How do you know the appropriate amount of money to charge people to come to your event? If you come up with a reasonable number, then how can you be sure that this amount will enable you to generate a healthy profit? If you’ve already set ticket prices, then can these be altered or are you stuck with what you’ve already put together?
These types of questions are very common when determining what to charge to come to your event, but it shouldn’t stress you out too much or even stop you from earning a nice profit. This is why we spoke with some event professionals in order to see what methods they use for pricing with conviction. Here’s what they said:
Be willing to adjust ticket pricing as the attendance for your event grows
You might decide that at first, it’s better to offer tickets for a low price for your event, but if it does really well then it would work better to increase prices. Don’t be afraid to make these adjustments as you go. Lower initial price options are a good way to get traction or create buzz.
If things start taking off really well though, then a ticket increase, even if it’s just a little, won’t hurt. You may also want to let people know that prices are subject to increase as tickets go. This may work in order to create urgency in people.
All of this may seem somewhat overwhelming, but the name of the game here is risk management. You want to make a profit or at least not lose money. Creative ticket pricing and research of who your audience is and what they expect will help you in this regard.
Think carefully about the value people will get through attending your event
People need to feel like the money they’d be spending in order to come to your event is worth the value they’ll get in return. In order to get a good idea of this, think about it from your guest’s viewpoint. You need to know what they value and what will be considered an investment to them versus a cost. You need to ask the important questions as to know what’s reasonable and what’s not.
You’ll need an understanding of what your attendees have done in the past as well concerning events. For instance, if you plan on attracting people who look to see important guest speakers, then these people will pay more than those who aren’t as concerned about this.
You have to know the amount per ticket you can charge in order to ensure a profit
You have to have a good understanding of your numbers in order to know what to charge on average per ticket.
You’ll need to know what the overall cost of putting together your event is going to be so you can understand where your ticketing sweet spot is. Earning enough to offset the cost to put on your event is the first part. Understanding what type of hit you can take on total ticket sales is the next.
Understand about the demand for your event
If you can be sure that your event is going to provide some form of unique experience for people, then the demand will be high. Heck, even if you’ve simply done a good job of promotion this can lead to a huge buzz for your event. All of this needs to be worked out in advance. The stronger the demand the more you can charge due to having limited tickets available.
One effective method for you to decide if your event is offering anything unique would be to research what the competition is doing.
Ticketing pricing structure will be important as well, especially for events that are looking to do good volume.