An old marketing classic mantra is Product – Price – Promotion – Place. It can be helpful to write a sound marketing strategy around these four words.
Before I start, the one thing I always bear in mind is that a wedding marketing strategy can be reviewed. If you make a detailed plan and after a month you realise something has changed, review your strategy. Nothing’s written in stone, and you’re the boss after all!
Example: marketing strategy for Jenny’s home based wedding jewellery business
Jenny designs and makes handmade crystal and wire jewellery sets. She plans to create understated and pretty designs, exclusively bridal styles (mainly white and ivory with a small range of colour options for more adventurous brides). She will offer a bespoke design service based on minor alterations to her main collection.
Jenny’s bridal jewellery will be affordable for brides spending less than £5k on their wedding budgets. The collection will have a price range for individual pieces from £20 to £120. Jenny’s target order value will be £50 – £200, with most brides ordering a set (necklace, earrings and bracelet, for example). Jenny believes her customers are price-sensitive due to high competition.
Jenny will promote her business by having a strong website and a presence at local wedding fairs. She has a minimal promotion budget, set at 10% of each previous month’s net profit in the first year. Her key promotional tools are a banner advert for advertising on relevant wedding resource sites and a Google AdWords ad which can be turned on and off depending if she needs the extra business it will generate.
Jenny plans to sell her wedding jewellery throughout the UK, via an online store with a payment facility. She believes she can also attract local trade through orders placed at wedding fairs and via a presence in carefully chosen retail outlets, such as her friend Laura’s bridal shop on the high street.
A mission statement is a good idea:
“Jenny’s Jewellery will delight 250 brides a year with affordable bridal jewellery sets promoted and sold online and in the Durham area.” (underlined are the key components: product, price, promotion and place.)
A mission statement is a positive sentence that helps you keep in mind the aims of your wedding business, your key targets and your brand image.
Write your own wedding marketing strategy in 30 minutes
- What do you sell?
- What are its components and materials?
- How would you describe the quality?
- Are there variations in design?
- Do you offer a bespoke service or package?
- What is your manufacturing cost?
- Is the price right for your customers?
- What is the price range of your products?
- Will you discount?
- Will you have regular sales?
- Are your prices high or low compared to the market average?
- Can you project an average order value for this year?
- What about for next year?
- And in five years’ time?
- What will your profit margin be?
- Is your market price sensitive?
- How will you tell people about your business?
- Where will you sell?
- Where will you advertise?
- What’s your business’s unique selling point (USP)?
- How will you communicate your USP to consumers?
- What can you afford to spend on promoting your business?
- What is your earning projection for the year?
- Work out how much you’ll earn per £1 spent on promotion.
- Does it seem reasonable?
- What geographical area will you cover?
- If you sell online can you forecast local and online sales?
- What proportion of your revenue will local / online sales generate?
- Does that match your local / online advertising budgets?
- Will you have a primary and secondary geographical location to target?
- How will different locations affect your cost?
- What are your distribution / postage costs?
Pick out the key points from your answers, and sum them up into a positive mission statement to pin on your wall!
I don’t know everything by any means. Find out more about the marketing mix on Wikipedia