These days, competition is a hot topic in the wedding industry.  With little barrier to entry, people can start a business in what seems like overnight.  This has made many of us wedding pros apprehensive and cautious with others in our field.  In regards to our competitors, there are many mixed messages:

  • You should know your competition.

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  • Don’t worry about the competition.
  • Collaborate; don’t compete.
  • Set yourself apart from the competition.
  • Watch out for the competition.

This week we are going to face the competition. We’re going to learn why it’s good to hug your competitors, why it’s important to know your competitor, and how to research the competition.

I don’t like the word “Competitor”.

Personally, I’m not a big fan of identifying other colleagues in my field as “competitors”.  I don’t see this as a big race to the end.  Having a profitable sustainable business is VERY COMPLEX.  It has many layers that go beyond what meets the eye.  A business that appears so shiny on the outside isn’t always running so smoothly on the inside.  And, some of the smoother running businesses don’t always look very shiny.  It isn’t easy to have and grow a business.  And, I honestly feel that if a colleague of mine has a poorly performing business, it doesn’t benefit me.  It makes our industry weaker as a whole.  Therefore, the term “competitor” does none of us any justice.  It communicates that one of us must fail in order for the other to succeed.  I don’t know about you, but this is not how I do business.

I prefer to use the word “Coopetition”.

Yes, the pie is smaller these days.  But, there is still a LOT of pie out there.

We work cooperatively in one form or another.  And, by doing so, the industry is better and stronger.  Yes, at times, we do meet with the same potential clients.  But, the pie is large and we can all have a piece.  No need to stuff my face and be fat and gloat that I have more pie.

I firmly believe that if I do my job well that people will do business with me.  By focusing on what I do well, I’ll get all the pie I need.  (Tomorrow, we’ll talk about how to do what you do well and how to differentiate yourself.)

So, who is the competition?  Or shall I say, “the coopetition”?

Your competitors are those people in your field or region that potential clients most likely will meet with when they are planning their wedding.    I know that my competitors are actually very unlike me.  In my opinion, I don’t really have competition.  (You may find this for yourself also.)  But, in the eyes of the customer, who is most likely trying to determine their likes and tastes, we may appear similar.  “How different can wedding invites be after all?” may be the initial thought of someone getting married.  These are some questions that can be helpful in determining who your competitors are:

  • Who do your clients generally meet with, in addition to you?
  • Who in your region has a similar pricing structure?
  • Who has a close level of experience to you?  A similar background?  A similar knowledge base?
  • Who is similar in their style and approach?  (No one does what you do.  But, the customer may not always see these differences upon initial impression.)

Your Competitor is NOT…

… someone who prices less than you.  We may feel robbed of potential business when we lose a bride to a newer professional who is priced at less.  Whether they are “low-balling” or simply don’t have the experience to justify the higher rates, they are NOT your competition.

I often hear, “I keep losing business to another new wedding planner who is priced lower than me.”  It’s important to reframe your outlook on this.  They are not seeking the experience or value that you will bring to their wedding.  You cannot compare yourself to someone who is doing something different than you.

This can also be said for people that have a lot more experience than you.  Someone who has been in the industry for 20 years is not your competition if you have less than 2 years experience.  We want to make sure to identify those businesses that are most close to us in what we offer the customer.

What are your thoughts on competition vs. coopetition?  Who is your competitor?