Friday Feels: Flooding the Market With Faulty Business Practices

WeddingIQ Blog - Flooding the Market With Faulty Business Practices

As our readers surely know, we regularly collect submissions via our "Super Secret, Super Anonymous Rants" form. Wedding professionals are able to use that form to share their thoughts, concerns and pet peeves about their fellow vendors, clients, and the wedding industry as a whole. It's been an invaluable resource to Kyle and me in crafting content for this blog, and constantly keeps us informed of what really matters to our readers. We appreciate the time that each and every one of you have taken in reaching out to us with your input.

Usually, the "rants" we receive either are used to inspire articles or are presented in a group post format. Occasionally, however, we receive one that's so thought-provoking and well-written, it's worthy of a standalone post. One that we received this week totally fit that criteria.

This submission tackled a topic that's of particular significance here at WeddingIQ: how wedding vendors' business decisions affect the industry at large. So many business owners don't look past their own bottom line to consider how their practices might impact clients' expectations of other businesses, or cause the economy within our specific industry to change (often for the worse). When you're eager to make a sale, or your own financial situation is dire, it's easy to be tempted to slash your rates or expand your offerings without much planning. However, when enough businesses make the wrong choices in how they price, market and execute their services, it can cause a seismic shift in the marketplace that might very well be destructive to you (and others) in the long run.

Here's what a reader had to say on how he/she sees other companies' choices affecting not only their own business, but their competitors, their clients and the wedding industry as a whole.

"As the owners of a quality hire franchise that was started from the ground up, we find it frustrating when wedding vendors in the hire industry (which is a high percentage of us) resort to selling their product of choice - one would assume to make additional funds quickly.

In our opinion, the fastest way to decimate a hire sector is to flood the market with identical items. In the wedding industry, we should be proud to offer boutique products, and selling to every Tom, Dick and Harry will only devalue the entire industry. For example, photo booth operators who previously only offered photo booth hire, tried to expand their brand without a system or franchise agreement in place. This has resulted in hundreds of identical units, flooding a market in small areas. There is nothing these vendors can do but compete on price. Their products are identical, bar their business name.

Wedding industry vendors need to start looking inward and toward their clients to improve and grow their companies instead of always looking for a quick-fix method that might make them a quick buck, but decimate their own industry in a very short space of time.

More importantly, where are the ethics in selling a unit or units to an unsuspecting, inexperienced wanna-be business owner? There is no guarantee they will succeed - if anything, they will spend their time desperately looking for a point of difference from their identical competitors. The unethical vendors that sold them their product will walk away, cash in hand and no care, training or responsibility required. Franchise networks have the legal agreements and brand in place to ensure franchisee support and a strong brand. You can also expand your business through excellent staff, training and calculated growth management. Selling our products out from under ourselves into a saturated market that wants everything for nothing is not the answer for our industry."

To the person who submitted this valid comment, we're grateful for your detailed perspective, and if you'd be interested in discussing it further for possible inclusion in another article, please feel free to email me directly (I'm happy to keep your identity anonymous even in any follow-up posts!). We'd also love to hear from any other wedding professionals who wish to share their thoughts. Tell us what matters! We want WeddingIQ to be a source for the most relevant and interesting wedding business content on the web, and we can't make that happen without you. We look forward to hearing from you soon!


Comment

Jennifer Reitmeyer

Jennifer Reitmeyer is the founder of WeddingIQ and the owner of MyDeejay, Firebrand Messaging, and Authentic Boss. She is also a WeddingWire Education Expert, a small business coach and a professional speaker on the event industry circuit.


Follow