Event Rental Pricing: The 3 Things Pros Should Know

Event Rental Pricing: The 3 Things Pros Should Know

Event Rental Pricing: The 3 Things Pros Should Know

Event Rental Pricing: Drive Sales by Setting, Raising, and Listing Prices

Event professionals are always on the lookout for creative ways to earn more money for their business.

What do you need to know about event rental pricing to make this happen? Should you list your prices once they’re set?

We’ve laid out the 3 main points every event professional should know when it comes to event rental pricing.

If you’re looking to increase your event business’s revenue, you can do that in one of two ways: cut expenses, or raise prices.

Set Prices Based on Expenses

To base pricing off your expenses, you first need to monitor and reduce costs. Once you do this, you can better decide where you can (or can’t) give discounts.

Is your hard-earned money mainly going to fixed costs like rent and wages for your team, or to variable costs like inventory and transportation? You can find ways to cut costs, such as:

  • Switching suppliers
  • Getting rid of inventory that doesn’t rent
  • Investing in technology that empowers your business to use time more efficiently

When it comes to tracking prices and reporting on an event company’s financials, you want to make sure that the data you’re using is accurate.

With event rental software, you can easily pull reports that tell you exactly what you want to know.

With the right tool, you can monitor your expenses and form strategic business decisions.

Experiment with Price Raises

Raising prices can be an effective way to drive sales, especially if done according to seasonal business. For instance, you may choose to raise prices in the busy season.

Or, you may decide to raise your prices yearly. You can then urge clients to purchase before the new pricing goes into effect, which will push for immediate sales.

You can also alter your pricing strategy around deliveries. For instance, if you include delivery free of charge, you could implement a rule that delivery within 20 miles is free, and every additional mile costs $0.75.

List Event Rental Prices

This is a question we hear all the time: should event companies list prices?

The answer is yes.

Here are three reasons why:

  1. When you list your prices, you’re saving valuable time. Think of it this way: maybe you’ll get fewer inquiries if you list your prices, but the inquiries you DO get are much more likely to be the real deal, meaning they become paying clients. Is it really worth your valuable time and energy to follow up with people who won’t spend the money on your business? You can dedicate the time you save to focusing on higher-level efforts.
  2. Listing your prices also sends the signal that your event company values transparency. This sentiment is becoming increasingly important to consumers as time goes on. People want a brand they can trust— you can be that.
  3. Your event company appears more professional and structured when listing prices, which makes you less likely to be targeted by scammers. When you don’t list your prices, this ambiguity can actually attract shoppers who will file harmful credit card disputes against you.

Driving sales with event rental pricing comes down to three things: forming a solid action plan based on reliable data from event rental software, experimenting with prices of inventory and services, and listing prices online.

Every event professional should know their worth— the work you do is valuable, and your prices should match. Use these tips to perfect your pricing strategy today.

Carmen Bodziak is the Marketing Associate for Goodshuffle Pro, a party and event rental software company dedicated to empowering those in the events and decor industry. She also currently oversees the Goodshuffle Blog.

September 20, 2020