I am seeking to build quality relationships with wedding/event planners, venues, and other professionals. I want to do and offer items that will be of value to their business. Here are some of my ideas. Any feedback would be appreciated.
1. Event professionals get special pricing on my site. Most items are 20% off.
2. Your own coupon code that you can pass on to your clients, giving them a discount "from you".
3. Affiliate program
4. Guest blogging opportunites with bios and link backs on the Favor Chic blog
5. Free or highly discounted items for bridal shows.
6. Giveaways to give your clients upon consultation or bookings
7. Exclusive bonues buys and sales for the planners to pass on to their clients.
A lot depends on what you consider adding value . Reducing your pricing in order to improve their profit margin is one way to deliver that. That can work to help attract business to both your business, assuming the other vendor plays nice and runs a two way street.
The other side to adding value are the intangibles at least intangible from a balance sheet point of view.
Things like making sure your working relationship goes without any hitches, you deliver on time , on budget with highest quality products or services, make sure that going the extra mile for their customer that they either refered to you or whose order you are filling as part of a sub contracting postion is your starting position. Make sure that all the orders that come your way from anther vendor are done even the tiny little ones that everybody hates because they take all that time and result in enough profit for a beer afterwards.
The intangibles are sometimes a more important thing than the increased profits that lowering your margins for somebody else gains you. Word spreads quickly about high quality on time on budget work done with a smile, it spreads much faster about the service with a snarl shop.
To answer your question: When I say "add value" I mean what is going to be helpful to the event planners/professionals? Of course it is important to promote my business, but I know there is a way I can do that while doing something for the other business as well.
Is it nice/helpful to be able to pass on coupons and contests from other wedding businesses?
Is nice/helpful to have a giveaway to give them at a show, consulation, or upon booking?
What is helpful and what is just one more thing for you to spend your time on?
I like your 'pay it forward' attitude, which in and of itself is helpful to wedding professionals. Before I can offer a suggestion, I'd like to know what you do first. I agree with Glenn that intangibles like reliability and resourcefulness can mean more than discounts. In fact, I worry that lowering your prices to bump up their profit margin might leave you with an unsustainable business- lots of clients, not much profit- over time. As for the affilliate program, would that be tied to the special coupon codes? I know most women entrepreneurs feel uncomfortable with those types of programs.
Looking forward to hearing more.
Warmly,
Dina
PS I teach wedding pros easy strategies and tools for dealing with disappointments, setting expectations and enjoying a happier, stress-free wedding business. In case you were wondering...:)
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