When teaching target marketing at workshops and conventions, I always recommend performing an industry analysis to learn more about whether or not the consumer environment can support your business before starting a new venture. A question I often hear is 'well... how do I know about what is happening in my local market? How can I find out the number of weddings, at what price point, and determine how accessible the market is to me?' Up until this point anyone wanting to learn how many weddings were happening in their area and what the average couple spends needed to visit several different locations to research census data. But recently I came across the Wedding Report which will tell you - for free - the exact trends in weddings by industry, ethnicity and the volume of weddings occurring. It also provides information about predicted trends in the future and what to expect and for a $39 fee you can search your specific geographic area.
There are a lot of hypothesis of what is happening right now in the wedding industry, if people are spending less or even hiring wedding photographers. And while I will say that I have spoken to many retailers who are down right now, this research will tell you for certain what is happening in the current wedding economy - empowering you with the right information to make strategic decisions about your business.
I love the Wedding Report (yes... I'm a stats geek ;-) and love analysis... maybe a bit too much!). Do you know of anything similar for the portrait photography market?
Thanks!
Posted by: Gwyn | July 21, 2008 at 04:54 PM
Oh my gosh, you are such a wealth of information. Talk about carving a niche for yourself...you have managed to do just that! You are the person I would turn to about ANY business advice. You seem to have an amazing head on your shoulders. I would Love to have a fraction of your knowledge. Thanks for posting this and keep up the good work!!!
Posted by: Lisa Gisczinski | August 03, 2008 at 02:32 PM