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Wedding Industry Best Practices Survey Presentation
 

Wedding Industry Best Practices Survey Presentation

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Presentation given by Wendy Dahl at The Special Event 2011 during the session "Who Moved My Brides?". It reviews the wedding industry as a whole, how it reacted to the changing economy and how ...

Presentation given by Wendy Dahl at The Special Event 2011 during the session "Who Moved My Brides?". It reviews the wedding industry as a whole, how it reacted to the changing economy and how professionals stayed in business. To make the information useful, strategies and resources to put the statistics into action were included.

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Wedding Industry Best Practices Survey Presentation Wedding Industry Best Practices Survey Presentation Presentation Transcript

  • Who Moved My Brides? Wendy Dahl Wedding Designer & Coordinator Director of Marketing, WIPA
  • The Wedding Industry
  • The Wedding Industry 541,900 Businesses
  • The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business
  • The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business $142,047: Average gross wedding sales by a single business
  • The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business $142,047: Average gross wedding sales by a single business $3,772: Average amount spent on advertising
  • The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business $142,047: Average gross wedding sales by a single business $3,772: Average amount spent on advertising $1.91 billion: Total wedding business advertising sales
  • The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business $142,047: Average gross wedding sales by a single business $3,772: Average amount spent on advertising $1.91 billion: Total wedding business advertising sales Source: TheWeddingReport.com
  • WEDDINGS:An Industry of Change
  • WEDDINGS:An Industry of Change Economy
  • WEDDINGS:An Industry of Change Economy Internet
  • WEDDINGS:An Industry of Change Economy Internet DIY
  • WEDDINGS:An Industry of Change Economy Internet DIY Social Media
  • WEDDINGS:An Industry of Change Economy Internet DIY Social Media Bridal Media
  • US Weddings (In Millions)43 2.23 2.21 2.2 2.16 2.08210 2005 2006 2007 2008 2009 (Source: US Census, CDC)
  • US Wedding Costs (In Thousands)$30 $28.73 $27.59 $26.54 $24.07 $21.81 $19.58$20$10$0 2005 2006 2007 2008 2009 2010 (Source: US Census, CDC)
  • THE ECONOMY & WEDDINGS 2008-2009
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007 2009 was the lowest marriage rate since 1968
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007 2009 was the lowest marriage rate since 1968 Between 2008-2009
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007 2009 was the lowest marriage rate since 1968 Between 2008-2009 Overall consumer expenditures fell 2.8%
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007 2009 was the lowest marriage rate since 1968 Between 2008-2009 Overall consumer expenditures fell 2.8% Wedding expenditures fell 10.2%
  • THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years 2008 wedding expenditures dropped 24% from 2007 2009 was the lowest marriage rate since 1968 Between 2008-2009 Overall consumer expenditures fell 2.8% Wedding expenditures fell 10.2% The number of weddings fell 3.7%
  • CC OO NN FS IU DM EE NR C (Source: Market-Harmonics.com) E
  • Effects Of The Reduced Wedding Budget 16.08% Consultant 76.69% 7.23% 47.37% Location 1.23% 51.4% 60.97% Food 3.8% 35.23% 58.66%Entertainment 13.04% 28.3% 37.24% Beauty 56.34% 6.42% 39.96% Bride’s Attire 1.25% 58.78% 5.4%Groom’s Attire 3.7% 41.8% 0% 20% 40% 60% 80% Cut Back Cut Out Keep Source: TheWeddingReport.com
  • Effects Of The Reduced Wedding Budget 68.87% Accessories 23.84% 7.28% 56.11%Photo & Video 5.34% 38.55% 80.7% Stationery 4.99% 14.31% 79.9% Flowers 4.86% 15.24% 80.5% Decor 7.17% 12.33% 53.92% Honeymoon 18.94% 27.13% 0% 30% 60% 90% Cut Back Cut Out Keep TheWeddingReport.com
  • 2010 & BEYOND
  • 2010 & BEYOND 1/25/11: Consumer confidence up to 60.6 (59% gain since 40 year low of 25.0 in February 2009. Still down 46% from July 2007 when it was 112.6)
  • 2010 & BEYOND 1/25/11: Consumer confidence up to 60.6 (59% gain since 40 year low of 25.0 in February 2009. Still down 46% from July 2007 when it was 112.6) Average wedding costs increase 23% to $24,066 in 2010
  • Wedding Expenditures Forecast$30 $28.73 $27.59 $27.73 $26.54 $27.08 $26.45 $25.83 $25.23 $24.64$25 $24.07 $21.81 $19.58$20$15$10 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Actual Forecasted Source: TheWeddingReport.com
  • Reaction to Change “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
  • How Did You Respond?
  • The Weddings Best Practices Survey
  • The Weddings Best Practices Survey✴ US Based Wedding Businesses
  • The Weddings Best Practices Survey✴ US Based Wedding Businesses✴ 21 Questions online
  • The Weddings Best Practices Survey✴ US Based Wedding Businesses✴ 21 Questions online✴ 14% Response Rate From Facebook Link Alone
  • Respondent Business Category Planning 29.3% Designing 5.3% Venue 7.3% Catering 7.3% Floral 3.7% Photography 9.4% Videography 3.4%Entertainment 10% Rentals 3.1% Lighting 0.8% Officiant 3.3% Beauty 13% Bakery 0.8% Attire 2% Stationery 1.3% 0% 4% 8% 11% 15% 19% 23% 26% 30%
  • Respondents Who Owned Businesses 90% 84.3% 79% 68% 56% 45% 34% 23% 15.7% 11% 0% Yes No
  • How The Recent Economy Has Changed Business50% 45.7%44%38%31% 29.5% 24.8%25%19%13%6%0% Revenues Up Revenues Down Revenues Unchanged
  • What Do You Project for 2011 In Comparison to 2010?80% 76%70%60%50%40%30% 19.1%20%10% 5%0% Increased Business Decreased Business Unchanged Business
  • What Have You Done With YourLevels of Service/ Products Offered? 60% 58% 53% 45% 38% 33.7% 30% 23% 15% 8.4% 8% 0% Expanded Offerings Reduced Offerings Offerings Unchanged
  • What Types Of Services Are Brides Booking With You?70% 64.8%61%53%44%35%26% 19.1% 16.2%18%9%0% Most Comprehensive/ Expensive Middle of the Road/ Mid- Range Pricing Least Comprehensive/ Least Expensive
  • Have You Created Any Services Or Products For a DIY Bride? 70% 63.7% 61% 53%44% 36.3% 35% 26% 18% 9% 0% Yes No
  • What Is The Most Common Size Of Your Weddings?50%44% 40.2%38% 35.2%31%25%19%13% 9.4% 6.8%6% 5% 3.1% 0.3%0% 1-50 51-99 100-149 150-199 200-249 250-500 500+
  • Since The Change In Economy,The Size Of Your Weddings Have:60% 53.3% 53%45% 41.3%38%30%23% 15% 8% 5.5% 0% Increased Decreased Stayed The Same
  • How Do You Attract Brides To Your Business? Referrals 89.7% Bridal Shows 29.7% Traditional Ads 25.9% Public Relations 30.6% Paid Online Advertising 50%Company’s Online Media 79.1% 0% 11% 23% 34% 45% 56% 68% 79% 90%
  • Where Do You Spend The Majority Of Your TIME Attracting Brides To Your Business? Networking With Pros 33.1% Networking With Venues 12.2% Bridal Shows 5% Submitting To Media 4.7% Company Blog 7.5%Comments On Other Blogs 0% Social Media 17.5% Traditional Advertising 3.4% Online Paid Advertising 16.6% 0% 5% 10% 15% 20% 25% 30% 35% 40%
  • Where Do You Get The Greatest Response (ROI) From? Networking With Pros 34.7% Networking With Venues 13.4% Bridal Shows 5% Submitting To Media 5% Company Blog 5.3%Comments On Other Blogs 0% Social Media 10.9% Traditional Advertising 5.6% Online Paid Advertising 20% 0% 5% 10% 15% 20% 25% 30% 35% 40%
  • Comparison Of Time Spent To ROI Networking With Pros 33.1% 34.7% Networking With Venues 12.2% 13.4% Bridal Shows 5% 5% Submitting To Media 4.7% 5% Company Blog 7.5% 5.3%Comments On Other Blogs 0% 0% Social Media 17.5% 10.9% Traditional Advertising 3.4% 5.6% Online Paid Advertising 16.6% 20% 0% 5% 10% 15% 20% 25% 30% 35% 40% Time ROI
  • How Are Brides Initially Contacting You?60% 53.8%53%45%38%30% 27.5%23% 17.5%15%8% 1.3%0% Telephone E-Mail Company Contact Form In Person
  • How Many Times Do You Connect With The Bride PRIOR To Your Initial Meeting?50% 48.8%44%38%31%25% 21.6%19% 16.6%13% 8.4%6% 3.8% 0.9%0% One Two Three Four + None - On The Spot I Don’t Follow Up
  • How Is Your Sales Conversion Rate?50% 43.8%44%38%31% 30.3% 25.9%25%19%13%6%0% Higher Than Years Past Lower Than Years Past Same As Years Past
  • How Many Times Do You Connect With The Bride AFTER To Your Initial Meeting?40% 35.6% 35.3%35%30%25%20%15% 13.1%10% 8.1% 7.8% 5%0% One Two Three Four + I Don’t Follow Up
  • Do You Survey Your Brides At AnyPoint In Your Working Relationship? 70% 60.3% 61% 53% 44% 39.7% 35% 26% 18% 9% 0% Yes No
  • Survey Success
  • Survey Success Get Feedback
  • Survey Success Get Feedback Guide Business Decisions
  • Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty
  • Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings
  • Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings Test Promotions
  • Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings Test Promotions Get Customer Preferences
  • Survey Resources
  • Survey ResourcesSurveyMonkey.com
  • Survey ResourcesSurveyMonkey.comSurveyGizmo.com
  • Survey ResourcesSurveyMonkey.comSurveyGizmo.comZoomerang.com
  • Best Practices in BUSINESS PLANNING Used During The Down Economy To Maintain Or Increase Business Adjust Company Vision 30.9% Create New Business Plan 9.4% Update Existing Business Plan 35.3% Create New Business Goals 28.1% Update Existing Business Goals 30% Create New Business Strategies 33.4%Update Existing Business Strategies 32.2% Create New Marketing Plan 25% Update Existing Marketing Plan 36.6% Narrow Into A Niche Market 14.7% Expand Into Many Niche Markets 25% Increase Office Space 8.1% Reduce Office Space 6.3% Increase Staff 14.7% Reduce Staff 12.8% Create Processes That Save Time 39.7% Delegate Processes To Others 18.8% 0% 5% 10% 15% 20% 25% 30% 35% 40%
  • Business Planning Resources
  • Business Planning Resources Entrepreneur.com
  • Business Planning Resources Entrepreneur.com SBA.gov
  • Business Planning Resources Entrepreneur.com SBA.gov SCORE.org
  • Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com
  • Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com “Getting Things Done”, David Allen
  • Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com “Getting Things Done”, David Allen Virtual Assistants
  • Best Practices in SERVICE/ PRODUCT STRATEGIES Used During The Down Economy To Maintain Or Increase Business Create New Product/ Service 43.1% Add Related Service/ Product 50.9% Partner With Related Businesses 40.3% Sell To Higher-End Market 29.1% Sell To Mid-Range Market 25.9% Sell To Lower-End Market 12.8% Increase Price/ Investment 13.8%Increase Price/ Unchanged Investment 14.4% Reduce Price/ Investment 11.6%Reduce Price/ Unchanged Investment 14.4% Charge for Consultation 6.3% 0% 8% 15% 23% 30% 38% 45% 53% 60%
  • Service/ Product Resources
  • Service/ Product Resources Trendwatching.com
  • Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent
  • Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent “The Luxury Strategy”, Jean-Noel Kapferer
  • Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent “The Luxury Strategy”, Jean-Noel Kapferer The Wedding Report
  • Best Practices in MARKETING STRATEGIES Used During The Down Economy To Maintain Or Increase BusinessNetwork With Industry Pros 77.8% Network With Venues 53.8% Bridal Shows 22.8% Submit To Media 29.7% Traditional Advertising 15% Post On Own Blog 39.1% Post On Other’s Blog 15.9% Increase SEO 30.6% E-Mail Marketing 30% Build Social Media Presence 59.7% Pay Per Cick Advertising 9.1% Online Display Advertising 14.4%Online Forums/ Communities 6.3% Webinars/ Teleconferences 7.2% Sponsorships 9.4% Free Content (Articles, etc.) 10% Online Contests 4.4% Podcasts 0.6% Video Marketing 6.3% 0% 10% 20% 30% 40% 50% 60% 70% 80%
  • Marketing Strategies Resources
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out)
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks DanZarrella.com - Facebook Marketing Stats
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks DanZarrella.com - Facebook Marketing Stats BloggerLinkUp.com
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks DanZarrella.com - Facebook Marketing Stats BloggerLinkUp.com CopyBlogger.com
  • Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks DanZarrella.com - Facebook Marketing Stats BloggerLinkUp.com CopyBlogger.com ProBlogger.com
  • Best Practices in EASE OF WORK Used During The Down Economy To Maintain Or Increase Business Accept Credit Cards 44.7% Payment Schedules 38.8% Skype 14.4% 800 Number 8.1% Cell Phone Access 53.8%Meetings Evenings & Weekends 60.9% 0% 10% 20% 30% 40% 50% 60% 70%
  • Review
  • ReviewWedding spending in 2010 was up 23%from 2009
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011Wedding expenditures are forecasted toincrease at a steady pace to match 2006levels by 2016
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011Wedding expenditures are forecasted toincrease at a steady pace to match 2006levels by 2016Referrals are king
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011Wedding expenditures are forecasted toincrease at a steady pace to match 2006levels by 2016Referrals are kingNetworking and online presence are king
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011Wedding expenditures are forecasted toincrease at a steady pace to match 2006levels by 2016Referrals are kingNetworking and online presence are kingCompanies looked for ways to leveragetheir time
  • ReviewWedding spending in 2010 was up 23%from 2009Wedding pros are much more optimisticfor 2011Wedding expenditures are forecasted toincrease at a steady pace to match 2006levels by 2016Referrals are kingNetworking and online presence are kingCompanies looked for ways to leveragetheir timeCompanies created & updated theirmarketing and business plans, updatedtheir goals and created new strategies
  • What Will You Do?