Part One: Venue Survival Strategy for Tough Economic Times
In this episode of The Venue Podcast, we tackle the critical topic of venue survival during challenging economic periods. Drawing from extensive industry research and our own experiences as a venue owner and venue consultant, we offer a roadmap for navigating slower booking seasons—whether you're experiencing a true economic downturn or just a temporary lull.
We dive into interesting market shifts affecting the wedding industry, including:
- Why 85% of couples are making decisions based on economic pressures
- The surprising continued rise of micro-weddings since 2020
- Changing social norms around smaller, more personalized celebrations
- How Gen Z and Millennial couples are reshaping wedding expectations
This episode provides practical strategies for venue owners to stay competitive, including creating smart tiered pricing packages that maintain profit margins while appearing more affordable to budget-conscious couples.
We share candid insights about our own business pivots and the importance of differentiating your venue beyond just day-of-week pricing. Whether you're struggling with bookings or simply want to future-proof your venue business, this episode offers valuable insights on adapting to current market realities without compromising profitability.
And don't miss part two (coming 5/26/25), where we'll explore diversification strategies, alternative revenue streams, and psychological approaches to team management during slower periods.
Connect with Lindsay and Kinsey:
Instagram: Your Venue Experts
Email Lindsay - hello@thelindsaylucas.com
