Setting Wedding Venue Rates: A Strategic Approach That Actually Works
Mini - Training
If You’re Asking Yourself, “is Pricing the Problem?” - This is for you!
The Truth About Wedding Venue Pricing: A Veteran Owner's Perspective
When it comes to wedding venue pricing, I see the same scenario play out repeatedly in industry groups: "What do you think about my rates?" "Does this pricing seem right?" "How much are you charging?" While these questions come from a good place, they're leading venue owners down a dangerous path.
Why You Should Never Ask the Internet About Your Venue Pricing
Here's the uncomfortable truth: What someone thinks about your pricing is irrelevant if they're not in your market. Even if they are in your market, their opinion might still be irrelevant. Here's why:
• A $4,500 venue in St. Louis might be worth $12,000 in Los Angeles
• That same venue might only command $2,500 in rural areas
• Your unique amenities, service level, and market position change everything
• Different target couples have vastly different price sensitivities
The Real Factors That Should Drive Your Pricing
Your pricing strategy should be based on:
Your extremely local market dynamics
What your specific target couple is willing to pay
Your venue's unique value proposition
Your operational costs and desired profit margins
Your long-term business sustainability goals
The Hidden Cost of Getting Your Pricing Wrong
Underpricing doesn't just mean leaving money on the table—it can:
• Attract the wrong type of clients
• Make it impossible to deliver your promised service level
• Create unsustainable business operations
• Prevent you from growing and investing in improvements
Meanwhile, overpricing can:
• Leave valuable dates unsold
• Force you into discounting (a dangerous spiral)
• Make it harder to compete as new venues enter the market
The Strategic Approach to Venue Pricing
Instead of asking what to charge, ask:
• How do my amenities compare to local competitors?
• What unique value do I offer couples?
• How can I communicate that value effectively?
• What operational costs do I need to cover?
• What profit margins will sustain long-term growth?
A Warning About Discounting
Discounting is a slippery slope that's hard to climb back from. If you're considering discounts to move dates, that's often a sign of deeper issues with your:
• Marketing strategy
• Value proposition
• Target market alignment
• Pricing structure
Future-Proofing Your Pricing Strategy
Remember: The wedding venue industry isn't getting any easier. More venues are opening every year, and "next year will be better" isn't a strategy. Your pricing needs to:
• Support sustainable operations
• Allow for team growth
• Enable excellent service delivery
• Provide healthy profit margins
• Position you competitively for the long term
The Bottom Line
Your pricing strategy isn't just about picking a number—it's about building a sustainable business model. Don't let random internet opinions influence one of your most crucial business decisions. Instead, invest time in understanding your market, your costs, and your unique value proposition.