Event Pricing - A Balanced Approach
"The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
Although there’s some debate as to whether this phrase was first coined by Benjamin Franklin or should be credited to the ‘Bard of Avon,’ William Shakespeare, its meaning could hardly be clearer. Selecting a product or service purely on price alone isn’t always the best way to go about things. A low price may seem attractive, but more often that not you’ll end up with poor quality. This probably means that not only will you end up paying more in the long run to rectify issues, but you’ll also definitely remember the experience ever after and learn from your costly mistake. Reputations are at stake. What’s needed is a balanced approach to event pricing, achieved by a combination of price, quality and service. It’s about customer value, and buying from someone who has your interests at heart and sets prices fairly for both parties. Events by Knight create bespoke events for both personal celebratory events and large multi-national corporates. We listen to our clients to understand budget constraints and then work on how to manage that budget to the best possible advantage. We know the difference between cutting corners and potentially leaving gaps in a service versus saving money to create extra value. Event pricing is a fine art!Depending on the type and nature of the event you’re planning, we’ve put together a few tips on how to save money on event pricing while remaining cost efficient and providing a great service.
Recruit volunteers
Recruiting event volunteers gives potential new entrants to the industry valuable experience which they can build on. It also saves on your wage bill.
Cut back on catering options
Does your event need an extensive menu or could you cut back and offer a basic menu instead? Do you need a wide range of cold drinks as well as tea and coffee? Would a buffet style suffice instead of a waitress serving plated meals? Not only can you save money by refining the catering options, but you’ll also need fewer staff. Depending on the type of event you’re holding, you could even save on space and thus sell a few more tickets!
Venue hire
Carefully consider all venue hire packages before making a commitment. Some charge per person, others a flat per hour / day rate or even dry hire (no inclusive features) which may give you greater budgetary control and free rein to create a bespoke event. This is extremely helpful if you have your own caterers, furnishings, equipment etc.
Event Time
Ask venues to consider reduced rates for morning events. By holding a morning event only, a venue then has the potential to hire their space for afternoon / evening events and receive extra income.
Negotiate for best prices
Good business relies on negotiation. It’s a competitive world and vendors may be prepared to offer discounts or include freebies in order to secure business. If you’re providing repeat business to any supplier, caterer, photographer, lighting company, etc, it’s always worth reminding them of your loyalty and that you may have future events requiring their services. Remember – nothing ventured, nothing gained!
Sponsorship / Marketing
If you can gain support from local businesses, this saves you money and serves as advertising for these companies. Similar to the way local estate agents sponsor events such as school fetes through giving a fee in return for sites for their advertising boards, there are possibilities here to achieve expensive items or services, freeing up your budget for other things. A local restaurant could be persuaded to provide food in return for their company logo being displayed prominently at your event. It’s beneficial for both parties, a great business opportunity for them, and a cost saving for you.
Add a surcharge
Rather than increase ticket prices to reflect extra services, you could add an optional surcharge for locker space, cloakroom use, and then plough this extra money into providing exceptional quality elsewhere.We hope the above has demonstrated that there are ways of saving money and keeping costs down, but we do emphasise that the real objective is to provide value for money.As established party and event planning specialists, Events by Knight, provide tailor made events at competitive prices. We achieve this because we’ve built up a strong reputation, we know who to trust and we can negotiate the best event pricing, services, terms and conditions from our network of suppliers.
GET IN CONTACT
Need some help with your event planning? Rather than leaving yourself vulnerable to receiving a poor quality service you’ll regret, come and talk to the professionals at Events by Knight. We guarantee you’ll be glad you did.
Email: info@eventsbyknight.co.uk or call +44(0)20 130 4040