Wedding Industry Trends | Are We Doomed? The Truth About Wedding Industry Trends


Uploaded by BookMoreBrides on 28.08.2012

Transcript:
This is Wedding Industry Trends with Stephanie and Jeff, and we are discussing, and occasionally
fighting about, the reality of trends in the wedding industry right now.
My reality is correct!
Here’s a sample and some excerpts of emails that we got from wedding vendors discussing
the state of the wedding industry.
This came from Lou, and he’s a wedding entertainer. He says, “As for the wedding industry, I
think it's in a holding pattern along with the rest of this economy...the global economic
picture is looking grim and we live in a global economy. (Very true.) That said, enough mid
to upper mid range clients will still be out there to keep me as busy as I want to be.”
I love to hear that, Lou. You’re in control, you know who your client is, and you know
there are plenty of them out there.
This comes from Marie, a wedding officiant. “ I feel the couples have weathered it out...
Deciding that they still want their dream wedding. I believe they are willing to somewhat
cut corners on things like flowers..."
What Marie is seeing here is a trend we are seeing across the board, and it’s not just--Couples
are still spending money, but they’re prioritizing. They spend more on what’s important to them,
and less on what’s of lesser importance.
So you need to make sure that your clients, that you’re attracting, are the ones who
value your service more if you wanna get paid.
Gary says,"I have actually seen a turn-around for the better! Much better than it was 3
or 4 years ago when bookings were tough to get, people were cutting back and doing very
tight budgeted weddings. Back then I believe it was an unfortunate combination of a bad
economy and my lack of selling skills.
(I think it was probably your selling skills.)
These days I am happy to say that the wedding industry has really improved. People are spending
more with weddings this year. I've been in the mobile DJ business for 17 years and am
now busier than ever, charging more than I ever have and am in demand."
I don’t know if the wedding industry has improved, but it sure sounds like you have
improved. So awesome! Marketing and sales actually works!
Eureka!
That’s unbelievable.
This comes from Dana, "I pretty much have a mind set that ‘it
is what it is’ and either I learn to survive in our world as it is, or I”m gonna fall
flat on my face. I may not be able to change the ‘world’ but I can change ‘My world.’
So therefore, I am pretty sure that once I had gained this mind set my business has actually
has started to thrive."
That’s a great mindset. That’s a success mindset. Yes.
And this comes in from Diana. "I believe that until we see a change in the economy many
special event vendors will go under or struggle mightily...So, to actually answer your question,
No we are not yet recovering."
So, Jeff, what's the verdict after all this feedback? It sounds like we have some difference
of opinion.
It almost sounds like it’s a perspective thing. Do you see yourself in control of where
your business is going, or do you see yourself at the mercy of the world? I know which side
I want to be on.
Let’s go to this question that comes in from Heather, a cake designer. She says, "More
so lately than ever it seems I'm meeting with wedding couples who I feel almost positive
will send that check. Then I hear back from them (if they respond) that they found someone
who ‘fit in better with their budget.’ so here is my paranoia ~ do vendors under
cut each other or otherwise try to dissuade wedding couples from booking with their competition?"
Let me think about that for a second...yes! Of course, they do. They’ve always done
that since the beginning of business even happening.
Now, not all of them are undercutting you, obviously. No. But here’s the more important
thing: you have a choice. You can focus on what your competitors are doing, or you can
focus on what you can do to communicate your value better so that even if they do offer
a lesser price, those couples are still going to want to go with you because it’s clear
you offer the better service. Right.
In surveys done by the Wedding Report, 80% of couples when asked if price is the most
important, said that price is not the most important factor when it comes to determining
what services to buy for their wedding.
So price is not the most important! First they want to know that they’re going to
get what they want, and then price is a consideration. So you need to think about and communicate
clearly in your marketing the value of what you do and find the couples who are the perfect
match for you, and that will help you succeed, regardless of the economy.
That will pretty much solve this problem.
So we want to challenge you to think about your own personal wedding economy and what
you can do to improve it. Focus on that and it will change your business and your life.
So we’d love to hear more about what you think about the wedding industry today.
It’s lonely here in Book More Brides headquarters! Write to us.
Feel free to leave a comment under this video, and if you’d like to learn real strategies
you can use today to make sure your business survives in any economy, go to BookMoreBrides.com/freevideos
and watch the free video series available for a limited time only that you can watch
right now.
We’ll be waiting for you!