Boost your BRIDAL BUSINESS

With an average of 35,000 weddings taking place each year in Ireland, the bridal market could be a good diversification opportunity for your business, according to salon business expert Liz McKeon

Diversification occurs when a business develops a new product or service, or expands into a new market. Often, businesses diversify to manage risk by minimising potential harm to the salon business during unstable economic upheavals. The basic idea is to expand into a business activity that doesn’t negatively react to the same economic downturns as your current business activity. If one of your revenue streams is taking a hit in the market, one of your other divisions will help offset the losses and keep the company viable. Therefore, salons can use diversification as a growth strategy.

Diversification can happen without spending more money or having to hire extra staff, because it can be more about using wasted resources than investing more money into the salon. Diversification can either help you to tap into exciting new markets to take advantage of high-potential growth, or it can simply fill a niche that satisfies your existing client base.

With an average of 35,000 weddings taking place each year in Ireland, and an estimated €777m spent in the weddings and honeymoon market, the bridal sector might be a good diversification opportunity for your business. Wedding hair and beauty is big business, but sometimes the bridal market can get overlooked, as it is easy to underestimate its potential and undercharge for your services.

The trick is to offer a unique and exceptional wedding service, so you can then afford to generously charge for it. Take the following steps to prepare to diversify to include the bridal business market in your offering:

1 Do your research

Visit the bridal shows in your area. If you want to market your services to the bridal market, you will need to be exhibiting there also. Establish the opportunity for your business in this market, then spend some time creating your financial plans and target. Always remember diversification should add to your bottom line, and not take from your current business.

2 Offer a complimentary consultation for brides

Brides like to shop around, so make this consultation matter. Showcase all aspects of your wedding services. Don’t forget to offer services for the entire wedding party. For example, include the bride’s mother and mother of the groom. Create bespoke service plans leading up to the event.

3 Get marketing

It helps if you can prove you have a good track record in the bridal market, so contact previous clients and ask for testimonials, which you can use on your marketing material. Keep building your bridal marketing toolbox. Use images of previous work and testimonials, and produce a bridal brochure for your salon. Make sure your website is up to date with this information, as this is your online bridal brochure.

4 Share content on your social platforms

It's particularly important to do this when your wedding team work off-site in different locations. Build this content in order to promote your services and generate more leads for the business.

5 Partner with other local businesses in the bridal market.

Business networking is an effective, low-cost marketing method for finding new clients and contacts, based on referrals and introductions, which are always helpful for developing your bridal business. Make a point of checking to see who else is in the bridal business in your area, such as wedding planners, venues, wedding car suppliers, photographers, florists, jewellers, travel agents, cake suppliers, wedding dress designers and fashion boutiques. Then refer wedding parties to one another.

6 Perform on the big day

Roll out the red carpet and do everything you can to ensure that the bride and her wedding party are delighted with their decision to choose you to look after them. Hopefully, you are charging a premium, and every second of the experience with your team doesn’t just meet the expectation, but goes way beyond it.

If you want to take your business to the next level, then make your bridal service is a unique offering that meets the needs of this very lucrative client.