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:

  1. Your extremely local market dynamics

  2. What your specific target couple is willing to pay

  3. Your venue's unique value proposition

  4. Your operational costs and desired profit margins

  5. 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.

Don’t stay stuck. Book a call with our team to dive into this topic for your business.

Kristin Binford