Wedding Business in the Economy: The Hard Truth

Question: In this economy, is the wedding business still thriving?

I have been in business for about 7 years, part time, but have now decided to pursue it full time. In this economy is the wedding business still thriving? I have always counted on referrals for my business but if I go full time I will need more than that. I will just have to feel my way thru the process of marketing and developing a web site.

Thanks,
Candace

Answer:

Candace,

Congrats on your decision to go full time!

Is the wedding industry still thriving? That all depends on who you ask. 🙂

The wedding industry did take a hit with the recession in 2008 and it’s been slowly recovering. The buying psychology of brides has changed, DIY is increasingly popular and budget priorities have shifted.

It’s not as easy to book at higher prices as it once was, but wedding pros with excellent marketing skills are still making it happen and yes, they are thriving.

More importantly, what’s the market like in your neck of the woods? I highly recommend that you do a little research on your local market. You’ll want to know:

• Average wedding budget
• Number of weddings in your area
• Number of competitors
• Average price for your service

The Wedding Report makes it easy if you’re located in the US; you can drill down to exactly what brides are spending in your zip code. There is a fee to access this information, but it’s well worth it.

Where to Find Your Local Stats

1. In the United States – TheWeddingReport.com
2. In the United Kingdom – Hitched.uk
3. Other countries – Go to your local government agency or town hall and get the “vital statistics” for the number of marriages in your area.
4. Vendor Associations – Often florist associations, DJ associations, catering associations, etc. track stats on pricing and budget.
5. Shop your competitors. But be careful; they may not be priced correctly for your market!

Turbo Charge Your Referrals

Since you’ve already got referrals going for you, see if you can turbo charge them. It’s always easier to go with your strengths.

Some ideas for turbo charging your referrals:

• Offer a referral bonus to brides and grooms who recommend you.
• Share blog posts or photos of your events on Facebook, tag and email your brides, to use your current and past fan base as a way to spread the word.
• Take the wedding vendors who recommend your best customers to lunch. Hook them up and earn more referrals!

There is a bit of feeling through the process involved in taking it to the next level, but I encourage you to get a solid grounding in the facts of your local market and develop your website before you spend any money on advertising. It will save you bundle in the long run!

Here are a few more tips for getting started on your marketing campaign.

What do YOU think about the state of the wedding industry today?

Got a wedding business question you want answered? Email Stephanie & Jeff and you could be the next Question of the Week! All personal details about your identity will be removed unless you specify otherwise.

Photo Credit