Event ticket pricing tips.
Putting a ticket price on your event is hard work, what is cheap and what is too expensive?
Here are few tips to help you make a decision.
1. Understand the needs and purpose of your event – It is important to know who your target market is. Set clear SMART objectives.
2. Work out your income and expenditure – It is important to know your cost – using an excel work out how much you are spending on the venue, catering, entertainment and decorations? Do you have a budget? It is important to research prices and make a list of costs. (remember to get at least 3 -5 quotes before making a decision – negotiation is key!)
3. Estimate the number of attendees – How many people are you expecting? How many people will the venue hold? – estimate the number of people and divide by the total cost. Remember you need to make a profit. What do you expect to make or what percentage you want to take from the ticket price? Factor this into the price. How many tickets do you need to sell to break even.
4. Research competitors – research your competitors, research similar events that have or is taken place. How much are people charging for events and What does it include?
5. Early bird offers, family discounts or VIP tickets – Everyone loves a bargain and if people know that they can save money than the early bird offer and family discounts is always a winner! Think about how many early bird tickets you want to sell, don’t be to kind you may loose profit.