Increasing Your Profit Margin

From money to pop culture to politics, every generation has its defining traits. But there’s one tradition that hasn’t lost any ground when it comes to inspiration and commitment—the bond of marriage, and with it a multibillion-dollar market!

I have had numerous requests from agents for information on linking up with the wedding market and how much to charge. To begin with:

Befriend tourist boards, hotels and cruise lines. They offer free training on each market segment.

1. Attend bridal shows.
2. Take up a leadership role in your community and learn through personal/business contacts who is getting married next.
3. Develop close ties with the local jeweler. After all, the first point of entry is the engagement ring.
4. Be the “go to” person in your community for travel expertise.
5. Promote your business at local bridal shops, beauty parlors and florists.
6. Utilize social networking (Facebook, Twitter) to track bridal companies, etc.

Spending Power

The average couple going on a honeymoon will spend three times more than the average leisure traveler. This market generates more than $60 billion and while spending in 2010 so far has not been as robust as in previous years, it continues.

The average wedding expenditure in 2009 was $16,131. Couples still want to have a memorable occasion, and there is still a segment that will spend to realize that dream.

How Much to Charge

Like any other profession, there is always a consultation fee and it ranges from an upfront one-time charge to a percentage of the gross booking. You arrive at the figure after gauging the marketplace and what your competitor is doing. Do not hesitate to call your association for help or guidance as you decide on the fee structure. They know what others are doing and can help you in this area.

Recommended Service Provider

Booking a wedding with a hotel or cruise line should be a streamlined operation, with little or no hassle, and a healthy dose of professionalism.

Lighthouse Bay Resort in Barbuda is awe-inspiring with a potential for repeat business. The resort sits on a 17-mile stretch of perfect, pink and white sand beach washed by the crystal clear Caribbean Sea. It is relatively secluded and ensures a romantic getaway.

A recommendation says, “If you would like to rest from the world, enjoy beautiful beach and sea while staying at the perfect hotel then Lighthouse Bay Resort is definitely for you.”

Contact Terence Linton (011-126-8720-8458, ext.112, [email protected]) or their ever so charming and gracious local representative Wendy Friese (1-212-616-5032, [email protected]) for details.