By the Numbers
28 and 30. And then there is the attitude towards marriage—particularly for couples that had divorced parents. I can’t tell you how many discussions I’ve had with people saying “we just want to live together first and see how it works out. I don’t want to end up divorced like my parents.” And, the co-habitation rate which has increased over three (3) times in last 20 years. More and more couples are choosing to live together and create families without marring.
My latest forecast has the number of weddings in the US remaining above 2 million at around 2.1 million for the next five (5) years. You can get your local numbers at
TheWeddingReport.com.
And what does this mean for your business? While the next 5 years will be tough, I do believe you can be a leader in your market. There is no magic wand or silver bullet, it requires hard work. The most successful people I know have worked their tail off just to get where they are today and they will tell you they still have a long way to go.
As a small business owner you have two choices, either you can afford to pay someone to help you do the things you don’t know how to do or if you can’t afford to do so... you have to learn how to do them yourself. Based on my research, here are the Top 5 things you should put at the top of your list to become a market leader.
Think convenience with no limitations – Today's couple wants it now, with less effort, and no limits. Look at your business and think about how you can provide instant, effortless service or products with fewer constraints. How quickly are you providing what they need? Think about contracts and time limits, those can be limiting factors.
Think style and experience – Look at what Apple has done with the iPhone and iPad—there is just a style and experience that attracts you, even if you don’t
WedBiz Journal February 2011
want one. Look at your business and think about the style and experience you provide the bride and groom. Is it modern? Think Starbucks, Forever 21.
Think lifetime customer – Stop thinking you will only see this bride and groom once—their influence can have a huge impact on later business. Besides Internet search, friend recommendation is the second highest influencing factor. Everyone could be a lifetime customer.
Think market research – Leaders know what is going on around them—step outside the box and look at the market from other angles. It doesn’t matter what business you are in, you have to know how many you can sell and at what price points. Leaders know what the current patterns or trends are. Intuition and feel- ings can get you into trouble, but data and facts will give you solid advice. Think data driven.
Think competitors – I know many professionals in the same line of business work together, but there are so many new competitors and it may not take much for them to start stealing your business. You shouldn’t spend a ton of time on this, but you do need to be aware of how current you are to your competitors and how your market is changing around you. Stay a step ahead and be the leader in your market.
About The Wedding Report, Inc.
The Wedding Report, Inc. is a research company that tracks and fore- casts number of weddings, spending, and consumer trends for the wed- ding industry. To date, they have helped over 250,000 wedding profes- sionals and businesses and over 1 million brides and grooms. To sub- scribe or view reports, visit:
TheWeddingReport.com
The Wedding Report, Inc. also produces eWedNews, reporting on the major stories in the industry. You can find the most recent eWedNews stories at
eWedNews.com or on the WedBiz Journal blog sidebar.
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