Pricing strategy is an integral part of your event planning process. Setting up the right ticket price helps in determining an event’s success, as it helps in maximising your ticket sales and revenue. However, choosing the wrong pricing strategy can impact the overall revenue that the potential sale the event might create. Most organisers use Cost-plus pricing as their main pricing strategy where they add a fixed percent on top of all the costs involved in organising the event. Though this strategy sounds simple and straightforward it fails to understand customer needs and wants.
5 Event Pricing Strategies Which Delivers The Best Results:
Early bird is a well-known strategy to drive sales at an early stage of your sales funnel. This tactic benefits both organisers and customers. Organisers can create a sense of urgency with customers to make a quick purchase decision, build value and increase word of mouth marketing. On the other hand, it helps customers to save money. But overuse of this tactic can send a wrong message to your potential customers that tickets are not selling.
Group booking is a common strategy used to boost sales. This strategy is also employed to encourage group bookings at a lower rate than buying individual bookings. The loss in revenue is compensated significantly by the reduction in cost per booking which will boost your margins.
Increase word of mouth networking effect and save your cost in marketing through referral codes. Offer referral codes to customers through which they can earn freebies to maximize the networking effect.
Offer discount codes to affiliate partners through which you can drive more ticket purchases. Influencers and affiliate partners have a large audience reach and can get you a good number of group bookings.
As the deadline day approaches and still a lot of unsold inventory are left then opt for this strategy. By creating a last-minute rush you are inducing fear of missing out and also offer a discount code to make them take up the sale. You see this with events that show “only a few seats are remaining, hurry up!!!”. The last-minute rush will result in good sales volume because the deal is available at a good discount and it won’t last long as the purchase window closes soon. Customers need to make a quick impulse buy to take up the best deal.
But be advised if you overuse these event ticket pricing strategies people will come to know that you’re filling unsold tickets and it may train them to wait until the last few days to see if they can get the same discount last year!