The destination wedding and honeymoon market has always been about a once-in-a-lifetime event. It continues to rev up emotions and generate money in a constantly changing marketplace. With more than a half million different businesses in the U.S. eyeing a share of this lucrative market, how are you planning to increase your share? Professionalism and differentiation are what will set you apart.
Yes, time is money and you don’t want to spend hours on the phone getting into the drama of a client’s wedding. You should know your product and partners well enough to easily streamline and effectively close the sale. Remember, this business generates over $100 billion per year.
According to The Wedding Report, the average wedding cost $19,581 in 2009 and in 2010, it averaged $24,066—approximately 23 percent growth in a tight financial market. Wedding-related travel spend was up 8.7 percent. In total, 45 wedding-related products and services saw gains in spending while 26 saw declines. Among other increases, couples spent 44.9 percent more on a suit or tuxedo, 18.9 percent more on dance lessons, 44.8 percent more on bridesmaid bouquets, 8.7 percent more on engagement rings, 76.5 percent more on a planner/consultant and an extra 19 percent on rehearsal dinner. Jewelry aside from the couple’s rings (down 61.7 percent), reception accessories (down 55.3 percent), and ceremony accessories (down 49.7 percent) saw the biggest decline in spending.
To maximize your revenue potential and create line extensions, find out what else couples are spending on. This can create partnerships with other service providers, raise awareness and increase your revenue stream.
Do you have a special contact at the hotel with whom you do business? Are you making sure that your clients are not kept waiting in the hotel lobby before being led to their room? Word of mouth can be a blessing or a nightmare, depending on how well your client is treated. Service is what will differentiate you from your competitor.
This year is shaping up to be better than last in terms of bridal expenditure. We are now in the engagement season, and I hope you are getting the word out about your services, knowledge and attention to detail.