As an event organizer, you need clear agreements with your vendors to ensure everything runs...
Many events leave money on the table because they don't know how to get the most out of their venue. Negotiating with a business, especially large hotels and resorts, can be very intimidating and cost you a lot of money. We've compiled a list of simple, effective ways to negotiate event space options to help you get what you want and find what you can use as leverage.
Define Clear Objectives and Priorities
Before negotiating or event space booking, defining clear objectives and priorities is paramount. Establishing concrete goals ensures that you enter negotiations with a focused agenda.
Identify your
- must-haves,
- non-negotiable elements
- deal-breakers
Consider everything that could jeopardize the viability of the arrangement. Make your list of the above and stick to it. If you uncover some uncertainty about what you need in an event space, that's okay. It's better to realize you need meeting rooms before you put down a deposit.
Here's a link to our blog on finding a venue that works for you.
Equally crucial is recognizing areas where flexibility is possible. Allow room for compromise without compromising your core objectives. This strategic clarity sharpens your negotiation with venues. Your approach will improve and it provides a roadmap for decision-making during the negotiation process.
By clearly delineating your priorities, you set the stage for more effective communication, enabling you to articulate your needs and work towards a mutually beneficial agreement with the venue.
Understanding Venue Costs and Fees
When researching a potential venue for your event or festival, it's crucial to understand the venue's costs and fees. This will pave the way for a strong negotiation. Start by obtaining a detailed breakdown of all expenses associated with the venue, including the base rental fee, additional services, and any potential hidden charges. This may only require a visit to their website or you may need to reach out to their event services department.
Scrutinize the venue's pricing structure to identify areas where flexibility may exist. Investigate seasonal pricing variations and consider the impact of timing on costs. Additionally, explore any available packages and consider using these as ways to negotiate what you need. Engage in open communication with the venue managers, seeking transparency on all financial aspects. Leverage your research to compare costs across multiple venues, especially those comparable to the one you want. Knowing their competition empowers you with valuable insights that you should use as negotiating leverage.
Remember, a thorough understanding of the venue's costs is the foundation for securing the best possible rate for your event.
Seasonal Pricing and Timing Negotiations
Effectively leveraging seasonal pricing and timing considerations can be a strategic approach to negotiating the best deal with a venue for your event. Understand that venues usually have peak and off-peak seasons, influencing their pricing structures. Aim to schedule your event during off-peak seasons or weekdays when venues may be more open to negotiation due to lower demand. Be aware of the venue's busy periods, such as holidays or peak wedding seasons, as these may incur higher costs. Your location will make a big difference too. A hotel in Upstate New York will have very different peak traffic than one in South Florida.
Be aware of your flexibility in event dates during the negotiation process. If you feel the relationship is going well, you can showcase your willingness to accommodate the venue's optimal scheduling. Additionally, consider mid-week or Sunday options. Those days are often less popular for events but can lead to significant cost savings. Recognizing and respecting the venue's timing constraints can strengthen your negotiation position. It demonstrates a collaborative approach and increases the likelihood of securing a favorable deal for your event.
Building Strong Relationships with Venue Managers
Emphasize the significance of establishing a collaborative and mutually beneficial partnership from the outset. Effective communication is at the core of this relationship. Maintain an open dialogue, actively listen to the venue manager's insights, and be transparent about your expectations. As you listen, note what matters most for the deal to work on their end.
Collaborate on finding solutions and be receptive to feedback, fostering an atmosphere of teamwork. During negotiations, approach discussions with a win-win mindset, aiming for outcomes that benefit both parties. Building trust is essential, so demonstrate reliability, professionalism, and a genuine interest in creating a successful event together. By investing time and effort into cultivating a positive working relationship with venue managers, you enhance the planning and execution of your current event and set the foundation for potential collaborations in the future.
A strong relationship can turn a negotiation into a partnership where you both work to get the best result for both parties.
Negotiate to win
No matter what, or even why, there are a few things you should do in every business negotiation. Remember these tips so you never find yourself unprepared and surprised.
Thoroughly Research the party you're negotiating with:
Conduct comprehensive research on the other party involved in the negotiation. Understanding their needs, priorities, and past negotiation history can provide a strategic advantage.
Create Win-Win Solutions:
Find mutually beneficial outcomes. Encourage a collaborative approach where both parties feel they've gained value from the negotiation, fostering long-term partnerships.
Utilize Time Strategically:
Explore the role of time management in negotiations. Remember the importance of pacing, avoiding rushed decisions, and utilizing time pressure as a negotiation tool. Be patient when you have the time and be strategic about when to employ deadlines.
Negotiate Beyond Price:
Look beyond the monetary aspects of a deal. Explore opportunities to negotiate terms, conditions, added benefits, or long-term commitments. Expanding the scope of negotiation can lead to more comprehensive and valuable agreements. If an item means more to one party than the other, you have a negotiating point.
The right venue can make or break your event or festival. Don't let someone else determine your success when you could have gotten a fantastic spot, setting your event up for success for years to come.
