The $500-million dollar industry is evolving at a faster pace than you think. With new trends coming up, the way the wedding business is done is also changing. As lucrative as the wedding service industry is, it’s also incredibly competitive. There’s a huge market of couples looking for help in planning and executing the wedding of their dreams. Along with this are the thousands of businesses eying to get their attention.
If you’re running a wedding services business, it can be difficult to secure and maintain a foothold in this dynamic industry. But with the help of some easy, yet powerful, wedding marketing ideas, it’s not impossible! You can raise your company’s profile, connect to potential clients, and get on the path to business growth.
For today’s DWP Guest article, we have Carly Wood, Director of Product Management, QuickBooks Ecosystem at Intuit to share three ways wedding planners and vendors can leverage technology to help them better serve customers and bring in more money. Apply these to your wedding business marketing plans, and get couples to say “I do” not just to each other, but to your services too!
The multi-billion dollar wedding industry offers a great deal of opportunity to small businesses that serve happy couples on their big day. Whether it’s a photographer capturing joyful moments, the caterer serving a memorable dinner, the DJ keeping the dance floor packed, or the hardworking planner who brings everything together, these businesses ensure that couples achieve the wedding experience of their dreams. With roughly 2.2 million weddings expected to happen in 2023, those who work in the wedding industry are busier than ever, making it critical for these small businesses to lean on technology to help them serve their customers and grow their businesses.
Diversify Payment Offerings
The pandemic shifted how payments get made and consumers expect to have multiple easy options when paying vendors. The more methods of payment that a business accepts, the more convenient it is for customers to pay, making it more likely for the business to get paid on time – helping them stay cash flow positive.
Many small businesses in the wedding industry embrace both old and new forms of payment. According to a recent report from QuickBooks on small businesses in the wedding industry, more than two-thirds (67%) of consumers said they paid wedding vendors with a credit card, and more than half (56%) paid via cash. This is notable given most businesses have done less business in cash since the onset of COVID-19. Additionally, there are some early adopters of new payment options. One in five (21%) of wedding vendors paid with cryptocurrency.
To generate more business and ultimately generate more revenue, it’s essential for those in the wedding industry to carefully follow popular trends as they consider what types of payments they accept from consumers.
Tap Into Contractors (and get them paid)
Picture courtesy: @paolocicognani_weddingsitaly
Contractors that are hired for temporary projects are popular in the wedding industry versus regular full- or part-time employees. Getting contractors paid can prove to be more complicated than running payroll for traditional employees.
Contract workers need to get paid quickly and accurately to maintain a positive working relationship, but there’s more to it than just that. Businesses also need to stay tax compliant by collecting W-9 information, aggregating all payments made to contractors to create 1099s, and filing with the IRS. Contractor payment-specific solutions help make the process seamless to set up, work with, and pay these types of workers. This gives business owners peace of mind that they’ll be ready come tax time with all the documentation they need. By making it easier for these businesses to bring in ad hoc help, it allows them to take on additional projects and weddings – increasing their bottom line.
Reach Customers through Marketing Efforts
Getting in front of the right audience is a surefire way to generate more interest for a business and acquire more customers. With today’s technology, this has never been easier to accomplish. Solutions like Mailchimp offer simple ways for small businesses to connect with their target customers – which becomes especially critical as couples begin planning their big day and searching for vendors.
From social media and email marketing to ensure their business pops up on a web search through search engine optimization (SEO) – there are so many channels that small businesses can use to reach people. Encouraging customers to post reviews of products and services is also an important tactic for securing new business.
Technology enables businesses in the wedding industry to manage and grow their operations and can save time, which ultimately allows them to serve more customers and provide a better overall customer experience. The impact that small businesses make on a couple’s wedding day is significant. In fact, (68%) of respondents said there was a vendor that saved the day, and among these, 74% reported that this vendor was a small business. Small businesses are the backbone of the wedding industry and will continue to thrive using the right technology.
Carly Wood is the Director of Product Management, QuickBooks Ecosystem at Intuit. Based in the Bay Area, Carly has been at Intuit serving in a variety of roles for more than seven years.
Feature Image Credit: @designlabexperience
