Wedding service industry is a huge market in the UK, which covers thousands of businesses. Unlike other industries, the definition of wedding service industry is much broader. Take market segments for example, it includes brides’ dresses and accessories, clothing and accessory hire, wedding cake maker, jewelers, venue decoration, photography and video, DJ and music, Marquee hire, florists, wedding planners, transportation, etc. According to a recent UK wedding market research, there are nearly 10,000 floristry businesses, 15,000 wedding photographers, over 3,600 bridal wear retailers and over 3,700 wedding planners. The annual sales of vendors could range from thousands to millions of pounds given their business scale. The large number of players and unevenly distributed sales has made the competition within the industry extremely intensive.
Basically vendors in this sector could be classified into two categories, i.e. product vendor and service vendor. In the following part, we are going to discuss the important issues of both types and possible ways to enhance their product/service value to customers.
What is product vendor
Product vendors are companies which basically sell products to brides and grooms. Product vendors involve brides’ dresses companies, wedding linen companies, cake maker, jewelers, florists, etc. Their target client not only includes end customers (mostly brides) but also trade companies such as chair cover companies, rent companies, wedding planners, etc. Like traditional manufacturing industries, competition in this sub-sector focuses on price and quality. During the economic downturn, cheap wedding has become a common objective for most couple-to-be. Thus good price and quality are important criteria before customers make final purchase decision. In the meantime, delivery time is also considered to be important as your delivery can NEVER miss the wedding date. To stand out from the competition:
1. Supplying full range of products is highly recommended, which not only convince brides your ability to supply high quality products but also attracts startup trade companies looking for a long-term supplier.
2. Make every customer satisfied with your product. As friend recommendation and word-of-mouth play an important role, they are your powerful marketing tools.
3. New products are the future. Current products supplied on the market are almost homogeneous. Creativity and innovation are the only way to make business sustainable.
what is service vendor
Service vendors are engaged in providing wedding services before or on the wedding day. Service vendors include wedding planners, rent companies, photographers and videos, DJ and music, transportation, etc. Service vendors sometimes are clients of products vendors such as wedding planners who will buy or hire wedding linen from wedding linen companies. Unlike product vendors, the service vendors face a tougher competition because the entry barrier is low. Thus the ability to make a difference, source good product vendors and organization skills are key factors.
how to increase your service value
To make a difference, it is important to step ahead of competitors. Service vendors could work closely with product vendors to develop new products in order to launch them to market as the NO. 1. New products are useful to enhance brand recognition and increase market share. Additionally, to make a difference, service vendors could also try to deliver current services to new marketplaces. Even if restricted by geography, franchise is a good idea to quickly grow your business to nationwide.
Find a good product vendor and stay with it. A good product vendor could give you high quality product at competitive price. Most importantly, it will give you the new idea and help you to lead or follow the trend.
Organization skills are extremely important for wedding planners. Wedding is always a long and complicated organization process. It involves numerous discussion, modification and final work. Of course, exceptional organization skills will bring you more new brides recommended by their friends.
By Ling Cheng
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