Budgeting is a significant component of an event management professional’s job, and the difficulty of budgeting is most definitely connected with knowing how best to set ticket costs.
If you set your ticket price too high, your attendance would suffer, or the price barrier will further drive up your marketing costs as you work to reach a larger audience.
And if, on the other hand, you set an event ticket sale price too low, and you’re condemning your budget to drop into the red, it’ll be impossible to break even. In other words, you’ve got to strike a balance between reasonably priced and budget-friendly.
Setting event ticket cost is the most critical job in event planning. But what goes down in driving a pricing strategy for your event. You have to incorporate unavoidable costs that are not generally under your control. What goes into determining the price?
Three things you need to know to set up a perfect event ticket price.
Determine projected ticket sales
It’s an ideal opportunity to take a gander at the number of participants you expect at your event; this is the point at which you begin to see an actual ticket cost come together.
Estimate the number of attendees you expect at your event and see where you land. Take out the total cost of the event, and divide that by the number of attendees. Do market research, know what your competitors charge on their ticket cost.
Possibly when you do your math, and your ticket cost comes out to be very low, permitting a significant increment and making you a considerable profit. Double-check your calculations, you might be overestimating the number of attendees, or you might have neglected some unavoidable cost.
Using the WordPress plugin, the WP event manager with an add-on of sell tickets, you can sell and manage your keys all in one place. You can automate the ticket selling schedule, and in the registration dashboard, you can see detailed information about the registered users. You can use this information in your future event pricing strategy.
Oversee Fixed and Flexible costs
There are a few unavoidable expenses that are generally out of your control. Oversee all the additional charges into your ticket cost; your venue may want an occupancy fee, your attendee will most likely be paying a processing fee if they’re buying through a third party. Consider cities and states. In some areas, the tax might be applicable.
Chalk out a plan for all event-related that can be of transport, rental, insurances, catering gears, promotions, and guest speakers. Mash all this data together to compute the total cost of your event.
Categorize these costs into fixed and flexible. If you need to cut out some budget, look to make cuts from the cost areas that were flexible. And in the end, you can set multiple prices that would include different packages.
To incorporate multi-ticket pricing you can again use the WP Event Manager add-on feature of multilevel pricing that delivers the best possible values by building up multi-level pricing. You can even charge a tax or fee anytime you want.
Incorporate after-event surveys from your event attendees for your next event. Include questions about whether or not your guests found event tickets price reasonable. If they answer no, ask them what price would seem likely to them.
Setting prices at a future event should be relatively easy when you’re equipped with such valuable information. In the end, when you have determined what price you’re going to sell your ticket at, you can use the WP Event Manager add-on, selling tickets.
Sell tickets are combined with WooCommerce that enables your website to sell tickets. It also allows organizers to track down tickets, schedules, and multilevel pricing.
Event Managers need to manipulate countless expenses in their pricing strategy while ensuring that whatever price they set optimizes attendance and won’t break their bank account. The price should be set at a very reasonable price using a good pricing strategy.