Your Business Industry
STOP: You need to know your industry before you keep building.
You have your manifested idea, you have learned to protect your building blocks..now it is time to learn about your industry. I will give you my tips on how I applied my research to start creating my business plan. Let’s start here with what you need to discover about your market.
|1| Gaps for products and services: where do consumers go, what do they want and how do they source their products/services
- 10% of consumers hire a full service planner
- 20% of consumers hire an event designer and/or day-of coordination
- 30% of consumers book a la carte services
- 40% non aware/no planning
GAP: 50% of the market hire an event designer, day of coordinator or a la carte services
|2| Your competitors: I’ll never tell…
|3| Industry leaders: There are 2.3 million weddings a year / $72 billion dollar industry with 74% of that spent on wedding budgets / The average national budget is $28,000
- The Knot/Wedding Wire owned by World Wide Weddings
- Style Me Pretty
- Martha Stewart Weddings
- Wedding Chicks, Ruffled, Chic Vintage Brides, Green Wedding Shoes, How He Asked
All of these leaders are large Publications, Blogs or Content Creating Websites based on Real Weddings
|4| Consumer demands: Find the targeted event organized cities to the large national cities by region
- Pacific: 12/20
- Southwest: 10/17
- South: 9/27
- Midwest: 10/22
- Northeast: 11/22
DEMAND: Pacific, Northeast, Midwest, Southwest, South
So, even though I may have over researched or “planned” for creating Inspire Your®, it is never too late to carve out time to learn about your industry to better serve your clients.