Event pricing is a major factor for your attendees deciding to be part of your event. A well-planned event pricing strategy can give you more than just a happy customer. Get this right and profits will automatically follow. Before you begin planning your pricing strategy, have a precise budget in mind. Chalk out your expenses and the revenue you expect to generate. That way you’ll have a clear vision of how much the ticket price should be. Here are 5 event pricing strategies to help you bolster your ticket sales quickly.
Early Bird Pricing Strategy
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. Show your 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.
Create a FOMO
If you are targeting a SOLD-OUT event status, then create content that will bring about the urgency to buy the tickets online. Words like ‘last few tickets left’ and ‘early bird offer’ can entice your potential attendees to buy the tickets immediately. 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 a sense of urgency to buy tickets quickly.
Tier Based Pricing
Using the tier-based pricing strategy, you can offer multiple options for your attendees to choose from. Define your tiers. Let’s say you’re hosting a live music concert. Set up 3 tiers, Silver, Gold and Platinum. Set a price for each ticket type and roll out these tickets with complimentary offers or discounts. 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.
Bundled pricing means selling multiple products 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. 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, it’ll lead them to believe your offer is a steal.
Discount/Promo Code 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 event, offer promo codes or discounts that will lure attendees to purchase tickets instantly. 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 get quick attention and help you sell more tickets online. Plan these offers well in advance to get more attendees hooked on to your event.
A good event pricing strategy combined with effective promotion and an easy to use online ticketing system can result in a sold-out event. Apart from different ticket types, we have tier-based pricing offers for our event presenters called the Yapsody Loyalty Program. It offers perks for being associated with Yapsody. Presenters selling beyond a certain number of tickets are added to different tiers like Gold, Platinum and Elite, depending on the number of tickets they sell. This reduces your event ticketing fees by a substantial margin. To be a part of this program, sign up now and start selling tickets online. Sell your first 50 tickets for free.