How can you negotiate with vendors unfamiliar with virtual events?

1 Understand their perspective

Before you start negotiating, try to understand where the vendor is coming from. They may have different expectations, concerns, or assumptions about virtual events than you do. For example, they may not be aware of the technical requirements, the audience engagement strategies, or the legal implications of hosting a virtual event. They may also have different pricing models, cancellation policies, or contract terms than in-person events. To avoid misunderstandings and conflicts, you should do some research on the vendor's background, experience, and reputation in the virtual event industry. You should also communicate clearly and respectfully about your goals, needs, and budget for the virtual event.

2 Educate them on the benefits

One way to persuade vendors to work with you on a virtual event is to educate them on the benefits of this format. You can highlight how virtual events can help them reach a wider and more diverse audience, increase their brand awareness and credibility, and generate more leads and sales. You can also share some success stories or testimonials from other virtual events that they have worked with or that are similar to yours. By showing them the value and potential of virtual events, you can make them more interested and willing to collaborate with you.

3 Be flexible and creative

Another way to negotiate with vendors unfamiliar with virtual events is to be flexible and creative. You may need to adapt your expectations, plans, and strategies to suit the vendor's capabilities, limitations, and preferences. For example, you may need to adjust your timeline, scope, or quality standards to accommodate the vendor's availability, resources, or skills. You may also need to explore alternative options, solutions, or formats to meet your objectives and deliver a successful virtual event. For example, you may need to use a different platform, tool, or feature than you originally planned, or you may need to combine live and pre-recorded elements, or you may need to create a hybrid event that blends virtual and in-person components. By being flexible and creative, you can find common ground and mutual benefits with the vendor.

4 Offer incentives and concessions

A third way to negotiate with vendors unfamiliar with virtual events is to offer incentives and concessions. You can motivate and reward the vendor for working with you on a virtual event by providing them with some perks or advantages. For example, you can offer them a longer-term contract, a referral bonus, a testimonial, or a promotion opportunity. You can also give them some concessions or compromises on some aspects of the deal that are less important or critical to you. For example, you can agree to pay a higher deposit, a lower discount, or a shorter notice period. By offering incentives and concessions, you can build trust and rapport with the vendor and show them that you value their cooperation and contribution.

5 Seek expert advice and support

A final way to negotiate with vendors unfamiliar with virtual events is to seek expert advice and support. You can consult or hire professionals who have experience and expertise in virtual events and who can help you negotiate with the vendor. For example, you can work with a virtual event consultant, a virtual event platform provider, or a virtual event agency. They can help you assess the vendor's suitability, quality, and reliability for your virtual event. They can also help you negotiate the best terms, prices, and conditions for your virtual event. They can also help you manage and monitor the vendor's performance and delivery throughout the virtual event. By seeking expert advice and support, you can reduce your risks and increase your chances of success with the vendor.