Receiving Referral Fees from Your Vendors

Good event vendors around the world. There are fewer Great vendors. The great vendors live by a code of excellence. They usually have five star ratings, and an abundance of excellent reviews. These are the vendors that you want to be associated with as you move forward with your event space. These vendors also want to be associated with venues that are highly rated and well run. It makes their job much easier. It all trickles down from the top. The highly rated venue attracts highly rated vendors. This in turn, attracts brides that have higher expectations. They want organization, consistency and a seamless wedding. These brides are willing to spend more to have their expectations met. I say all this because it starts with the venue. The venue has the pressure of marketing, branding and attracting. They choose who they want to work with through their branding. They do the work to create a preferred vendor list and take the time to talk about each vendor. Therefore, I feel the vendor should pay the venue a referral fee. The vendor cannot get any better than a direct recommendation from the venue to a bride or client. How much should they pay? I feel that it should be in relation to the size of the job. It can be a flat fee or a percentage. The fee is a way of saying thank you to the venue and can be reminder to be grateful for new business. The giving and receiving is an excellent way to do business.  As business owners, our relationships that we create are imperative to our success and growth. After all, isn’t life about relationship? Cheers, Lisa]]>