How do you negotiate with event vendors and suppliers to save costs?

2 Do your research and compare options

Once you have your budget and priorities, you need to do some research and compare different vendors and suppliers that can meet your event needs. Look for reputable and reliable providers that have experience working with associations and similar events. Check their websites, reviews, testimonials, and references. Ask for quotes and proposals from at least three options for each category of vendor or supplier. Compare their prices, services, quality, and terms and conditions.

3 Be flexible and creative

One of the keys to successful negotiation is to be flexible and creative. You don't have to accept the first offer or the standard package from a vendor or supplier. You can ask for discounts, incentives, upgrades, or extras that can add value to your event. You can also offer something in return, such as referrals, testimonials, sponsorship, or exposure. You can also be flexible with your event date, time, location, or duration, if possible, to take advantage of off-peak rates or availability.

4 Communicate clearly and respectfully

Another key to successful negotiation is to communicate clearly and respectfully with your vendors and suppliers. You want to establish a rapport and trust with them, not antagonize or offend them. You want to convey your expectations and requirements, but also listen to their perspectives and challenges. You want to be firm but fair, not aggressive or rude. You want to aim for a win-win outcome, not a one-sided deal.

5 Review and confirm contracts

After you have reached an agreement with a vendor or supplier, you need to review and confirm the contract carefully. Make sure that the contract reflects the terms and conditions that you negotiated and agreed on. Check for any hidden fees, penalties, or clauses that might affect your event budget or quality. If you have any questions or concerns, clarify them with the vendor or supplier before signing the contract. Keep a copy of the contract and any receipts or invoices for your records.

6 Maintain good relationships

Finally, you need to maintain good relationships with your vendors and suppliers throughout the event planning and execution process. You want to keep them informed of any changes or updates that might affect their services or delivery. You want to appreciate their work and acknowledge their contributions. You want to provide feedback and suggestions for improvement. You want to thank them and pay them on time. By maintaining good relationships, you can ensure a smooth and successful event and foster long-term partnerships.