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Emerging Wedding Trends Impacting Your Business
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Welcome!
Gabrielle RolonDirector of Education
Sarah LambertDirector, Business Development
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Agenda
What today’s nearly-weds want from venues
What we’re hearing from hotels
3 strategies to grow your wedding business
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
What Today’s Nearly-weds Want From Venues
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Millennial Couples
• She’s older: 29 (up from 28 in 2008)
• He’s older: 31 (up from 30 in 2008)
• She’s more educated:
− 77% are college graduates (up from 68% in 2008)
− 27% have a graduate degree (up from 20% in 2008)
• More affluent:
─ Average HHI: $92,836 (up from $85,100 in 2008)
Who are they?
Source: 2014 Real Weddings Study5
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
What’s trending
• Weddings are a big business• $39+ billion industry wedding event
market size • 1.7 million annual wedding events per year
• Intimate guest lists: 136 guests (vs. 149 in 2009)
• A shift towards casual 82% vs. 76% in 2009
• Outdoor reception venues on the rise
• Nearly half (46%) are 3 days or more
• Location is The Key Reason for Booking:• Scenic backdrop/locale: 46%• Both indoor and outdoor space: 28%• Unique or non-traditional: 27%
Source: 2014 Real Weddings Study6
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
What our couples tell us…
• 1st big decision is wedding venue (50% of the budget)
• Average cost $14,006 (vs. $12,838 in 2009)
• 76% do not use a wedding planner
• Need guidance & transparency for finding their perfect wedding venue
Source: 2014 Real Weddings Study7
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
What We’re Hearing from Hotels
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Occupancy challenges
• Seasonality: Summer and Autumn weddings dominate
• 78% of all weddings take place between May to October
• May, June and October are the most popular months
• 7 in 10 weddings occur on a Saturday
• Relationships require more investment:
• The venue is the most expensive decision
• Over half of the wedding event budget: Average cost $14,006 (+$1,168 since 2009)
Source: 2014 Real Weddings Study9
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
What our hotels tell us…
• They are getting too many of the wrong leads
• Pre-qualifying leads is costing time and staff is limited
• Need help filling unbooked (peak and off-peak) wedding dates
• Need help filling hotel rooms on weekends
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
3 Strategies to Grow Your Wedding Business
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
1. Partner with local wedding pros & industry events
• Offer off-site perks to other local wedding vendors
• V.I.P access, gift cards or exclusive offers
• Check your local CVB site for upcoming industry events
• Create a special for those attending the event
• Become the “preferred hotel”
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
2. Add value to the customer experience
• Package with free service or discount
• Free champagne toast or transportation services
• Host an educational event• I.E., Mini wedding expo
for nearly-weds or a workshop for wedding pros on how to get more wedding business
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
3. Develop a Marketing Focus Unique to Weddings
• Create a presence that engages today’s nearly-weds
• Showcase real wedding images, testimonials, etc. to highlight the customer experience
• Partner with organizations specializing in weddings with a built-in bridal audience
• Participate in programs that understand & solve the pain points of couples and hotels – I.E., The Knot Venue Concierge
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Our vision is to inspire, plan and book every wedding in America with LOVE.
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
The Knot is the #1 Wedding Brand, Reaching 8 in 10 Couples
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
NEW! Venue Concierge by The Knot
Offline, high-touch, proactive venue concierge service helps couples find the perfect venue.
For more info visit theknot.com/concierge/venues
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© 2014 XO GROUP INC. ALL RIGHTS RESERVED.
Questions
• How would you characterize your properties’ wedding business?
• What challenges do you face growing your wedding business?
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