Creating a Budget for Your Private Event

Eventective is constantly imploring our venues to display pricing. Here, venues share 5 excuses for not putting event prices online – along with our reasons you should add pricing.

Pricing is Customized

We customize packages and it’s different for everyone…Our pricing is flexible and dependent on the event, size of group, time, day, month, etc.

OK, but everyone has to start somewhere.  Why not share your base rate for the venue rental on a weekday?  That answers the question for people who want to know what the lowest price is for your gorgeous venue. Don’t imply that’s what they will spend, rather explain what they get for that bargain price and state that weekend rates will be higher.  If they can’t afford higher, they won’t contact you – time saved.

Too Variable

We have too many options/variables to list in an understandable way.

You don’t have to list all your options.  Start with your most commonly quoted event package and let them know that the price will change when adding or removing options.  It gives your client an idea of whether you fit their budget immediately. Folks planning an event online usually have no concept of what they will have to spend, your pricing starts the conversation.
Display Pricing

The Competition

I don’t want my competitors to see our pricing.

Let’s be honest, your competitors already know your pricing, or they wouldn’t be your competition.  The biggest challenge in posting pricing online is determining how low is too low.  Savvy online users understand that cheap prices usually mean poor quality products.  If you provide an honest account of what you charge, you may find you are beating your competition even if you don’t have the lowest price.  Besides, your competitors probably know how to create packages that bring value already.

They Won’t Understand

I want people to reach out to me directly about pricing…I don’t feel comfortable putting numbers online because I don’t want clients to think the pricing is set in stone or get the wrong idea…We don’t release our rates, until we personally meet with the interested client…We don’t want people to think that they can’t afford us.

These are the arguments of a seasoned venue proprietor, the voice of a talented salesperson who can make the most of any encounter.  This is when displaying a wide price range would serve you well.  If you have an off-season weekday rate that would make someone’s jaw drop, use that as your low end.  Then top it off with your peak-season weekend rate.  By providing a wide range, you’ve set the buffet – ready to invite them in to hear what you would recommend for their event.

I Don’t Want To

I can’t authorize adding online content and need approval first…We don’t want to post any sort of pricing online.

Get approval. Post a price range based on your average rate. You’ll grow your event business if you do.

The bottom-line – ask yourself where your value proposition lies. If you are proud to be the low-cost alternative in the area, showing your pricing is a no-brainer.  However, if you feel like price does not accurately capture your value, be honest with your users and tell them where your prices start.

Everyone needs to keep the lights on and sharing your basic pricing will only serve to educate consumers on what to expect when they call you.  Don’t mince words, be forthcoming in saying that your most basic events start at $X, but many of your clients spend between $Y and $Z.  If your Y to Z range is honest, you immediately rule out anyone who can’t afford your services, saving everyone some time.

Interested in learning more about the importance of pricing? Check out this short video