I’ve invited Nora Sheils to share her expertise today. Nora is the co-founder of Rock Paper Coin, the first software platform to bring together wedding planners, couples, and vendors into one system for managing and paying contracts and invoices. She is also the founder and lead wedding planner of award-winning firm Bridal Bliss. In addition to recognition by Portland Business Journal in its 40 Under 40 series, she also earned a spot in The BizBash 500 for 2021.

The pandemic had a massive impact on the wedding industry, causing professionals worldwide to reconsider their business model and how they could find success in these changing times. With a decrease in events, entrepreneurs had to get creative to bring in additional business.

As industry leaders adapted to this new normal, many products, services, branding initiatives, and business directions were born. But now, as events return, you might be wondering how to implement these changes in a post-pandemic world. Is now a good time to reach an entirely new audience? How can you enter a new market without losing your brand identity? What will these changes mean for your profit margins?

Though these updates are undoubtedly exciting, it’s essential to approach them strategically. You’ll want to make sure your business is equipped to handle a new market before you jump ship.

If entering a new market is on your mind, here’s how you can ensure a seamless transition for your business.

Review your business model

Before jumping the gun, you need to ask yourself if you’re truly ready to take on a new market. Having a solid foundation in place before making any moves will allow you to grow steadily and not overwhelm your team. Think about these things:

  • Could you handle a month with no profits as you transition? Entering a new market can be costly and time-consuming. Those operating on a month-to-month basis might not want to diversify their business just yet.
  • Are you consistently booked out? If you struggle to find new clients, this should be your focus instead. Once you learn how to generate high-quality leads, you can then take these strategies to a new market.
  • Are lower-cost competitors stealing the show? If your market is oversaturated, it may be time to move on. Entering a more lucrative market may be what you need to grow.
  • Can your team support your growth? If you’re flying solo, you might want to find a handful of new employees who you can trust to keep your business moving forward.

Take a look at your current business model first, so you can see if you’re ready to take on this new market.

Conduct market research

After you’ve determined you have the right business model to dive into a new market, it’s best to prioritize market research. This step is essential if you want to ensure a smooth transition. Plus, you’re more likely to succeed when you have a deep understanding of what it will take to do so.

Spend time thinking about the needs of your new clients. If you’re hoping to enter the LGBTQ+ market, you’ll need to consider what LGBTQ+ clients seek when planning a wedding. Or if you want to break into intimate weddings, you’ll need to get an understanding of the unique needs of the micro-wedding client.

Immerse yourself inside the market and reach out to potential clients to get a feel for their expectations. You can also talk to fellow industry professionals about their experiences in this market.

Conduct interviews and monitor social media groups to gather as much insight as possible. The more you know about the problems your ideal clients face, the better you’ll be able to solve them. In addition, your research will validate your ideas and adjust your messaging strategy to stand out from the crowd.

Implement necessary changes

As you continue to grow, you may find that you need to make a few adjustments to your brand or team. Set aside time to brainstorm what new messaging you need to create, including minor tagline changes or a complete rebrand.

This will all depend on your current business model and what your expansion will look like, but go into the process knowing that it will involve incorporating more tech to streamline operations. For instance, your customer relationship management (CRM) platform might be able to do double-duty or you may need to find a different one that better suits your new market.

Use your market research findings to understand what will appeal most to your new ideal clients. What kind of deal are they looking for? What types of brands are they attracted to? Once you know these things, you can ensure your business fits the bill.

On top of branding, think about the changes you may need to make on your team. Using the previous example, if you’re expanding into the LGBTQ+ industry, adding an LGBTQ+ team member would allow you to connect with clients on a deeper level. If you’re not taking on new employees, think about implementing sensitivity training and additional educational resources to ensure your team is equipped to handle these changes.

Entering a new market can be both intimidating and nerve-wracking, but so long as you remain proactive in your preparations, you’re sure to make a splash!