Client Magnets Official Blog

As one of the largest expenses of planning an event, venue pricing is extremely important. With the right venue pricing, you can host an event and still realize a good profit. If you pay too much for the venue, you cut into your revenue for the event, or you may even end up paying more than the venue is worth, or more than you can afford to pay. These tips can help you get the best possible venue price.

Find out the Room Price
In order to get the best possible venue price, you must start by finding out the venue price. Some venues may want to avoid quoting you an exact price, so they can get the most possible income from you if you quote a price higher than their rate. Try to find out the venue’s price before you discuss money.

Remember that there is always room to negotiate a price, and what the venue tells you is just a starting point; not the final room price. If the price is significantly higher than you want to pay, it’s worth trying to negotiate even if you think the venue won’t budge. The worse that can happen is that the venue may stick to their pricing, and you may have to look elsewhere, but you might also find that the venue is willing to negotiate down to your price.

To Get a Better Price, Ask for a Better Price
One of the simplest ways to get a better price on a venue is to ask for a better price. There are a few techniques you can utilize to negotiate a better price. First, you can flat out ask. Some venues are fairly willing to negotiate. You could also try telling the venue that you’re on a budget, and can only pay X dollars, but that you’re looking for a long-term partner for many events. Some venues are willing to drop prices to build good ongoing relationships. You may also be able to negotiate a price near your ‘budget’ if you drop extras from the venue cost, such as snacks or supplies.

Look for Other Methods of Compensation
If you can’t get a venue to come down to your budget, explore other methods of compensation. For example, if you’re planning a training, marketing or customer service event, you might explore the option of putting venue staff in your event. The venue could then gain your services to the tune of whatever you’re charging for the event, and may be more willing to negotiate a lower rate, or give you the venue for free. If you’re using a hotel as a venue, you may be able to negotiate a lower venue rate based on booking hotel rooms through the hotel for attendees.

Key Things to Remember When Negotiating Venue Price
Remember: the venue wants to fill the room. If the room doesn’t get filled, the venue doesn’t make any money. The closer you get to the date of the event, the more negotiating power you have. The closer you get to the date of the event, the more the venue wants to fill the space. Negotiate the best possible rate to keep your venue prices low and boost your revenue.