What makes a perfect event – an event app, perfect venue and well-known speakers? It is great to have all those at your event, but one thing that you might ignore is the ticket price. Most of the event planners ignore this aspect and lose as many attendees as they might not even think of. Simply pricing your ticket way too high can harm your sales. Moreover, if your price is too low, you might not even reach the break-even point, resulting in the loss.
What is the best approach to deal with it? The post is intended to offer you a guideline that would help you set the right price for a ticket without losing your attendees or setting you on the loss. Have a look at it.
Calculate Your Break Event Point
Firstly, you need to determine the overall expenses that you are going to bear. It might include catering cost, venue cost, marketing budget and cost of equipment. The amount you get will be the break-even point. This price will help you determine the pricing of tickets. If you sell lower than the breakeven point, your event would end up in the loss.
Make sure that you include marketing budget as lowering the marketing budget will definitely result in lesser ticket cost.
How Many Tickets will You Be Able to Sell
The next thing you need to determine is how many tickets can be sold to the attendees. This could be estimated through the seating capacity as well as the popularity of your event along with marketing campaigns.
Once you have estimated the number of tickets that could be sold, it’s time to do some calculations. Divide the breakeven point by your forecasted ticket sale quantity. The result will be the lowest price you can set for your tickets to sell, without fearing to lose anything. However, you don’t need to put the calculator away because now it is time to add some profits from the results you calculated.
Research Similar Events
The best possible way to set the competitive price of your ticket is to research for the similar successful events. Look for the events with similar speakers, venue, and performers. By doing some research you will be able to come up with the price that is realistic and will suit attendee’s pocket. It is similar to doing market research of a product in specific demographics.
Compare it with Competitors
Competitor analysis also includes those events that are not related to your event. However, they are being held in your town and could attract the attendees and pull them away from you. It is time to get your marketing and creative abilities out and write an effective email message. This message should contain every benefit that the attendees would get. Don’t forget to mention the price of the ticket as well. People will be attracted if they feel that the event is worth for the price they pay. Those who are interested in going to your event would say yes to your call.
Determining the right price for your ticket depends on your event and the number of attendants willing to come. Following the above tips will help you set the right price for your event’s ticket without losing the attendees.
Tim Boucher is an event specialist, speaker and a passionate writer covering a wide range of topics including event management, event business, and event marketing at NVOLV. With over 10 years of experience, Tim has successfully conducted events in various parts of the world.