The Good, the Bad, the ROI

By Krista Chapman
krista@thepinkbride.com

What started as a cheerful saunter, has you entering a murky forest.  Trees tower above, dense brush encircles your feet and it is difficult to see where next to step.  A sharp snap of a branch, then an unfamiliar noise... fear starts to set in, uncertainty and doubt.  On the hunt for brides and you have seemingly lost your way.  The emails have slowed, brides are not booking and money is tight.  Now you're scrambling, buying on impulse and throwing money at cheap bridal shows or last minute advertising promotions, hoping to find the right path.  You're in survival mode and the forest conspires against you.  Marketing to bride is far from a walk in the woods... you need a plan, you need a goal and you need to make sure you're maximizing investments.  How do you find the meadow over yonder, the one that promises safety and success?

Rule number one.  The money you spend on marketing and advertising is not about actions taken, the number of times you have tweeted within the last 24 hours or feeling accomplished because you rattled off an email to a lead list in less than 20 minutes (with no apparent purpose).  It not about blaming others when you can't close a sale or ignoring the changes in the market because your reputation should speak for itself.  It's not about a haphazard marketing plan that simply has you showing up. 

It is about ROI...  Return on investment.  How much return will you get on the money spent for a magazine ad, online upgrade, Google Adwords, bridal show booth or that membership to a vendor organization?  How many potential clients need to find your company through these investments for it to pay off?    How much money do you need to make?  Only kind-of, sort-of know... wrong answer.  You might as well put your moody Tween in charge of company marketing because her impulse purchases of trendy clothing and Hello Kitty camping gear are likely to last as long as your next revenue surge.  One needs a map before they head off to the forest.  

So...  where's your map?  You know, the map that you follow to continue growing (or more simply staying in) your business.  Seriously, do you have a sense of direction beyond the first turn?  I'm willing to bet that you left that map in your car, thinking that instinct will lead the way.  When the course feels right, we stay the course.  But how do you know what feels right if you don't know where you're headed?  The good news?  The car is behind you and you're on a trail; you're buying advertisements, participating in a bridal show and networking with other vendors.  The bad news... following this dimming instinctual feeling, you're no sooner lost, trampling expensive paths, far from your bridal oasis.  Hiking the Appalachian Trail is generally unsuccessful without having taken the time to plan your journey.  Likewise, creating and understanding a marketing budget is crucial to the success of a business.  In addition, repeating previous mistakes (like leaving that map in your car) seems somewhat silly, now doesn't it?  But if you haven't taken the time to research, revisit and rework, I'm betting the same fruitless advertising method will again eat any profits it produces.

Ideally, a marketing plan to brides will have your company in as many publications, online resources, bridal shows and boutiques as possible.  Being such a fickle brunch (and unlikely to become a repeat client), brides produce a lower ROI than marketing to corporate clients so the more exposure the better.  But when times get tough, one should not simply decide to cut to more meager portions across the board.  If you have your plan and have done the math, the answer is simple.  You cut those programs that give the lowest (or worst) return on your investment.  How do you know which are working?  Create a how-did-you-hear-about-us chart listing the places you have advertising dollars invested.  As a bride calls or submits an online request, note how she found your company.  Are most of your brides coming from one source?  It's probably time to upgrade your investment for increased exposure here.  Assistant spending all her time promoting your company on facebook with no results?  Maybe it's time to shift her time to something that works.  Did a bridal show cost you $400 less but the return was a dismal number of brides?  It's not rocket science... it's basic math, A plus B does not equal a good use of your marketing dollars.

More Bad News... yes, there's more bad news.  Question:  What two things kill you the quickest when lost in the woods?  Answer:  pride and impulse.  The answers are the same when you consider how a marketing plan strays off course.  Remember our sales chain and the weakest link?  If you have hundreds of brides ringing you up but only book a small number, you need to swallow your pride and look at your closing strategies.  A humble survivor will recognize when they are to blame for choosing the wrong direction, turn around and try another way.  Additionally, the humble survivor increases his chances of success by thinking carefully about their next move, considering the risks and rewards of investing in this path versus that one.  While you will make mistakes, spending money on programs that don't work, the key is recognizing when you're being impulsive.  Buying something because it's the newest, latest and greatest or your friends say it's cool, brings us back to our pre-pubescent girl scout.  Even she knows not to jump off a bridge if all her friends are doing it.

All said, perhaps I am a bit bias... after all, I work for a marketing company that, in my opinion, does a bang up job bringing brides and businesses together.  I saw tremendous success working with The Pink Bride as a vendor and now see overwhelming dedication working with The Pink Bride as an employee.  More than anything, I see a company that only finds success when others do.  Our job is to show you the path to your personal meadow of success, leaving you to enjoy the walk.

 

Contact our sales team to find out how The Pink Bride can maximize your ROI, 865-531-3941   Images courtesy of Getty Images.

Who is the Weakest Link in your Sales Chain?

by Krista Chapman

How do brides find your business and services?  More importantly, what information (or lack thereof) along the way is causing you to lose the sale?  Savvy wedding vendors will not only know where the brides they book are coming from but what's their weakest link to make sure their marketing dollars are making them money.

Did you know?  

You have little to no influence over 60% of your potential customers and their decision to buy from you or your competitor.  This is because with every 10 brides you meet, three will book no matter what you do and three will never book no matter what you do.  This means all your efforts should be focused on the 40% of undecided buyers and how you can get them to stay on your path to wedding sales.

The Path to Wedding Sales

BRIDE ~ ADVERTISING MEDIUM ~ AD ~ WEBSITE ~ POINT OF CONTACT ~ YOU!

The Bride is the Weakest Link...

If she is not ready to buy.  Wasting time, energy and money will not close this sale.  If a customer is not a buyer, you should be wasting energy trying to sell to them.

What about your advertising medium? 

This constitutes anywhere you market or advertise your business, including bridal shows, print and online advertising.  Making sure the third party that you invest in is reaching the brides and more importantly the right brides for you is an important step to ensure that this is not the weakest link.  Beyond analytics and demographics, vendors need to take this to the next step.  Probably most important...track the number of brides that find your company through this source.  The easiest way to determine a marketing and advertising budget is to determine how your ideal bride is finding you.

Could your advertisement be the weakest link?

 Bad Ads do not attract good clients.  A good ad attracts your ideal clients, communicates your service and calls people to action.  Seems simple but your ad should engage a prospective client or bride to visit your website or call your office.  This makes a phone number, email address and website is crucial to every advertisement.   Just as important, think about your ideal bride... does your ad attract this type of bride or something else?  Now is not the hope for the best.

What message is your website sending? 

Does your website speak to your ideal client? Can a bride easily find the answers to her questions?  Is your contact information (including phone number, email and social media links) prominently listed, particularly when you call for action?  Are you calling her to action?  It is time to look at your website with a critical eye.  Is this helping or hurting you close the sale?

The first point of contact... is this where you lose a bride?

 If a bride has gotten to this step and is met by rude, impersonal or disinterested point of contact, you're dead in the water.  Choose carefully when assigning a gatekeeper to inquiring brides.  Slow response times will weaken this link as well... today's bride wants an answer and she wants it now.  Make sure you're always putting your absolute best foot forward, even if you screen you calls (to never be caught off guard) or set your email to auto-respond to inquiries.  A bride must feel heard or she will look for someone else that will listen.

Are YOU the weakest link? 

What is your closing rate?  As much as a bride buys your product, she is also buying the person that is selling to her.  Be honest with yourself... if selling is not a strength of yours you can do one of two things.  Audit your selling tactics and look for ways you can improve (which may involve investing in training) or hire a sales person.  A good sales person will make a business owner their salary back and much, much more.

What is your weakest link?  Let's our team strengthen your sales chain... email your concerns and questions to info@thepinkladies.com