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 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
- 1. Who Moved My Brides? Wendy Dahl Wedding Designer & Coordinator Director of Marketing, WIPA
- 3. The Wedding Industry 541,900 Businesses
- 4. The Wedding Industry 541,900 Businesses 77: Average number of weddings served by a single business
- 5. 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
- 6. 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
- 7. 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
- 8. 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
- 9. WEDDINGS: An Industry of Change
- 10. WEDDINGS: An Industry of Change Economy
- 11. WEDDINGS: An Industry of Change Economy Internet
- 12. WEDDINGS: An Industry of Change Economy Internet DIY
- 13. WEDDINGS: An Industry of Change Economy Internet DIY Social Media
- 14. WEDDINGS: An Industry of Change Economy Internet DIY Social Media Bridal Media
- 15. US Weddings (In Millions) 4 3 2.23 2.21 2.2 2.16 2.08 2 1 0 2005 2006 2007 2008 2009 (Source: US Census, CDC)
- 16. 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)
- 17. THE ECONOMY & WEDDINGS 2008-2009
- 18. THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses
- 19. THE ECONOMY & WEDDINGS 2008-2009 2007 US economy collapses Consumer confidence crashed in August 2007 spiraling down 77.8% over the next two years
- 20. 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
- 21. 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
- 22. 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
- 23. 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%
- 24. 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%
- 25. 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%
- 26. C C O O N N F S I U D M E E N R C (Source: Market-Harmonics.com) E
- 27. 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
- 28. 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
- 29. 2010 & BEYOND
- 30. 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)
- 31. 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
- 32. 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
- 33. Reaction to Change “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
- 34. How Did You Respond?
- 35. The Weddings Best Practices Survey
- 36. The Weddings Best Practices Survey ✴ US Based Wedding Businesses
- 37. The Weddings Best Practices Survey ✴ US Based Wedding Businesses ✴ 21 Questions online
- 38. The Weddings Best Practices Survey ✴ US Based Wedding Businesses ✴ 21 Questions online ✴ 14% Response Rate From Facebook Link Alone
- 39. 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%
- 40. Respondents Who Owned Businesses 90% 84.3% 79% 68% 56% 45% 34% 23% 15.7% 11% 0% Yes No
- 41. How The Recent Economy Has Changed Business 50% 45.7% 44% 38% 31% 29.5% 24.8% 25% 19% 13% 6% 0% Revenues Up Revenues Down Revenues Unchanged
- 42. 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
- 43. What Have You Done With Your Levels of Service/ Products Offered? 60% 58% 53% 45% 38% 33.7% 30% 23% 15% 8.4% 8% 0% Expanded Offerings Reduced Offerings Offerings Unchanged
- 44. 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
- 45. 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
- 46. 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+
- 47. 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
- 48. 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%
- 49. 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%
- 50. 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%
- 51. 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
- 52. 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
- 53. 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
- 54. 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
- 55. 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
- 56. Do You Survey Your Brides At Any Point In Your Working Relationship? 70% 60.3% 61% 53% 44% 39.7% 35% 26% 18% 9% 0% Yes No
- 57. Survey Success
- 58. Survey Success Get Feedback
- 59. Survey Success Get Feedback Guide Business Decisions
- 60. Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty
- 61. Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings
- 62. Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings Test Promotions
- 63. Survey Success Get Feedback Guide Business Decisions Gage Satisfaction/ Loyalty Assess Your Current Offerings Test Promotions Get Customer Preferences
- 64. Survey Resources
- 68. 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%
- 70. Business Planning Resources Entrepreneur.com
- 71. Business Planning Resources Entrepreneur.com SBA.gov
- 72. Business Planning Resources Entrepreneur.com SBA.gov SCORE.org
- 73. Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com
- 74. Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com “Getting Things Done”, David Allen
- 75. Business Planning Resources Entrepreneur.com SBA.gov SCORE.org StartUpNation.com “Getting Things Done”, David Allen Virtual Assistants
- 76. 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%
- 78. Service/ Product Resources Trendwatching.com
- 79. Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent
- 80. Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent “The Luxury Strategy”, Jean-Noel Kapferer
- 81. Service/ Product Resources Trendwatching.com “Selling Luxury”, Robin Lent “The Luxury Strategy”, Jean-Noel Kapferer The Wedding Report
- 82. Best Practices in MARKETING STRATEGIES Used During The Down Economy To Maintain Or Increase Business Network 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%
- 84. Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard
- 85. Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out)
- 86. Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com
- 87. Marketing Strategies Resources “Networking Like a Pro”, Brian Hilliard HARO (Help A Reporter Out) ReporterConnection.com PitchEngine.com - Publishes to Search Engines & Social Networks
- 88. 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
- 89. 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
- 90. 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
- 91. 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
- 92. 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%
- 93. Review
- 94. Review Wedding spending in 2010 was up 23% from 2009
- 95. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011
- 96. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011 Wedding expenditures are forecasted to increase at a steady pace to match 2006 levels by 2016
- 97. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011 Wedding expenditures are forecasted to increase at a steady pace to match 2006 levels by 2016 Referrals are king
- 98. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011 Wedding expenditures are forecasted to increase at a steady pace to match 2006 levels by 2016 Referrals are king Networking and online presence are king
- 99. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011 Wedding expenditures are forecasted to increase at a steady pace to match 2006 levels by 2016 Referrals are king Networking and online presence are king Companies looked for ways to leverage their time
- 100. Review Wedding spending in 2010 was up 23% from 2009 Wedding pros are much more optimistic for 2011 Wedding expenditures are forecasted to increase at a steady pace to match 2006 levels by 2016 Referrals are king Networking and online presence are king Companies looked for ways to leverage their time Companies created & updated their marketing and business plans, updated their goals and created new strategies
- 101. What Will You Do?
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