While organizing an event, setting the right ticket prices is one of the toughest decisions that an event organizer makes. It is one of the most crucial parts of event management that has the potential to make or break an entire event.
Costly event tickets may increase your profit margins but at the same time, they can drive your audiences away from your event. Similarly, keeping the ticket prices low may also raise questions about your event value.
That is why value-based ticket pricing is crucial for you to maintain a balance between covering your event expenses and offering your attendees a valuable event experience.
To create this balance, you need the right ticket pricing strategies that will help you sell more tickets for events.
In this article, you will learn about some of the most effective event ticket pricing strategies to maximize your ticket sales and encourage value-based ticket pricing.
How do you set a ticket price for an event?
When it comes to setting the right price for your event tickets and value-based ticket pricing, there are 4 main factors that you need to consider:
- Event-value: It is the benefits that your attendees believe they will get from your event. It mostly depends on the type of content you are offering and the speakers you have invited to it.
- Cost per ticket: It signifies the amount that you have spent on creating and selling the tickets. Make sure you include the fixed and variable costs in it. In addition to that, you must also add a certain amount as an unforeseen cost.
- Forecasting ticket sales: It means having an estimate of the number of event tickets you are expecting to sell. You can get this by considering the following:
- Past events ticket sales.
- The kind of response you have received from the audiences during promotion.
- The subject of your event and the place where you are organizing the event.
- Analyzing your competitors events.
- Ticket price: It is the amount that your customers pay to purchase your event tickets. The amount mainly covers the following:
- Cost of event venue (in case of in-person events).
- Marketing expenses.
- Digital tools you have used like plugins and themes.
- Other costs that are linked with the event.
What is the event pricing strategy?
A pricing strategy refers to the method that we use to create the best for a product or service. In this case, with effective ticket pricing strategies, we will try to establish the most suitable price for your event tickets.
It lets you set the price that would add value to your events and earn maximum profit from it.
9 Best ticket pricing strategies to sell more tickets for your events
Whether you are hosting an in-person event, virtual or hybrid following the below-mentioned ticket pricing strategies can help you earn maximum profit from your ticket sales.
Find out 5 ticket pricing strategies to sell more tickets for your events.
1. Multi-tiered pricing
This is one of the most effective event pricing strategies that you can use for your upcoming events. Under this system, event tickets are sold at different price levels.
Consider the following example:
- The price of first 20 tickets will be $40.
- The next 20 to 50 tickets will be sold at $65.
- Regular tickets will be available at $90.
Such an event pricing strategy can remarkably boost your event ticket sales.
2. Early bird discounts
The concept of early bird ticketing is created to encourage people to register for your events early by selling tickets at discounted rates for a limited period.
The event ticket pricing strategy works for almost every event as it creates a sense of urgency.
The technique is mostly recommended for big events where a huge amount of attendees are expected along with some famous speakers and unique arrangements.
To make the early-bird pricing more effective, make sure you highlight and clearly state the fact that the discount you are offering is available for a limited period and do not forget to mention the last date.
3. Bundled ticket pricing
As the title suggests, bundled ticket pricing encourages bulk purchasing. Under this system you can sell multiple tickets in a bundle with buy 1 get 1 free or buy 2 get the third one for free.
This allows you to sell more tickets for events and earn revenue as you can sell multiple tickets in a single package.
You can consider the following options based on the type of events and membership you are offering following bundle ticket pricing:
- Sponsor tickets: these tickets are only for sponsors.
- Block tickets: it signifies multiple tickets that are sold in a single package.
- VIP Tickets: such tickets are for reserving seats for VIPs in your event.
Such bundle types give attendees the option to choose their preferred ticket types. This ultimately maximizes ticket sales.
4. Regular Vs costly tickets
Offering two types of tickets that include the regular ones and the costly ones for VIPs is one of the most effective ticket pricing strategies for your events.
Regular event tickets are inexpensive and give event access without any additional privileges. Such tickets are for those who are in search of basic event experience.
In contrast, costly tickets offer additional facilities to the owner and they are mostly suitable for the people who want a premium event experience and have no budget limitations.
When showcasing these two types of tickets for your events, you can attract attendees from both the sections including those who are willing to pay more and who want to stick to the affordable option.
As a result, you can sell more tickets to your event and increase the number of attendees to it.
5. Referral bonus
Offering a referral bonus is a useful sales technique that works very well as an event ticket pricing strategy.
You can make promo codes for the people who you think have the ability to boost your event sales with referrals. Consider social media influences, speakers or exhibitors to encourage them to share your events in their circle using the promo codes.
This would automatically boost your audience reach and your partners will also benefit as it will strengthen the relationship you share with them.
As you are providing an advantage to their audiences, they will be more interested in promoting it.
6. Last-minute ticket pricing
The idea of selling event tickets at a higher cost at the eleventh hour surprisingly increases ticket sales.
Early bird discounts for event tickets are undoubtedly impactful but the last-minute tickets also work well because there are people who prefer to purchase tickets under the wire.
Last-minute tickets give the message that only a few tickets are left for the event which motivates the buyers to pay more for them.
7. Additional discounts for loyal customers
Your loyal customers keep coming back to you for your events, so they deserve to be rewarded as well.
To sell more tickets to your events, make sure you offer discounts on ticket prices to your loyal customers to reward them.
It ensures that the discount is offered to them and not to the other attendees.
8. Email subscription discounts
These types of tickets are exclusively for your subscribers. You can build a customized registration link for your subscribers with additional discounts.
This makes them feel privileged to be your subscribers and also pushes them to purchase your event tickets.
Consider the following while preparing the mail:
- Add vibrant colors.
- Attractive and interactive texts.
- Keep it short and crisp.
- Personalize the email content with the recipient’s name and more.
This will surely help you fulfill the purpose of sending such emails.
9. Time batch ticket pricing
In the time batch ticket pricing, the prices of your event tickets go up with time. In simple words, your event tickets get more expensive when the event date comes closer.
For example, you can announce a specific date and ask your audiences to purchase tickets within that date with a discount of $50 on ticket prices and mention that after that date your tickets will be available at regular prices.
You can play with the ticket prices as many times as you want when you come close to your event date.
However, you need to ensure that there is a significant increase in the amount of ticket price so that your attendees can buy tickets as soon as they can.
How to sell more tickets to your events?
Using the right pricing strategies rightly to sell more tickets to your events is an art that one needs to grasp but there are tools that can help you accelerate the process.
For instance, if you are using a WordPress website for your events, you have many plugin options to help you in various event management works including selling event tickets.
When it comes to the best event management plugin for WordPress, we recommend an efficient plugin like WP Event Manager. It is an event management plugin that is enriched with several powerful event management features and backed by more than 37 extensions that include Sell tickets and Event Registration.
The Event Registration and Sell Tickets plugins go hand in hand. The Event Registration lets you build a customizable registration form for your attendees whereas the Sell tickets plugin allows you to sell tickets with WooCommerce.
Some of the key features of the Sell Tickets plugin include the following:
- Sell multiple ticket types.
- Manage transactions through WooCommerce.
- Share event tickets with attendees in PDF forms.
- QR code in event tickets to help attendees check in with ease.
- Detailed insights on ticket sales including the number of tickets sold, left or canceled.
- Detailed registration dashboard and more.
To know more about its features, discover the plugin now!
Ticket sales are a crucial part of every event that helps event organizers measure the success of events. Using the above-mentioned ticket pricing strategies that include early bird tickets, time-batch tickets, multi-tiered tickets, bundled tickets, regular vs costly tickets, discounts for loyal customers, last-minute ticket pricing, referral bonuses, and email subscription discounts, event organizers will be able to set their ticket prices rightly.
Besides solid ticket pricing strategies, you can also use a plugin like WP Event Manager to automate and simplify the entire process. Overall if you use the right pricing strategies and you have the support of the right WordPress plugin, then your event ticket sales are surely going to touch new heights.