Pricing your event can be an important element of your event planning approach. Setting up the proper ticket prices can, in fact increase ticket sales and get you more returns. Nevertheless, choosing the incorrect event pricing strategy can really bring down its success. Luckily, we have compiled 5 tips for you, that will surely help you through the stressful process of developing a successful event pricing strategy.
1. Understand Your Event
Determining event prices must become a reflective approach. In additional terms, you have to appreciate the goals of your business and the motivations of your potential target in order to compose a correct and effective event price technique. Ask yourself questions that qualify your event. Is your event going to have an unique brand and is going to be in high demand? Understanding the demand of your event can certainly help you price your event tickets appropriately. For instance, if the demand is high, you could price your tickets similarly, and vice versa.
The cost of your event includes a major effect that people will notice. Depending on the sort of event, setting lower rates, will prevent people from taking your event seriously, yet pricing a higher rate, will reduce the number of potential event attendees.
It is important to understand how your event is perceived by potential event attendees, and to either work to change expectations or to change the pricing of your event.
2. Demonstrate event benefits before you expose the price
When someone sees a selling price in advance, they automatically base their decision on budget value and compare the price to information in their head about similar events. Significantly, they consider the item overpriced, because they have not been immersed in all the wonderful advantages and benefits of the event.
However, when you speak about the great benefits that is associated with your event, people will have a tendency to bottom part their decision on the grade of the function and less about the price. Because events tend to be emotional acquisitions and are not basic staples or goods (like eggs or bread), you do not need people basing their buying decision on monetary value. You want them basing it on benefits. Definitely, even business-related events like seminars, meetings and conventions are emotional purchases because people ultimately base their decision on how they feel about the event and if they come to feel that it can gain benefit for their career, personal lifestyle, etc.
3. Summarize Your Communication Tactics
Marketing and advertising is all about engaging audiences, and so you really have to place your conversation strategies right.
Think about how properly to inform people about your event. Although there are common e-mailing systems like Mailchimp, it is significantly more effective to use both e-mail and push notifications via an event app. For illustration, you can reach open rates of your messages from 70% and up, in comparison with the event industry’s average e-mail open rate of 20%. It is not only effective but convenient as you can deliver messages through both channels with one click.
4. Offer Numerous Ticketing Options
Event planners may likely agree with the fact that their biggest fear is pricing an event in a manner that does not sell enough tickets. Choosing to own different ticketing options can quench this tension and anxiety and open up your event to many people who may not have otherwise been able to attend.
Having only one ticket option also neglects an audience of those who are prepared to pay more. Multiple solution prices will avoid these issues and maximize attendance and earnings. Having an early bird option, for instance, generates a feeling of urgency that could enhance sales immediately.
5. Establish Last-minute Promotion and Engagement methods
In relation to marketing, the biggest stretch prior to the event is stressful as you don’t merely try to get attendees to go last minute, but also you try to boost excitement for individuals who are already going. It is smart to create a buzz on cultural mass media in an organic way. Create an excellent event hashtag and drive registrants to tweet their excitement.
In our observation, various successful events provided a location for their attendees virtually to interact with one another in advance. It can help create a buzz and spread opinions through registrants. Example of this may be the Event Bulletin Plank on Whova. It has been attendees’ and organizers’ most desired feature and several events had a lot more than 1,500 posts with >70 custom threads. They are able to ask questions to organizers, plan carpools, create a custom subject matter to chat about, require help on finding lost things, etc.
With this list, you are on your way to choosing the right event prices. Keep in mind that pricing has a profound effect on the relationship between your event’s potential attendees and your event brand. Thus, if you are planner who organizes numerous events per year, when it comes to choosing event prices, be honest and realistic when developing an event pricing strategy.
To build an effective event pricing strategy, first and foremost you must understand how your event is perceived by potential event attendees. They know what is required for you to break even with regard to ticket price. Next, offer varied ticketing options, and be sure to analyze the success of past events and think about how properly to inform people about your event. Finally, monitor the ticket sales of your current event to see the impact your event pricing strategy has of ticket sales and of course establish Last-minute Promotion and Engagement methods.