Ticket sales are the biggest source of revenue for 70 percent of event professionals. But if you’re not pricing those tickets well, you could jeopardise your event’s success
Price your event too high, and it could prevent you from selling enough tickets to fill your venue. Price it too low, and potential attendees might not think your event is high-quality.
The good news is you have some leeway to get creative with your pricing. Try experimenting with these advanced event pricing strategies that will help you drive ticket sales and improve your ROI (return on investment).
Pricing strategy #1: Discount pricing
To get a jumpstart on your ticket sales or drive urgency as the event date approaches, offer discounts. Discounts are an effective way to build buzz, create a sense of urgency, and reward attendee loyalty.
Another reason to use discount pricing: Price informs perceived value. People will perceive the value of your event as its full ticket price and think they’re getting a deal for the discounted rate.
3 ways to use discount pricing
- Give early-bird discounts. Start with a lower price and gradually increase the price as the day of the event approaches. Tap into the FOMO (fear of missing out) when trying to market early bird pricing to price-sensitive attendees.
- Provide discounts to various groups. For example, if you’re hosting an obstacle race you might offer discounts to veterans, police officers, or firefighters. A food event might provide discounts to university students, while a jazz festival might try to lure in seniors with a discount for those 55+. And speaking of groups, don’t forget to offer a group discount rate for people who purchase several tickets at once.
- Give exclusive discounts to your top customers. Whether it’s someone who’s been to your last 10 events or a social media influencer who’s done live coverage of your events, reach out with a discount as a way to thank them for the business.
Pricing strategy #2: Bundle pricing
You can bring in additional revenue by bundling an event ticket with extra perks that often don’t cost you much. For example, you can provide VIP ticket buyers with early entrance, a roped off area for networking (if it’s an industry conference), or a meet and greet with speakers.
If you’re running a food and beverage festival, you might offer an “unlimited” tasting pass. Or, if you’re featuring live entertainment, package in a photo op or a “backstage pass.” The key to bundled ticketing is that you are selling an experience, not just entry — and can charge appropriately.
3 ways to use bundle pricing
- Enlist your partners (other brands, performers, and sponsors) to contribute added experiences. Speakers might donate signed copies of their books, or another partner might sponsor a cappuccino bar in the VIP section.
- Come up with just two or three package options. You don’t want things to get too complex. Try offering a general admission ticket, a mid-tier ticket with a couple of perks, and a VIP-level experience with the works.
- In the ticket description, break down the value of each ticket type to illustrate that the higher the tier, the better the deal.
By tapping into your customer data and using pricing strategies to highlight the value of your event, you’ll be able to come up with ticket prices that satisfy attendees and your bottom line. Ready to set the right price for your next event? Learn more about how value-based pricing can maximise ticket sales and profits.