- Event Promotion Tips
Strategic Ticket Pricing: Improve sales and beat the competition this Festive Season
By Ryan Moss
- 05 Dec 2023
- 5 min read
Ticket pricing is a crucial part of your event.
If your ticket prices are too high, you may turn people away and lose out on ticket sales. If they are too low, you may fail to make a profit or break even, which limits your chances of achieving your future goals.
There are several ways you can approach ticket pricing, and we’re going to look at a few of them in our latest blog post.
You’ll find information on a few of the pricing techniques, their pros and cons, and how you can implement some of them in The Promotion Centre.
Scroll down to get the lowdown.
Create urgency with tiered pricing
Tiered pricing is a simple concept.
Your tickets start at a low price. These tickets are usually called ‘early-bird’ or ‘super early bird’ and are at a lower allocation. As the lower tiers sell out, the price gets more expensive.
Here, the low price can increase the perceived value of your event and give potential attendees a chance to buy early. When these tickets sell out, the expensive tickets look more appealing, and your event feels like it has a buzz around it.
The first part of the sales cycle is often the busiest, so you can really drive sales with tiered pricing. When you’re listing your event in The Promotion Centre, you can create tickets at different price points and control when they go on and off sale.
Discover how to create tickets for your event in The Promotion Centre here.
Decide the price with a value-based approach
Value-based pricing is a strategy which sets ticket prices at the cost you believe attendees will pay.
To settle on the right price, you need to know your customers. You can use The Promotion Centre to analyse customer behaviour and ticket sale data.
We recommend looking at the events where you booked a bigger name, as your New Year’s event is likely to skew similar to events where you pushed the boat out headliner-wise.
Here, think about customer behaviour. Were your attendees more likely to pay more for reputable headliners? How many people paid for a more expensive ticket? It’s not an exact science. However, analysing this data in The Promotion Centre will give you a rough idea of your customers’ actions when buying tickets.
Once you have that information, you can begin to think about the price for your event, taking into account your lineup, venue, how much you think that the ticket is worth compared to your competition and the many other things on offer over the festive period.
Base prices on what your competitors are offering
Competitive pricing involves setting your ticket cost above, below or the same as similar events in your genre.
There are pros and cons to each. For example, if you set your ticket costs higher than your competitors, you might make more money at the end of the event. However, potential attendees may feel that your lineup isn’t as exciting as other events. We recommend using this if your event has something you can clearly say is ‘VIP’.
By setting the price below your competitors and the lineup is high quality, you may attract people based on this. On the other hand, the price might not be enough to help cover the running costs of your event.
A similar price point to your competitors may be the best option. You can focus on promoting your lineup through creative social media posts and paid media with the knowledge that you’ve set a fair price that eventgoers will be willing to pay.
Got a question you need an answer to? Give us a call on 03333010301 or ask us a question over on the Skiddle Promoter Twitter account by clicking or tapping on the button below. Alternatively, you can also find a list of our most frequently asked questions over at https://help.promotioncentre.co.uk/