The secret to set the ticket prices to sell more tickets

How much should you charge for your event tickets?

Deciding on event ticket prices is one of the biggest challenges and a daunting task. This is a tricky business, and most of the event organizers struggle for it. If you set the prices too low or high, it can have a high impact on the profitability of your events. It is essential to find a balanced ticket price.

There is no single formula to calculate the perfect ticket prices for every event. Numerous conditions affect events like weather, location, venue, competition, and many more.

What happens when you decide to price your tickets extremely low?

What happens when you decide to price your tickets extremely high?

It’s pretty challenging. Right?

First, you need to figure out which event pricing model will help you boost your ticket sales. For that you need to-

Let’s look into the most efficient event ticketing strategies for maximum return on investment.

1. Early bird pricing

Early bird pricing is one of the most popular ways to boost early ticket sales and registrations. It is also the simplest way to create awareness about the event and initiate word-of-mouth marketing. It encourages the target audience to buy tickets early, so they do not feel FOMO of not getting tickets yet. Few examples of early bird pricing strategy-

First 100 tickets at RS. 150

The first 50 registrants get a flat 20% off

This is an effective way of pushing sales and moving cash flow.

2. Bundled Pricing

Bundled pricing works best if you are selling multiple offerings at a lower price. When you buy in bulk you get a better deal, simple logic. You can create perceived value by including multiple add-on items like transportation, meals, beverages, accommodation, and more into one bundle or package at a low cost. This pricing strategy motivates your audience to purchase multiple offerings together at a reduced price rather than buying each one separately. These offers work as a steal deal for your attendees!

3. Promo codes and Special Discounts

I do not like discounts, said no one. People love discounts!

Promo codes and special discounts are the other best strategies to boost your ticket sales. You can offer percentage discounts, Groupon vouchers, and promo codes to gain a competitive edge. You can collaborate with social media influencers who can provide special codes to their followers. You can also decide on some special promo codes or vouchers for delegates, sponsors, speakers, or exhibitors to encourage them to use their influence and help your event to reach more people.

4. Timed batch ticket pricing

Purchase before October 15^th at RS. 500

Purchase before November 15^th at RS. 600

From 16^th November onwards regular price at RS. 700

Similar to early bird tiered pricing, you can release batches of tickets on specific milestone dates. You can increase 5 to 10% as it gets closer to the event to lure attendees to purchase it early. You can create as many tiers as required. Just make sure to keep in mind the price increases considerably to create a sense of urgency for people to buy tickets before it’s too late.

5. Multi-Tiered pricing strategy

This strategy has multiple tiers involved. The following is an example-

Tier 1- Tickets available at RS. 400 for the first 500 people

Tier 2- Tickets available at RS. 500 for the next 500 people

Tier 3- Tickets available at RS. 600 for the last 500 people

This is one of the most popular strategies event planners use. The multi-tiered pricing strategy provides a continuous sense of demand for your event by providing lower ticket prices to early buyers. You can also offer multiple options for your audience to choose from like silver, gold, and platinum. Your attendees can decide if they want a budget-friendly seat or a VIP seating arrangement. With Eventsmatic’s event ticketing software you can create unlimited ticket types with the freedom to link them on your website or social media.

6. Upselling

Are you allowing your attendees to add on additional products or services? You can remind them to purchase the parking tickets, food and beverage vouchers, upgrade seats in advance, right now with event tickets? Don’t lose the opportunities to make more money on every ticket you sell for your event. When selling online you should offer upscale items immediately after the attendees make a purchase. Upselling is the best strategy to increase per-customer sales!

7. Countdown timer and flash sale for subscribers

Use a sense of scarcity to drive demand.

‘Last few tickets left’

‘Last 24 hours left to purchase tickets at 50% off’

Words like this can create a sense of urgency and encourage the potential audience to buy tickets spontaneously and in bulk. Show your customers how many tickets are sold and how many are left in real-time on the event page. This strategy also helps to increase demand for future events. You can also offer your subscribers a flash sale through newsletters before it goes live. This is a win-win strategy for boosting event ticket sales.

Wrapping up!

Once you have identified the best pricing strategies, it’s time to choose the best event ticketing software. Look for software that just does not create box office for your event but gives its best to help you maximize your ROI. Try Eventsmatic, one of the leading online event ticketing software making it easy for you to sell tickets. The event ticketing software of Eventsmatic offers high-quality services, simple features, flexible payment options, and complete customer support at economical prices.

Head over to the Eventsmatic website ( https://www.eventsmatic.com/ ) and create your first event page.