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Pricing strategy: how to price your event tickets

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Pricing strategy: how to price your event tickets

The organization of events has been one of the Accounting Directors Email List strategies most used by companies, but due to the events that we have experienced during this 2020 we have found the need to adapt to the situation, once again.

Until now, the usual thing was to meet face-to-face events, such as exhibitions, fairs or conferences, the objective of which was to slightly distort our relationships and add value to the attendees by enabling a space for exchanging knowledge and networking.

But this strategy has taken a turn and events have inevitably passed to the online world in the form of webinars, workshops or online seminars, etc. Adding value, improving our branding and maintaining direct and personal contact with the company’s stakeholders continues to be a necessity and a benefit that events can bring us, and we can achieve this with any type of event, whether in person or online.

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Pricing strategy: what is it?
How to set ticket prices for your events
As I have commented, within the organization of events there are many elements to take into account, but in this post I want to focus on a key point: the price strategy of the tickets of our event or, in other words, what allows us Get a “real” profit, especially when we talk about the organization of external events, such as conferences.

Pricing strategy: what is it?
First of all, we are going to see what a pricing strategy consists of and why it is crucial in our marketing actions, especially at events.

A pricing strategy is understood to be the set of actions that are carried out to set the price , in this case, of the tickets to an event. This strategy encompasses many points, such as competition and market research, but not only does it stay on real and comparable data but also focuses on psychological factors to be able to encourage the purchase. It is important, whenever an event is launched, to think about what price to charge, since this variable will be one of the most important to ensure its success or failure.

In addition to everything previously mentioned, price plays a fundamental role as a marketing variable. Surely you have already heard of the famous 4 P’s of marketing that correspond to the product , the price , the point of sale and the promotion . As you can well imagine, price can be a claiming factor or become a differential factor (both upwards and downwards), which is why it deserves a special mention within our Forex Email List strategy.

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How to set ticket prices for your events
As an event organizer, you already know that attendance can determine the success or failure of your event. Ticket sales are the biggest source of income for events, hence you have to correctly set the price to charge.

That is why it is critical that you learn to develop pricing strategies that will make people want to repeatedly attend your events. When setting the price for your tickets, I encourage you to follow the following recommendations:

1. Calculation to cover costs
The first step is to determine the total cost of holding the event, for which you must determine all the costs associated with it.

Below I show you some of the usual costs in an event, but keep in mind that the figures can vary considerably if you are organizing it in person or online:

Platform to broadcast your event
Creation of a website for your event
Space rental
Catering
Audiovisual requirements
Technological support
Merchandising
Indirect costs
Possible unforeseen
Estimating total expenses is essential when planning an event, to ensure that all the money you invest, or at least part of it, you will be able to recover in some way.

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2. Forecast of tickets to sell
Based on the objectives set or the previous attendance rates (if you have already organized the event on another occasion), you can predict how many attendees your event needs and if it is really feasible to reach that sales goal.

This point is essential for pricing, because it is what will determine the number of “services” to hire as necessary space (or extras to hire) and, at the same time, you will be able to calculate the approximate price per person.

Price per person → once the costs of the entire event have been added, you must establish, from the attendance forecast, at what price the tickets should be sold in order to have benefits with the organization of this event.
Get sponsors → as many times allocating the entire cost to the attendees could raise the price of the tickets too much and, consequently, sell less and the event does not have the expected success, a good option is to look for sponsors in order to cushion a little event costs. There are always companies that like to make themselves known to your audience and could be interested in having a special visibility at the event in exchange for a financial contribution. Look for sponsors whose corporate values ​​or their business activity are related to yours, as this will also achieve a higher business impact.
Various ticket options, offer price packages
A good practice when setting the pricing of events is to give the option of buying tickets for a different value depending on the interests of the attendees in attending your event, that is, different price packages.

Establishing, for example, 3 types of prices allows adapting to the needs of the user. Putting a lower price, an intermediate one and a much higher one makes the low price “know little”, that the high one “gets out of hand” and that people opt for the intermediate option.

Although it is a good idea to offer different types of packages, propose only two or three package options. You don’t want things to get too complicated. Try to offer a general admission ticket, a mid-level ticket with a couple of benefits, and an all-inclusive VIP-level experience.

Highlight the option that interests you the most → the fact of offering different pricings gives us the option of highlighting the one that is most convenient for the user, which is usually the middle one.
Here are some examples:

Inbound event pricing strategy

Example: Pricing Inbound

Capture MWC pricing

Example: pricing Mobile World Congress

 

Add value to the different options → the fact of offering different types of prices must be justified. Ideally, the user will notice this difference in the value it brings when buying one package or another, trying to ensure that the organization has a minimal direct cost impact, but that it really makes a difference for the user. How to do it? You can offer workshops or other types of activities where, taking advantage of the same resources, it is much more interesting for our public to be able to obtain these “advantages”.
It is very important that the ticket description breaks down the value of each ticket type to make it clear that the higher the level, the more profitable the experience.

The previous events also serve as an example at this point, but below I add another example in table format that is also interesting:

Capture pricing WOBIExample: World Business Forum

Psychological prices
We call psychological prices to strategies that seek to appeal to customer emotion to increase the number of sales by setting strategic prices. On many occasions, reducing a few cents from the price or even increasing them to set a more psychologically attractive price can significantly boost the sales of a product.

Indeed, this issue must also be taken into account when setting the price for our event, as we have commented at the beginning of the post.

As you well know, each number can arouse different emotions. In terms of prices, the most recurring numbers are the following:

The 5 and the 9 are perceived as a worthwhile offer or price.
The 0 is perceived as luxury or quality.
The round price appeals to emotions, not necessity.
You can expand this information on psychological prices in the following video:

Discounted prices
One of the hooks that we always have in mind is to make discounts to try to fill the capacity of our event when before. Although it can be an effective strategy, in many cases it can be counterproductive. That is why, when making discounts on the prices of your tickets, you must bear in mind two premises that will help you with your pricing strategy:

Avoid making many discounts so as not to devalue our tickets. It is important not to offer too many discounts, as it can be perceived as desperation or that the ticket is not really worth what it is worth. A good idea is to set an advance purchase price that can have a discount that is justified in itself, and go directly to the final price after that initial sale period.
Offers a group discount rate for people who buy multiple tickets at the same time; With this you will be able to encourage the purchase of more tickets. Always knowing our type of audience and knowing that it is something that may interest you, for example, if the event is aimed at companies.
Industry event research
The last but not least step to take into account when setting prices is in the research phase. Its importance is such that, in fact, it may be the point where you should start.

When researching what prices you can find in the events industry, it’s also a good idea to explore prices from similar industries when building your own pricing strategy. For example, look at the price of previous events held in your sector.

With this preliminary research, you will be sure that your ticket prices are realistic but also competitive with industry standards.

Finally, this research will allow you to see what type of strategies are being carried out and adapt them to your needs. You will be able to see if a psychological pricing strategy is implemented, as well as see how they are applying the discount strategy.

As you can see, establishing an ideal pricing strategy for your event is the result of a long and laborious job of recapitulating your own information, market research and, above all, of the image you want to project to attendees. Think about all this before setting the prices of your tickets and surely your event will be much more profitable and attractive for the communities you want to attract. Can you tell me your experience?

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