Economy Affects Wedding Planning
Monday, October 6th, 2008The recent downturn in the economy will have an affect on wedding planning and on the business of merchants who depend on brides and grooms for their livlihood. People still get married, no matter what the economy, but they scale back on the size of the wedding and on spending in general. As we have seen in past economic downturns, they will choose a less expensive location, less expensive food, and cut back on serving alcohol (a budget breaker at most weddings). They may eliminate the “luxury” services, such as videography, photo booths, chocolate fountains, and other items that can add to the uniqueness of a wedding.
What can we as vendors do to keep clients coming in the door? First, look at your customer service. If it isn’t top notch, couples will either choose one of your competitors or they will forgo your service entirely. You need to add value in some way that makes you stand out from your competitors.
Second, how is your pricing? If in the past you priced your services to attract the up-scale client and not the average bride and groom, you might need to rethink that.
This is not a time to stop advertising, but it is a time to rethink how you are spending your advertising dollars. If you don’t track where contacts come from, you might want to start doing that. Did they find you at a wedding show, in a wedding guide book, or on-line? Did a past client refer them to you? Once you know where your business comes from, you can focus your advertising more closely.
If your business has debt, find a way to pay it off. More small businesses fail in tough times because of an excess of debt than from any other issue. Your goal should be to have enough money in your bank account to weather the down months until the economy turns around and couples begin purchasing again.
Yes, times are tough, but with careful planning, we can weather the slow down in business until the economy turns around.
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