So you’ve reached the next stage of planning your event and it’s time to start selling tickets! Managing finances and ticket sales can seem a bit scary but have no fear. The secret sauce is finding the balance between the value of your event and what your guests want. With the power of technology, you can get even more out of your event! Read on for our best tips on setting the right price to maximize attendance (and profit!).
Get the price right.
There are a few things to consider when setting ticket prices. It all comes down to how much the event costs, the amount of profit you’d like to make, and how much guests are willing to pay. Venues have a limited capacity, limiting the number of people that can attend and the tickets you can sell (unless you go virtual!).
If the cost of a ticket outweighs its value, sales will slump and attendees won’t be itching to return next year. No bueno! You need to find that sweet spot between the value of your event and how much guests are willing to pay. Check out how much competitors charge for similar events!
It’s good to start the pricing process by calculating your break-even cost to make sure all costs are covered. Add up all the expenses of your event venue, insurance, staffing, etc. – and divide that number by the amount of tickets you plan to sell. The resulting number is the minimum amount to charge for each ticket, otherwise you would lose money on the event.
Example :
Expenses : $10,000
Tickets : 1,000
Break-even Price : $10 per ticket
Anything above the break-even price contributes to that sweet cheddar (profit!) earned from the event.
To calculate ticket price based on profit, add your desired profit to the total cost of expenses. Take this new number and divide it by the number of tickets being sold.
Find the right ticket management software.
Time to sell tickets? Then it’s vital to have good ticket management to back you up and keep everything running smoothly!
The last thing you need to worry about while putting on an event is juggling back-end tech or finances. Our event registration software has it handled so guests can register, purchase tickets, or be refunded in one place. Easy peasy, lemon squeezy! You can also gather insights on your attendees to guide marketing efforts in the future. Having a good software to do the heavy lifting on tickets or finances makes it easier to focus on other aspects of your events. I mean, will there be food?
Go virtual.
The future is here! With the rise of virtual or hybrid events, guests can attend events from the comfort of their own home. Since virtual guests aren’t in the actual venue space, the cost of their attendance is lower, so many events offer virtual tickets at a discounted rate. Your event has so much value that can be shared online! Share a livestream of guest speakers, shows, panels, and more. There are ways to leverage your event for content creation, which you can limit to virtual attendees.
Blizzcon, for example, sells regular tickets for around $229 and virtual tickets for $49. The amount of in-person Blizzcon tickets sold typically caps at around 40,000, but millions of virtual tickets are sold to fans around the world! These virtual guests get access to panels, performances, and the latest updates from the company.
VIP tickets are also a great option for guests who are willing to pay more for the special treatment. Outline the perks of having a VIP ticket through your website and marketing to entice attendees.
Our event registration software allows you to create and sell different types of tickets – including virtual or in-person tickets.
Create discounts and pricing specials.
The early bird gets the worm! Companies will often offer special pricing for guests that purchase tickets well in advance – otherwise known as an “early bird special”. Guests get a better deal and you get a forecast on ticket sales. Talk about a win-win!
Pinpoint some common features of your audience and use it as an opportunity to grow sales. This is where it really pays off to know your audience. Do they plan ahead or are they more spontaneous? Do they attend in groups or solo? Encourage more ticket sales by offering group or family discounts!
Create value.
What do your guests get from attending your event? Value can be found in entertainment, education, or the chance to network. When pricing or trying to maximize ticket sales, it’s helpful to realize what guests love about attending. You can use this info to create an even better experience!
For example, if guests show up for the networking opportunities, provide lots of space (and snacks) for mingling. If attendees are showing up for the amazing guest speaker you have lined up, use it as a chance to create and share content online. By optimizing the value you share with your guests, they’re more likely to want to return to your next event.
Trust yourself.
You know your event inside and out, so trust yourself to make good decisions on pricing, tickets, and registration. Put yourself in the shoes of your attendees – why should they choose you over your competitors? What does their event ticket get them? By knowing your value, you can optimize the tickets sold and profit made. We hope these tips help you optimize your ticket sales!
