Pricing is a crucial decision for any business and especially for a service sector like event.At last the success of an event is measured in terms of revenue it has generated.So are you sure you are making the most out of your pricing policy or have you been losing extra revenue opportunities ?Â
Let’s discuss the various pricing strategies that can help you sell ticket easily.
Pricing StrategiesÂ
1. Early adopter PackageÂ
One of the best ways to ensure quick revenue is to offer a certain discount to early adopters.Early adopters are people who are eager to buy the ticket and are really interested in the event. An early discount of 10-20% can motivate early adopters to purchase your tickets.But make sure your offer comes with a deadline else the motivator factor won’t work.A deadline create a sense of urgency and stimulates the buying behavior of consumers
2. Group packages
Pricing for group ticket booking helps in attracting more audience.It can incentivize companies or groups of friends or family to save money on the package deal. But before you adopt group pricing ensure that it works for your type of event. You can keep different prices for a group of 3 or group of 5 or a group of 7 etc. Keeping the price of small group and large group (in this case 3 or 7) a bit higher and making the price of middle group (in this case 5) optimum can help in boosting sales.This method makes the middle group pricing look attractive by making the other two pricing options a bit costly.Thus consumer ends up buying the middle offer with a peace of mind that he / she has made the best decision.
3. Premium Experience Packages.Â
Who doesn’t like to be treated a bit more special than others? The desire for special treatment has increased and so is the demand for premium experience.Special treatment like direct interaction with keynote speaker,special materials or limited edition gifts can motivate attendees to buy premium experience packages.Whats in for you ? You as a brand can charge a premium price for this exclusive experience and thus increase your revenue.
4. Last Moment Pricing
A common practice you might have observed in the event industry is to lower the price for last few tickets so that you can make the maximum out of the event.This might be a good practice for events with less attendees but should you do the same for high ticket selling events? No don’t let your fear make the decision. You can charge a high price for the last few tickets.This works well when the event has got the attention of the people and most of the tickets are sold,thus making the last few tickets scarce. Now you can play on the scarcity factor and sell tickets at a slightly high price for your event.
Conclusion
Now you might get an idea of various pricing strategies.You can adopt more than one pricing strategy based upon your type of event.
