Of course, an ultimate goal for any event is to sell as many tickets as possible. Nevertheless, it cannot be just any price of the ticket. The goal is not to breakeven, but to make a good earning. If you sell your tickets for the event for too low, that can set the event as unwanted, and it means working more in the long run. On the other hand, if the tickets are priced too high, it can mean low attendance during the event.
How to price event tickets?
Pricing is often the most difficult part of event planning, and it is often hard to find the right balance. This is where Pricing tiers come in hand. To explain what exactly pricing tiers are: they consist of different price point offers. For example, you can offer bonuses for people who are frequent buyers. There are many alternatives you can take.
When you are trying to find a right price point for your tickets, there are certain steps you must take. We will take you through all the necessary steps to make a decision about pricing your tickets. First, set up your ideal price of the ticket and try to carry on with other planning activities that go with it. Another side note on how to pick your ideal prices is that it should be a middle number. Something in between the range of your ideal price and a number that can be later discounted for promotional reasons. Tickets should be affordable to a wider range of consumers, but not cheap so it seems that the event is undervalued.
Naming your price isn’t just about setting up prices in your head and hoping it sticks with your future attendees. You must do a proper market research, see what the ticket prices of similar events in your industry range are. Also, seek help from your colleagues in the industry. Ask them how they priced their tickets and how they came to that conclusion. Another important objective is fixed and variable costs for each event. When you collected answers to all those questions, you have a fair shot in picking that price.
Pricing tier for event ticket:
Second thing on your list of activities is setting up a pricing tier. Of course, you first set up an initial price for your tickets and you go from there. For example, there are Early Bird tickets or VIP tickets, and this can quickly incentivize attendees to buy tickets from you. Discounting tickets can be great place to start if you don’t know how to start. Everybody likes discounts. If you have been planning event for a longer period, you can categorize your prices according to periods of time when you get more sales.
Now, there are several routes you can take when it comes to pricing tickets. If you are a new event planner, it might be more sufficient to go with discounting pricing tiers. These lower prices incentivize people to buy tickets more quickly. Look at you’re marketing and event schedule and try to see at which period the Early Bird tickets could work. We would suggest adding this strategy to times when sales are lower. You might have lower revenue stream because of this approach, but it will be useful in the long run because you will incentivize more attendees in the beginning.
Alternative is offering a high-priced tier. If you are charging high for your tickets, there should be additional offers with those tickets. Examples are special seating, additional content, VIP entrance, welcoming gifts and so on. Nevertheless, when you plan the event for the first time, it is hard to start offering VIP experiences and expect that everyone will want one. You must
prove yourself first as an excellent event planner. On the other hand, VIP experiences can account for over 25% of revenue streams.
To sum up, think of your agenda for the event and incorporate pricing of tickets accordingly. Set goals and target your audience properly. If you do all these steps in the right way, there shouldn’t be any problems.