Mastering Event Negotiations: Insider Tips from a Former Event Sales Professional
Event expenses can add up quickly, especially post-pandemic with increased vendor pricing due to inflation, supply chain issues and rising labor costs. Whether you're organizing a conference, a wedding, or a corporate retreat, negotiation skills are essential for getting the best value. As a former event sales professional with 15 years of experience in the industry, I've learned a few tricks of the trade that can help you navigate the negotiation process with confidence and finesse. In this blog post, I'll share some valuable tips to help you master the art of negotiation and secure the best possible deals for your events.
Hire an Event Planner: Before entering into any events related negotiation, consider hiring a professional with years of research and experience to help you secure the best rates and contract terms. The savings in time, stress and money will more than offset the costs of your planner. The more informed you are, the better equipped you'll be to negotiate from a position of strength.
Share your Budget: As an Events Director in boutique luxury hotels, I found potential clients were reluctant to share their budgets because they were afraid of being overcharged. However, I want to offer some counterintuitive advice - be transparent with your budget. A good salesperson will try to work with lower budgets by offering alternative event spaces, event times, or modified food and beverage packages to make a sale. While most venues and caterers will not discount food and beverage, there is typically some flexibility on room rental fees and minimum spends unless it is a peak date (e.g. the first two weeks of December are prime holiday party dates). If you don’t have a budget, hire a planner to help you create one so you can be smart on how you allocate your funds.
Pick Up the Phone: It’s hard to get a live person these days, but speaking with someone over the phone, zoom or in person is so much more effective and efficient than email. It is much easier for someone to decline a request for lower pricing over email than in person or on the phone. The personal connection allows you to explain your position and offer them incentive to work with you on pricing or other concessions.
Build Relationships: Building rapport with other parties can significantly impact the negotiation process. The best vendors and venue managers know that your event is not just a transaction but an opportunity for continued business and referrals. A repeat client is more valuable than a new client, and a good relationship can create a collaborative atmosphere and make it easier to find mutually beneficial solutions. If your vendor comes up short for any reason, address it respectfully and constructively. Talking down to your vendor team is no way to ensure they take care of you for your event and beyond.
Be Prepared to Walk Away: Sometimes, the best negotiation tactic is knowing when to walk away. If the terms offered are not favorable or if the other party is unwilling to compromise, don't be afraid to walk away from the offer. Having alternatives and being prepared to explore other options can give you leverage and demonstrate that you're serious about getting the best deal possible.
Negotiate More Than Just Price: While price is undoubtedly an important factor, don't overlook other aspects of the deal that can be negotiated. On the room block side, common concessions are suite upgrades and amenities for your VIP guests. For catering, see if they can offer a complimentary specialty cocktail or waive a fee for use of in house Audio Visual equipment or furniture. Ask if they can customize menu cards with your logo and/or font and colors to save on printing costs elsewhere. The cost savings add up!
In conclusion, mastering the art of negotiation is essential for anyone involved in planning events. By following these tips and adopting a strategic approach, you can improve your negotiation skills and secure the best possible deals for your events. Remember to share your budget, connect live, build relationships, be prepared to walk away, negotiate more than price, and most importantly, hire an event planner to help you with all of the above.
