Are you considering hosting an event to encourage more people to buy your products and services? Is this your first time putting together an event?
If so, then it's important for you to understand how event pricing can make the occasion a productive one. You must understand how you can make the venue work to your advantage and what will get potential guests interested in your occasion.
With our event planning expertise, you will be able to create prices that are affordable for guests and don't lead to a loss for your business.
This guide aims to show you how to create an event pricing strategy to boost sales.
1. Establish a Break-Even Point
The first step you need to take when pricing tickets is to figure out how much you need to spend and make to consider the event a success. The earlier you establish a break-even point, the easier it will be to make necessary adjustments in case plans change.
You must also consider how your overall budget will allow you to determine how much you need to depend on ticket sales. The more marketing avenues you use, from your website to social media, the more luck you'll have meeting the break-even point.
2. Provide a Ticket Sales Quantity
The best ticket pricing strategy identifies how many tickets you need to get the right amount of guests into your event. Look at how many people can fit into your venue and determine if your audience is big enough to fit it.
Next, divide your break-even point by the number of tickets you plan to sell to establish the lowest price that will help you break even. Add your desired profit to your breaking point and divide it by your ticket sales quantity to find the lowest price for each ticket to meet your profit goal.
3. Use Early Bird Pricing
One way you can price your own tickets for maximum profits is to make tickets for sale as early as possible. Advertising tickets for events early gives potential guests the idea that they need to get tickets now if they want to attend.
Offer low prices for your tickets when you first market your event to make it easier for more people to attend. However, make this low cost for tickets a limited time offer so that you can still boost sales between now and the event.
4. The Law of Fewer Numbers
When it comes to event pricing, you need to make the process of buying tickets as easy for potential guests as possible. That's where the law of fewer numbers come in.
Short prices will be easier for potential guests to say in their heads, so don't include cents or commas in your prices. Whether your prices are two or four digits, short-looking prices will be more appealing to visitors to your site.
5. Research Events
If this is your first time hosting an event, then you'll want to learn from the successes and failures of those who've done it before you. This includes competitors and organizations in different fields.
Look up the prices that other companies in your field have used, whether the event is for business or for fun. Follow events that get consistent attendance so that you can match their results for your occasion.
Our Take on Event Pricing
The process of event pricing requires that you use your marketing techniques, the venue, and common trends to your advantage.
You must create prices that fit your budget, can give a positive return, and look appealing to potential guests. With these tips, your events will create large short-term and long-term profits for your business.
For more of our event planning expertise, check out our guides to create an occasion that is productive and fun for all who are involved.