The old adage goes, “When your neighbor is out of a job, it’s a recession. When you’re out of a job, it’s a depression.” The difference is merely one of degree and one of perception.
Here’s an idea for the recession: TAKE ACTION; DON’T PARTICIPATE!
Since discussion of recession has been in the news for many months, now, I thought I would hit it head on, and write a series of posts about how you might consider addressing it. The key to understanding wedding marketing in a recession is three-fold.
1) Being ahead of the curve: Even if business has not slowed for your company, it’s best to get out in front and be proactive. If you wait the symptoms of a recession have reached your company, you’ll feel a much greater effect.
2) Prosperity hides inefficiency: When business is going well, it’s hard to get people to accept counsel about what they might be doing more effectively, to increase sales and profitability. Suddenly, as sales and/or profitability shrink, business people become hyper-sensitive about adjusting their perspective and marketing plan.
3) Some reminders… some new ideas: In this new series of posts, there will be both reminders and new ideas. One of the symptoms of inefficiency (see #2) is dropping the ball on certain good wedding marketing practices. Simply, one doesn’t notice the future problems that may occur from failing to do certain things, because at the moment, business is good.
Today’s recommendation: Focus on your strongest referral relationships!
It’s easy to take relationships for granted. Whether that contact is a top photographer or 4-Star venue, it’s probably time to take that person to lunch. Be interested in their business, and find out if there is anything else you can do for them. Just strengthen rapport and the importance of the relationship.
Referral business is the least price sensitive of any lead. You should have the highest closing rate on referred business. Nothing beats that combination of no-discount pricing and a minimum of sales time.
Chart your relationships and commit to meeting with two people each week, without fail. With a sincere effort, it is virtually impossible not to solidify, improve, and invigorate these relationships.
Yes, this is not new advice. But it’s great advice. If you’re not meeting with 1-2 top referral sources each week, begin again, now… and don’t let up.
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