Description:
Our product offers sustainable wedding planning services tailored for environmentally-conscious couples and families. We pride ourselves on curating eco-friendly celebrations by integrating sustainable choices at every step. From biodegradable wedding decorations to organic, locally-sourced catering, we ensure that every facet of their special day aligns with ethical and green standards. In addition, our curated selection of sustainable products extends beyond the ceremony, allowing the wedding to make a positive impact without compromising on elegance and style.
TAM
- Geographic/cultural Segmentation: United States
- Number of Weddings Annually: 2 million
- Average Cost of a Wedding: $30,000
- Charge of Wedding Planners: $5,000 per wedding
- TAM Revenue = Number of Weddings × Charge of Wedding Planners = 2,000,000 weddings x $5,000 per wedding = $10,000,000,000. Thus The Total Addressable Market (TAM) revenue for wedding planners in the United States is $10 billion annually.
SAM
- Geographic Expansion:
-
- Start in the Bay Area and gradually move Eastward, emphasizing liberal/progressive areas.
- Service Expansion:
-
- Transition from solely providing sustainable wedding objects to comprehensive planning.
- Offer a premium service encompassing a sustainable experience, from invites to food to decor.
- Target Group:
-
- Eco-conscious couples who prioritize sustainability.
- Couples with a sizable budget who can be educated on the benefits of a sustainable wedding.
- Market Size and Possible Revenue:
- In 2021, 98% of couples surveyed stated that sustainability was a factor when planning their wedding. With 78% saying it was important or very important to them
-
- In addition, 70% of couples in the US wanted to have “sustainable” activities and decor, qualifying them within our target group. Let’s take the lower percentage:
- SAM Revenue = 0.70 x TAM Revenue = $7 billion annually.
SOM
- Where do we start? Seattle, Bay Area, OC, LA
- Liberal/progressive areas with large concentrations of wealth
- Find: eco-conscious brides with a big wallet
-
-
- OR brides with a big wallet, convenience them to be eco-conscious
-
- Strategy:
-
- Initially focus on the top 5% of the income bracket. This represents 100,000 potential weddings/year, given the number of weddings annually.
- Average Income Bracket: Targeting those earning $290,406/year and above (representing the top 5% nationwide).
- Demographic
-
- Focus on regions with liberal/progressive values and considerable wealth.
- Aim for eco-conscious couples with ample budgets.
- Alternatively, target affluent couples and offer them the value proposition of sustainability.
- How big is their problem?
-
- The Green Bride Guide states that the average wedding produces 400 lbs of garbage and 63 tons of CO2. With an estimated 2.5 million weddings per year, that is about 1 billion lbs of trash and as many emissions as approximately 4 people would produce in a year, in just one single day.
- Number most likely on the rise
- The Green Bride Guide states that the average wedding produces 400 lbs of garbage and 63 tons of CO2. With an estimated 2.5 million weddings per year, that is about 1 billion lbs of trash and as many emissions as approximately 4 people would produce in a year, in just one single day.
- SAM CALCULATION:
-
- Geographic Focus:
- Given that we’re starting in specific areas (Seattle, Bay Area, OC, LA), let’s assume these regions together have 200,000 weddings annually.
- Income Bracket Targeting:
- Focusing on the top 5% of the income bracket represents 100,000 potential weddings/year. This means 50% of the weddings in these regions belong to your target income bracket.
- Eco-Conscious Targeting:
- Out of the 100,000 weddings, let’s assume that 70% (from previous data) are inclined towards or can be convinced about sustainability. This brings the number down to:
- 0.70 x 100,000 = 70,000 weddings.
- Out of the 100,000 weddings, let’s assume that 70% (from previous data) are inclined towards or can be convinced about sustainability. This brings the number down to:
- Realistic Market Penetration:
- Since we’re just starting, let’s say we can penetrate 5% of the above-calculated market in the initial years:
- 0.05 x 70,000 = 3,500 weddings.
- Since we’re just starting, let’s say we can penetrate 5% of the above-calculated market in the initial years:
- Geographic Focus:
- Revenue from SOM:
-
- Using the average wedding planner charge of $5,000:
- 3,500 weddings x $5,000 per wedding = $17,500,000.
- Using the average wedding planner charge of $5,000:
Thus, the Serviceable Obtainable Market (SOM) revenue for sustainable wedding planning services in selected regions, focusing on the top 5% income bracket, is approximately $17.5 million annually.
