Lots of people describe their services as luxury, but are they?
Splendid Insights the only market research company entirely dedicated to the wedding industry, defines a luxury wedding as one with a total budget in excess of £75,000. Does your offering fit into the spend of a client at that level?
To help you answer that question, take a look at an example of how a couple might break down their budget across standard wedding services:
I appreciate that if you can’t, by this scale, truly class yourself as luxury, you might not want market yourself as ‘budget’ by default, but it is important to be realistic about what you are offering and who your target market is. You don’t have to be perceived as luxury to be successful in the industry – there is absolutely nothing wrong with a business model based more around volume and value for money! Be confident in your business and flaunt the brand that you are.
I am however a big fan of pushing for the highest value clients you can within your target market by offering the best service that you possibly can and by building your brand. Become the best at your current pricing level then you can invest in ways to up your game – allowing you to up your pricing!
Remember however, becoming luxury isn’t all about the high price tag; your exclusivity, the way in which you operate, your incomparable quality of service and your overall brand all have a part to play. If you can combine all these aspects successfully, then you can proudly own that title of being luxury.