Event pricing is a major deciding factor for your attendees wanting to be part of your event. A well-planned event pricing strategy can give you that edge of more than just bagging happy event attendees. Get this right and your event revenue will start growing gradually.
Before you begin planning your pricing strategy, have a precise budget and venue in mind. Chalk out all your expenses, an event agenda, and the revenue you expect to generate. That way you’ll have a clear vision of how much the ticket price should be and utilize these event pricing strategies to kickstart your revenue stream generation.
1. Early Bird Pricing
The early-bird pricing strategy is one of the best ways to create awareness about your event. Make an offer that’s appealing enough for your attendees to buy your tickets right away. Showing your potential attendees how much they save with early booking and online ticket sales will accelerate in no time.
For example, if you have 300 tickets to sell, divide them into three categories or phases and release them out in phases for quick revenue generation.
- First Phase (3-4 months prior to the event): Sell your limited-time low-priced tickets first quickly.
- Second Phase (2 months prior to the event): Bundle add-ons such as food & drinks to your original ticket prices for those looking for something extra.
- Final Phase (1 month prior to the event): Add special discounts and packages for last-minute bookings. Reserved some tickets for walk-ins which can be sold with added Surcharges to boost your turnover.
Learn more about Ticket Pricing & Retention Strategies Every Event Presenter Needs.
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2. Entice With FOMO
If you are yearning for SOLD-OUT event status, then utilize SEO content to enhance event visibility and bring about the urgency to buy the tickets. The quicker you can get event visibility, the longer you have people talking about your event and a larger window to purchase event tickets. This will also help you get attendees to share it on social media to induce interest amongst their networks.
Words like ‘Last Few Tickets Left’, ‘Early Bird Offer’, ‘Group Discount’ can entice your potential attendees to buy the tickets immediately and in bulk. Another thing we recommend is showing your customers how many tickets are sold or how many are being booked in real-time. This will create another sense of urgency to buy your event tickets quickly.
Don’t forget to bookmark our Checklist For Timing Your Event Promotions for elevated ticket sales at the right time.
3. Tier Based Pricing
Using the tier-based event pricing strategy, you can offer multiple options for your attendees to choose from. Define your tiers and make it easier for multiple audience personas to choose what’s best for them depending on what each tier is offering. Let’s say you’re hosting a live music concert. Set up 3 tiers – Silver, Gold, and Platinum with the help of our online Inventory Management feature.
Set a price for each ticket type and roll out these tickets with complimentary discounts & packages. Whether your attendees are looking for budget-friendly seats or a VIP seating arrangement, you can offer it all with a tier-based pricing strategy. With Yapsody, you can Create unlimited ticket types with the freedom to link them based on specific sections, show timings, restrictions, and audience type.
4. Bundled Pricing
Bundled pricing means selling multiple offerings together at a lower price as compared to each one sold separately. Some events have more to offer than just a famous artist like food and beverages so can ensure to give your attendees multiple options while they book tickets online. Create a bundle offer that includes the cost of food along with the ticket price. When your attendees see the value in the purchases they make, your offer will be a steal deal.
5. Discounted Pricing
People love discounts. Using discounts as a tactic to increase ticket sales is quite common. Whether you’re organizing a Halloween party or a big conference, offer promo codes or discounts to lure attendees.
Let’s say you’re planning a Halloween party this year. Offer promo codes like “Halloween25” to give a 25% off on your tickets to generate a quicker turnaround. Plan these offers well in advance to get more attendees. Here Are 5 Types Of Discount Pricing Options That Will Help Boost Your Event Attendance.
We hope these 5 pricing strategies help you achieve sold-out status. Signing up with Yapsody is the only prerequisite to start maximizing revenue from all those events that you’re organizing.
Whether you’re a standalone event organizer or a hospitality giant, our platform lets you create a varied ticket pricing combination that is powered by global payment integrations. Being a top-of-the-line enterprise is now within everyone’s reach.