Events have a lot of moving pieces to consider when it comes to putting together a plan and pricing can be one of the biggest hurdles. Where do you begin? How do make sure your event does more than break even? Today on the blog we’re here to set you in the right direction!
- Do The Math
In order to ensure a successful and profitable event you’ll have to crunch some numbers. A simple formula to begin with is dividing the total cost of the event by number of seats (or possible attendees in a standing room situation) to generate the cost of one ticket. For a more in depth projection, hop on over to this calculator to forecast your ticket prices. Once you have established the cost of your event you can begin to leverage a handful of pricing tactics to meet your target profit.
- Early Bird Gets the Deal
Now that you have calculated the average price you need to meet your event’s financial goals, you can begin to explore tiered pricing. Offering an early bird special is a tried and true way to create urgency, encouraging potential attendees to buy their tickets sooner rather than later. Purchasers are rewarded with a lower price and you get a boost in committed guests early on. (source)Additionally, offering a limited amount of VIP tickets at a higher price provides you the opportunity to increase revenue by offering a special experience to your constituents. A VIP reception or speaker meet and and greet are fantastic tools to develop loyalty for future events.
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- Loyalty Encouraged
Offering a discount code to previous attendees or social media followers, or email list subscribers is a great way to utilize your existing audience and manage your relationship with them. This tactic is particularly helpful annual/repeating events where prior attendees will likely be your greatest supporters. Sharing a deal with an audience who is already on board with your ministry, event and/or mission will appreciate being rewarded for their loyalty, while in turn, you develop a repeat customer.
Incorrectly pricing your event can be detrimental to it’s success, but with established goals, base calculations and planning ahead you can strategize promotions and utilize your audience to pull off a sellout event. By crunching the numbers and incorporating the tactics above you’re well on your way to a great event!
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With our Promotions Checklist, you can easily get a quick reference to make sure you are on the right track. It will help you save time and money. It’s the same checklist that we use for our own promotions, and it works!
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