The ticket is the largest source of income for the vast majority of events, but if you do not look closely the price of tickets could jeopardize the success of your project.
Pricing strategies for event organizers
1. Discounted prices
To start the sale of tickets or to create a sense of urgency as the date of the event approaches, offer discounts to your future attendees. Discounts are an effective way to create expectations and reward the loyalty of attendees.
Another reason to use discounted prices: the price brings the perception of value . People will perceive the value of your event as the total price of the ticket and think they are doing a good business thanks to the discounted rate.
Three ways to use discounted prices
- Offer discounts to prospective buyers . Start with a lower price and gradually increase the price as the day of the event approaches. Take advantage of the fear of missing something interesting when trying to promote prices .
- Provide discounts for specific groups of people . For example, if you are organizing a popular career, you can offer discounts to gym users or customers of a dietary center. A food event could offer discounts to university students, while a jazz festival could try to attract older people with a discount for those over 55.
And speaking of groups, don’t forget to offer a group discount rate for people who buy multiple tickets at once.
- Offer exclusive discounts to your main customers . Whether it’s someone who has attended your last ten events or a social media influencer who has made a live coverage of your events, offer them a discount as a way of thanking them for the business they generate.
2. Price packages
You can obtain additional income by grouping in a package an entry for the event with additional benefits. For example, you can provide early access to VIP ticket buyers, a restricted access area for networking (if it is a networking event ) or a welcome meeting with the speakers at your professional conference .
If you are organizing a gastronomic festival , you can offer an “unlimited” tasting pass. Or if you are going to organize a concert you can include a photo shoot or a visit to the backstage. The key to selling tickets in packages is that you are selling an experience, not just the ticket .
Three ways to use package pricing
- Contact other partners (brands, artists and sponsors) to provide additional experiences. For example: speakers at your professional event can donate signed copies of their books, or another partner can sponsor a coffee booth in the VIP section.
- Propose only two or three package options . You are not interested in things getting too complicated. Try to offer a general admission ticket, a mid-level ticket with a couple of benefits and an all-inclusive VIP level experience.
- In the description of the ticket, break down the value of each type of ticket to make it clear that the higher the level, the more profitable the experience will be.
By using pricing strategies to highlight the value of your event, you can get ticket prices that satisfy the attendees and your final balance.