18 May Your Big Fat Wedding Opportunity
Every since Johannes Gutenberg enabled modern publishing by inventing movable type, one rule has dominated the business model: If you profitably publish something once it makes sense to try publishing it twice. If you make a profit again, then you should increase the frequency of what you publish repeatedly until you reach a point of diminishing returns.
This rule applies to books (how many variations on the “…For Dummies” series can they dream up?) newspapers, magazines and in today’s world profitable Web sites, blogs and social network campaigns.
So why do most local media relegate bridal to a once-a-year selling event?
I talk to local media executives pretty much every day. When I ask about bridal most tell me they do a “very profitable” bridal promotion in their markets once a year. It might be tied to an annual wedding show/event. Rarely the magazine gets posted online. But the vast majority of markets take advantage of bridal just once a year.
So what’s the big deal?
- Bridal is a $72 billion annual business in the US
- About 2.3 million couples will wed this year
- That’s about 6,300 weddings a day
- Those weddings occur every day of the year
- An average of 200 guests buy a gift for the happy couple
- Most wedding guests spend between $70 and $100 on that gift
- The average cost of the bride’s and groom’s rings alone is $1016
- 99% of newlyweds take a honeymoon, spending an average of $3657
Most important, the vast majority of the merchants involved — jewelers, florists, caterers, beauty shops, limos, halls, rental companies, etc. — happen to be small local businesses that are not regular advertisers in newspapers, on radio or in any other local media. The bridal category is a grossly under-developed opportunity in most markets. Yet, the crisp white dress on the cover of the once-a-year bridal publication turns an unattractive shade of yellow waiting for local media to seize the opportunity to make bridal a year-round business.
The fact is all local media have become addicted to the next new thing, new idea, the silver bullet that will solve all of our problems. Sadly no such silver bullet exists. That’s not to say there are no good new ideas out there. New ideas abound. However, we have departed from the basic rules of profitable publishing that made fortunes for those who preceded us.
Why bridal? Why now? It makes sense when profits are strapped.
If most businesses related to the bridal category in your market do not advertise regularly with you, but advertise in large numbers once a year. If weddings happen all year long in your community and you have the means to make bridal a year-round business — 24/7 on your Web site, weekly in your newspaper or on your station and once, twice or more often with bridal magazines and events. Then you are missing an opportunity to generate new ad dollars, help your merchants on Main Street and help couples planning their weddings.
In short you have a big fat wedding opportunity. We can help you take advantage of it.