Every choice a pop-up planner makes needs to be strategic, especially when it comes to ticket pricing.
Unfortunately, there’s no one-size-fits-all price for pop-ups. When it comes to finding the perfect price, you need to understand your event’s market and the demand for the unique experience you’re offering.
Here are four things you need to know before you price your pop-up event.
1. Your attendees are willing to pay for a unique experience
Pop-ups attract guests willing to pay more for a one-of-a-kind event. In an Eventbrite survey of more than 2,000 people who have attended pop-ups, 75% said they’re willing to pay more for a unique dining experience.
Attendees may be able to eat a similar meal at a local restaurant for half the price, but they’ll choose to pay double for a pop-up dinner featuring the chef.
To attract these big spenders, emphasize the opportunity for an experience they’ll never have again. Here are some elements that will help you justify a higher price tag:
- A non-traditional venue or last-minute location announcement
- An innovative menu or rare ingredients
- A chance to mingle with a respected chef, local celebrity, or another notable guest
- Products you normally can only get online, available in person to touch and try on
- Limited-edition products available only right here, right now
2. Use social media to drive demand
The most basic pricing strategy pop-up planners need to know is supply and demand. Determine how many other events like yours exist (supply) and if there is a community of people who are interested in your event (demand). You have a set supply, but if you can increase the demand for tickets, you can raise your prices.
The exclusive, unique nature of pop-ups is a perfect fit for social media marketing to drive that demand. People love sharing insider secrets and inviting friends to exclusive events. Wield your social channels well to generate intrigue, drive a vibe of urgency, and conjure up an air of excitement around ticket sales.
One of the most hyped pop-ups (currently in San Francisco, LA, and Miami), the Museum of Ice Cream is a social media phenomenon. The pop-up is built to give attendees the perfect backdrop for their Instagram photos. As a result of the buzz the platform has on Instagram, tickets sell out almost immediately every time the Museum hits a new city. Driving similar demand for your pop-up on social media will help you reach “Sold out!” status quicker — no matter your ticket price.
3. Urgency is synonymous with pop-up events
Attendees assign a higher value to pop-ups than regularly scheduled events because they feel rare. In fact, over half of millennial diners surveyed by Eventbrite are more likely to attend events labeled “exclusive” or “secret.” Your prices should reflect that value.
Selling “a limited number” of tickets helps create an air of exclusivity. It also creates a sense of urgency. If you don’t buy tickets now, you might miss your chance to go. You can also use limited-time flash sales to give prospective event-goers a reason to buy right away when they’d otherwise be more likely to bookmark your event for later.
Evoking urgency around your event is a great way to boost perceived value and excite potential attendees. And ultimately, you’ll sell more tickets and increase your profit.
4. Your pop-up might not be profitable at first
If all goes well, your pop-up will be both prodigious and profitable.
But the reality is that some pop-ups simply don’t make money on the first run. You might not have the hype yet to sell out. Or you misjudge your expenses and get carried away buying irresistible décor items. But one of the most common ways pop-up owners limit their profit is by not being strategic about ticket prices.
Attendees are willing to pay a high price for an experience they can’t get anywhere else, so don’t hold back.
In fact, 59% of seasoned pop-up attendees say the cost of the event isn’t even a big factor in their decision about whether to attend. So embrace that by pricing your pop-up as an exclusive experience, and offering discount offers if sales don’t hit your targets.
Tiered pricing, discount codes, and supply and demand are the tip of the iceberg when it comes to pricing strategy. Check out Pricing Tips for Smart Pop-Ups to find your optimal ticket price — one that will sell the most tickets and net you the best return.