There’s almost nothing more important to your event’s bottom line than your pricing strategy. The right price can motivate people to buy tickets earlier, inspire ticket buyers to rally their friends, and increase your revenue.
Use this step-by-step guide to plan a winning event pricing strategy. You’ll learn how to use pricing strategies to give your attendees an amazing experience — and make money at the same time.
Download the guide to learn how to:
- Set your core ticket price in three steps
- Beat the dreaded sales slump
- Keep selling tickets until the doors close
10 Ways to Make More Money with Your Ticket Pricing Strategy
If you’re like most event organizers, you’re obsessed with ticket sales. It’s no wonder — every single sale contributes to the financial success of your event. And even small adjustments to your pricing strategy can have a huge impact on your bottom line.
With that in mind, here are 10 smart ways to make your pricing strategy pay off. You’ll learn tried-and-tested tips for crafting our core ticket price, kickstarting your sales, and sustaining sales in the long-term.
Craft Your Core Ticket Price
Most event organizers work with a lot of “fixed” costs. Unlike, say, an apparel company, most of your costs are fairly set, regardless of how many units (in this case, tickets or registrations) you sell. Once you break even, you can watch the profits roll in with every additional sale.
But that doesn’t make setting your core price easy. You want to sell as many tickets as possible, but if you price too low, your profit margins could plummet. Price too high, and you risk hosting a near-empty event.
So how do you hit the sweet spot for staggering ticket sales?
First, determine what your fixed and variable costs are, and how much money you want to make when all’s said and done. How much do you need to make on ticket sales to be profitable? With that number in mind, use these first three tips to get your core ticket price nailed down.
Step 1: Start by looking backwards
History tends to repeat itself, so start with a deep dive into your previous sales. Compare your past sales by price and ticket type: Did your most expensive tickets fly off of the shelves, or did they only sell once the cheap seats were gone? Did you hit your overall ticket goals, or did you create last-minute discounts to inspire more sales? If you don’t have access to these numbers, an event management platform like Eventbrite can help you make sense of your data.
Step 2: Offer multiple pricing tiers
No two attendees are exactly alike, which is why many events offer multiple price tiers. Some people want to get the most for their money, others want the best ticket money can buy. You might offer discounted tiers based on time (discounts for the first X number of buyers), quantity (discounts for people who buy X number of tickets), or loyalty (discounts for members or previous attendees). Again, reference your data: if your discounts moved mountains last time, consider offering more.
On the other end of the spectrum, you could offer a VIP tier — for a higher price, you might offer a “premium” experience that includes behind-the-scenes access or a cocktail hour with talent. If your ticketing partner offers reserved seating, try creating different ticket types based on how close the seats are to the action.
BottleRock Napa Valley Music Festival uses Eventbrite to discount based on time — they set one price for the first wave of tickets, and once those are sold out, they move to the next (slightly more expensive) tier. By tracking the progress of these sales, BottleRock is able to optimize their tiers each year.
“Tracking helps us understand what our price points should be going out for presale, how many tickets should go out for the onsale price, and what our price points should be going forward,” says Dave Graham, BottleRock’s producer.
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