For an event professional, pricing a ticket is a very important task. The tickets have to be pocket-friendly to the attendees but should also get you to the break-even. Usually, if your main purpose is to network through an event then it’s okay that you are reaching your break-even since you are able to get business out of that networking. However, if it is a music concert or some festival, you definitely want to earn some profit without burning the attendee’s wallets. Those profits will then help you organize even more events and you can dream of making a brand in your event niche. But for this, your event pricing strategy should be in place, if that is not done right then the event may go downhill.
Here are a few things that you need to consider before you start working on your event pricing strategy:
1. Universally Accepted Event Pricing Rule
If we drill down to the basics then the first thing would definitely be the universal event pricing strategy. Most of the organizers know this rule already but for those who are still unaware of it, here it is:
Estimate your breakeven point by: Total Event Cost/Attendees = Cost of 1 Ticket
Of course, you don’t need to be an organizer to know that. Isn’t it?
2. Market Research
Do market research on the event you are organizing. Ask yourself some questions before you jump on doing the math:
- How much did other organizers charge for the same event?
- What was their choice of venue?
- What was unique about their event?
- What was the ticket cost before and how was the footfall for that price?
- What could be the expectations from the event at present?
Taking notes from the competitor’s mistake, learnings or methods can be one approach you can follow before pricing your tickets. Doing a competitive analysis can help you find out what worked for the organizers and how you can leverage it. You can find out; what ad campaigns worked for them, which areas of the market did they tap, what partnerships did the indulge in and a lot more.
3. Additional Charges
There is a certain occupancy charge that the property holders take when providing their venue for the event. Discuss it before you make calculations. If you are keeping the tickets online for sale, they will charge some additional fees to the attendee which you will have to consider too before pricing. Similarly, there can be other hidden costs that may not seem to exist at the moment but can suddenly venture out after the event.
4. Creating A FOMO
Always make it wanting – create a sort of urgency that makes the potential event attendee buy the ticket. Do not stick to selling just general tickets, opt for multiple ticketing type. Give promotional codes, discounts, early-bird registration options, etc.
Offers lure the customers and they do not wait for the dates when the event is nearing, they would buy the tickets right away. If there is nothing really ‘wanting’ for them then why would they buy tickets so early in the first place? Get your entire inventory sold out by using multiple ticketing type strategy.
You can create hype about the event by showing limited tickets and how the event might get sold out in a few minutes. This will only create a major FOMO amongst the potential attendees and will make them immediately buy tickets.
Also, you can create a small event to get it sold out, announce it everywhere possible that your event just got entirely sold out. So, next time when you organize a large scale event you can use the sold-out events for promotion. The attention economy works real good in such cases.
5. Duration For Selling Tickets Online
Do good research on when to start selling tickets online.
Few things you need to figure out during the event planning stage:
- What kind of event you are dealing with?
- Is there something about the event that will excite the audience? [Speakers, guests, celebrities, influencers, etc.]
- Is your event a small scale or large scale one?
- How much is your ticket inventory?
Answer all these questions, this will help you in deciding a specific duration to sell your tickets and the pre-selling efforts. For instance, if you figure out that you event is huge and it involves celebs and influencing personalities then you can start the ticket selling before a couple of months of the event date. The tickets will anyway start selling early on as it already has got the hype and boost with the names it is attached with.
This is exactly the opposite scene when the event is a small scale one. You need to work on the content and put extra effort into creating a buzz with different strategies. Basically holding the tickets until you have created enough excitement for your potential attendees.
Related blog: Best Ways To Sell Tickets Online
6. Past Event Analysis
For someone who either organizes a lot of events or has consistently created events in a particular niche, there is one thing that you could put into practice – past event analysis. Learn from your personal experiences and use past event data to understand what has always worked for a certain kind of event and where you could have done better by trying a distinctive approach. Find out for which event you could sell the most event tickets, why was that possible and how did you manage to do that.
7. Take In Feedback
Most organizers don’t consider this part much but if you have just stepped into organizing events, you may want to consider taking feedbacks from your attendees about the price they expect from the kind of events you are organizing.
You can either conduct surveys offline or online, create polls on social media portals or network with your target audience at events. These are some easy ways to connect with your potential audience and understand their needs.
You will be surprised to know that there are many things which you didn’t consider in your event which would lure most attendees. With learning what your attendees want, you can accelerate your ticket sales and grow your business.
8. Sell Out Your Events With AllEvents.in & Spread The Word
You definitely should know if people are actually interested in your event. Create your events on AllEvents.in to reach a large number of audience. With about 6M event seekers landing every month to explore events on AllEvents.in, you get a chance to grow your community and reach where your audience is. You can also check out AE promotional plans for social media reach of your event.
Share Your Event Information
- Multiple Social Media Platforms
- Affiliate Marketing
- Retargeting Ads
- Word Of Mouth
- Email Marketing
- Newsletters and more
Plan & Organize Your Event, Create A Buzz, Share It Everywhere Possible And Go Sold-Out With Your Interesting Event Pricing Strategy.
Quick Learner | Marketer | Sometimes A Writer | Business Development @allevents_India | Enthused about #startups | Music Lover