Event Pricing Strategy: The 2019 Guide

Create a Fear of Missing Out with Mixed Messages

This conference piece sends mixed messaging to drive more ticket sales. At first, it looks to calm the prospective attendee through a direct message that tickets are still available. Yet, right below that message it alerts the potential attendee that workshop tickets are sold out. This drives ticket purchases because while tickets are still available, parts of the conference have sold out so it’s likely they won’t be available long.

Show a Countdown to Drive Ticket Purchase

This drives the fear of missing out and becomes a motivator to make a decision

Offer Bonuses, Not Discounts

Don’t eat into your revenue if you don’t have to. Offer other types of bonuses your attendees want but only give them to those who register early.

Use VIP Pricing

People will often pay extra for a better, more unique experience or something they won’t get from general admission like this example with assigned patio seating, which is not guaranteed in the general admission ticket price.

Black Friday/Cyber Monday Sales

People are already in the mood to buy and, at least in the US, are cultured into believing deals on this day/days are among some of the best all year.

Drive Ticket Purchases Through Limited Time Flash Sales

This example is a one-day sale, as is the example below, but you can also use a one-hour sale or one that lasts a few hours. The point is to abbreviate the time they have for the discount.

Add Urgency by Adding a Specified Time for Ticket Sales to Begin

Call everything before the day of the event “early bird” or “advanced” price and offer a discount for pre-registering at any point before reaching the door

Address Different Needs with Different Pricing (and secure future upgrades)

Price or value based pricing is designated by the market deciding what the event is worth, not by the planner deciding what they want to charge for the event ticket.

To use value based pricing you need to consider what the event ticket is worth to the segment of the population that is interested in event types of your kind, not just any event. You must also know how your event is differentiated from others and what that differentiation is worth to them.

A more liberal interpretation of this pricing strategy is allowing the attendee to pay a non-specified amount. This may also be referred to as “pay what you wish” or “pay what it’s worth.” While you may assume most people would walk in without paying anything, most people feel an obligation to pay something.

Base Pricing on Seats for Increased Revenue Possibilities

There will always be some people who will pay more for a bigger experience. There are others who would come for one session if the price was discounted. If you cast a wide net and price everything at one event ticket price, you’ll miss the additional revenue from people who want more as well as the payment you receive from people who are willing to limit their options. Instead of looking for one best ticket price, assign multiple best ticket prices based on attendee preferences.

Provide an “Out” Option

Every event planner dreams of selling out an event. If you’ve performed your due diligence on examining your pricing structure and options, if you’ve found the sweet spot for that price, if you’ve put in place some psychological triggers to drive purchase, and you have excellent offerings, selling out should be within your reach.

Source: eventmanagerblog.com

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