Whether you’re feeling financially stable or just getting by, 2021 is in full swing and it’s time to evaluate your business progress and look for ways to increase the bottom line. Everybody wants to make more money, but the question is how?
Believe it or not, it’s not that difficult – while it may take some time and effort, trust us when we say that the brainpower is worth it! We’ve learned a lot over the years and even survived the 2020 Covid-19 crisis to tell about it. From bringing in extra sources of revenue to cutting unnecessary costs, we’ve done it all and we’re here to share some of our best practices with you.
What Sets You Apart?
No matter the level of saturation in your market, nowadays you just need to have something that sets you apart from your competitors. Take a step back and evaluate the strengths and weaknesses of your business – be honest and give yourself a well-developed idea of where your company stands.
However, instead of focusing on the weaknesses, focus on your awesome list of strengths in front of you. These are not only your selling point, but they’re also opportunities to capitalize upon! Whatever your specialty is, take it and run! Embrace your strengths and find ways to monetize them – from speaking engagements to guest blogging, there are a number of opportunities out there for both increased revenue and recognition.
Believe it or not, you may possess a hidden revenue stream without even knowing. Got a killer spreadsheet that is hands-down the best wedding planning tool ever? Did you create an awesome template that is easy to customize for any type of service?
Take a look at the resources you’ve developed out of necessity and consider selling them to other event professionals. Etsy is a great option for opening a storefront – you’d be surprised what people are willing to pay for efficiency!
Extend the Client Experience
An issue that wedding professionals tend to face is the fact that the majority of our income comes from one-time clients. With weddings, there are no ‘regulars’ to keep business flowing (at least, we hope there aren’t!) but there are ways to get around this.
After providing your clients with the very best wedding experience, keep in touch afterwards by sending them anniversary cards and checking up on social media. The stronger of a relationship you build, the more likely they’ll come to you if they need help in other ways – perhaps they’ll need a planner for a baby shower or a photographer for family portraits.
If you’re already on their mind, you’ll be the first number they dial! For a relatively low investment, the continued relationship is certainly worth the effort.
When it comes to expanding your bottom line, diversification is key. You may be happy with the services or products that you’re currently offering, but imagine the additional revenue that can come from offering additional services! Ask yourself- what else do my clients potentially need and how can be the one to assist?
In fact, launching the room block procurement service Where Will They Stay? May just be a totally awesome idea. Designed for those planners and venues eager to take care of this important to do for their brides and grooms.
The Art of Building Relationships
We talked a bit about maintaining relationships with couples, but how about with your fellow wedding professionals? Networking with industry peers can reap a wealth of rewards – you never know when you’ll find a meaningful partnership with an industry peer!
Affiliate marketing seems to grow into one of the major channels of sales, lead acquisition and brand awareness. And companies like iDevAffiliate offering affiliate extensions for websites on virtually any CMS are not only providing the necessarily functionality but also give tons of useful guidelines and tips.
It may be bringing on an assistant to manage the day-to-day operations or even partnering with a like-minded business for a marketing campaign. You may not sow the seeds you plant immediately, but you’d be surprised at the opportunities that turn up weeks, months, or even years later because of one significant chat.
As the summer season unfolds, be sure to keep business growth in the forefront. The best way to not make money is to put development on the backburner! Turn 2021 into a record year by taking the above strategies to heart and continuing to focus your efforts on staying relevant and thriving in today’s market.
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