22 May Tips For Improving Your Event Pricing Strategy
Pricing the right amount for your event is a tricky but important process in the planning of your event. It’s hard to find a number that isn’t too high, but allows you to make the most out of your event.
Not sure if you could be charging more for your event? Start by using a basic ticket price calculation for your event costs, then strategise to maximise revenue and add a profit margin. Here are some tips for how you could improve your event pricing strategy and bump up ticket prices to increase revenue.
Gradually increase price
You can increase revenue by gradually increasing ticket prices by date or by number of tickets sold. A good idea is to notify customers before ticket prices increase so that they’re aware of the dates.
Offer varied ticket options
To maximise profitability, offer a range of ticket options to ensure that you are not neglecting attendees that are willing to pay more. Include VIP tickets with special access to backstage areas and special food and drink areas within your event.
Compare financial successes from previous events
There’s a few ways to gather helpful information to find a ball park figure for pricing your ticket. you could start by doing a Google search for events that fall in the same category and share a similar location. You could also compare financial successes from your events in previous years.
Increase the perceived value of your event
If you increase the perceived value of your event, attendees will pay more for tickets. You can do this by charging extra for ‘early bird’ and ‘early access’ tickets. Another way you could do this is to charge a certain price for tickets purchased before the event online, and then charge a higher price at the event on the day. Your ticket price should match the perceived value; it should not be more or less.
Determine your own figures
Don’t focus your pricing strategy on competitors’ ticket prices. You should figure out cost planning specified to your own event and your own expenses and work from there. Pricing tickets should be based on what you estimate people are willing to pay for your event, as opposed to being slightly less than competitors.