are just a few ways that you can work with other companies and increase profits.
1.) Refer another wedding business.
Odds are, the brides you’re speaking to have never put together a wedding, and are completely clueless about where to go for their wedding services. You have plenty of opportunities to learn about the businesses in the area.
Giving the bride information on businesses will help earn you credibility and trust with the bride. If that bride was up in the air about which business she was going to use for her wedding, it will also greatly increase the odds that she will choose you.
After mentioning a few businesses to the bride, send an email to those businesses informing them that you spoke with a bride and recommended them. The next time they speak to a bride who is looking for a business like yours, who do you think they’re going to recommend?
Help enough businesses by dropping their name to a bride, and you’ll be surprised at how fast the power of duplication will work in your favor.
2.) Increasing profits through partnering.
Some businesses may offer products that can put money directly into your pocket. A great example of that is the relationships we have at Generation-X Albums with wedding planners and other wedding businesses.
We take photos and videos of the bride and groom and put them together as a montage played during the wedding reception.We offer this product to wedding businesses at a discounted price so they can charge the regular price and keep the difference. We even give them marketing and tips for selling, so it’s an easy way to earn money without adding a lot of extra work.
If you can find a complementary product or service to partner with, you can both make more money.
3.) Packaging your product or service with other companies.
By creating a package with other companies and marketing it together, you can reduce the time and money invested into booking each wedding.
What if every photographer partnered up with a videographer to offer a special package when they are booked together? Both the videographer and the photographer are marketing this package, thus duplicating the exposure to brides. In addition, all advertising costs are split in half. Those savings can be channeled directly into your profits or into creating a more competitive price.
Another big advantage of working with a partner company is collaborate at the wedding better. You know how they work, and how you can work with them, so you can work ultra-efficiently together.If you can shift from looking at other wedding businesses as competition and partner with them instead, you can pool your resources to save time, reach more brides, and make money in the process.
Alex Standiford owns Generation-X Albums, a photo video montage service that captures memories for a lifetime. Alex knows first hand the benefits of partnering with wedding businesses for mutual profit and invites you to contact him to talk about how you can work together.