(event cost + profit margin)/ticket sales quantity = basic ticket price And there you have it – the zero point to calculate the right price for the ticket that will both cover the event cost and leave some extra dollars in your pocket. While the above are the basic components in ticketing, there are some ticket pricing strategies to consider.
| Super Early | Advanced | |
|---|---|---|
| Big Ticket | $1295 | $1495 |
| 2-Day | $995 | $1195 |
| Student | $295 | $295 |
| Expo Pass | $40 | $40 |
Is it easy to set event ticket pricing?
That’s about as easy – and pleasant – as it sounds. Setting ticket pricing is vital task in event planning; potentially it’s your most important job. But what goes into determining the price of an event’s ticket?
Should you base your conference fees on the market?
When you base your conference fees on the market you are essentially playing with a vision of what people can afford. It is the opposite of the retail approach since it begins by setting the price of admission and then working backward to build the conference within that budget.
How to choose the right pricing strategy for your conference?
Choosing the Right Conference Pricing Strategy 1 The Retail Approach. The most basic pricing strategy you can use is to calculate expenses, add a profit margin, and then divide the sum by the lowest projected attendance figure. 2 Market Pricing. … 3 Limited Access Pricing. … 4 Incentives and Penalties. … 5 Post-Event Access. …
What can you print at a conference?
Printing branded elements (signage, banners, and programs) Large vinyl banners, podium signs, programs, directional maps—all of these items increase your brand awareness, help with organization, and make your conference look and feel professional. And don’t forget the name badges.
What is value based pricing?
The value-based pricing model can be an effective way of approaching ticket pricing. This system looks at the perceived or expected value of the ticket in the eyes of the customer. It is quite common to use the amount that it costs to provide the product or service as a starting point when pricing that item.
Does value based pricing mean profit margins?
Research shows that the value-based pricing model does on average leads to greater profit margins for service providers. But this doesn’t mean it’s always the right option for your event and with your target market.
The Novices’ Guide To Event Management : Part Six – Budgeting
Last week, we talked about the processes involved in making your event firm known to the world. Today, we’re going to be looking at something a little more difficult to deal with: your budget.
5 Unusual (and Fun!) Technological Tools for Events
Have you felt at any point as though your events were missing something? Have you contemplated how to add extra flair to your conferences; something that would help distinguish your event firm from…
What is market pricing in conference?
Market Pricing. When you base your conference fees on the market you are essentially playing with a vision of what people can afford. It is the opposite of the retail approach since it begins by setting the price of admission and then working backward to build the conference within that budget.
Why are late registration fees important?
Penalties or late registration fees are almost essential if you are serving food because most catering contracts include surcharges for orders placed after the final guarantee date.
Why is ticket pricing important?
Your ticket pricing strategy is a critical component of your overall event success. It will not only help you drive ticket sales but will be a major source of revenue. By managing costs and protecting your margin with each ticket, your event will be profitable. This means you will be able to make more money or donate more money if you are …
What are fixed costs?
Fixed Costs – These are costs that will not change based on the size of your event. They will remain constant and typically include things like:#N#Venue cost#N#Décor#N#Vendor costs (lighting, sound, etc.) 1 Venue cost 2 Décor 3 Vendor costs (lighting, sound, etc.)
What are some examples of variable costs?
Examples here include: Certain staff costs (caterers, bartenders, security) – These will increase as your attendee number increases.
What is perceived value?
Let’s start with perceived value. The perceived value for your event is the value that your guests receive by attending your event. Different aspects that will create value for your guests include the feeling of satisfaction when supporting a worthy cause, the amusement guests will enjoy at your event, or just having a fun time with friends and family in a unique social setting. Whatever the reason will be for your guests, it will be of utmost importance that your ticket prices are below your guests’ perceived value – otherwise, selling tickets could become very difficult.
Why is pricing an event so tricky?
Pricing your expenses for an event is tricky because fees vary from service to service and vendor to vendor. The important thing is to compile a list of deal-breaking expenses first. Everything you need to make your event successful starts with these big-ticket items.
What to include in conference swag bags?
Include inexpensive promotional and usable items, such as branded pens, mini padfolios, tote bags, USB flash drives, fidget spinners, or custom power banks.
How much does a wait staff charge?
Wait staff generally charge $25 per hour, greeters and helpers around $12, and security guards earn $40 an hour for their protective services. 6. Travel expenses and hotel accommodations.
How much does it cost to be a keynote speaker?
The price of a keynote speaker or a presenter at your event can vary. Booking a well-known individual with extensive experience in a subject, such as a renowned published author, will cost between $10,000 and $25,000. Looking to book a famous celebrity? Expect to pay between $50,000 and $100,000.
Is venue a budget item?
Of all the expenses for an event, the venue is one of your most important budget items. It’s also one of the most varied when it comes to the price range. Keep in mind the factors that play into the price of your venue.
Event Planning Basics: What Goes Into Pricing Tickets?
The math is rather easy. First, you must consider how much this all will cost you. Budgeting is one of the most important steps in event planning.
Comparing Ticket Prices with Competitors
Once you know your specific event numbers, you should implement other ticket pricing strategies and adjust the price when considering other factors. First, do some competitor research by checking out similar events and their ticket prices. Search for the events like yours, with similar:
What to Consider When Setting Event Ticket Prices
There are some other factors that may affect the popularity of your event, such as its time and date. Your event may be happening simultaneously with another event that may be attracting part of your audience. To avoid this from happening, take a look at the events that will be hosted in your area two weeks before and after your event.
Ticketing for Your Event Has Never Been Easier
Say hello to a complete event tech solution for managing the ticketing portion of events, whether they’re being hosted in-person, virtually, or a hybrid combination of the two.
What happens if your perceived value is higher than your ticket price?
If the customer’s perceived value is higher than your ticket price, then your customer will decide to purchase. And if your cost per ticket is lower than that price, you will make money. Everybody wins.
What happens if you don’t think your event is worth $110?
Unfortunately, this commonly used strategy overlooks a very crucial element: your attendees. If your attendees don’t think your event is worth $110, they won’t pay it — to them, it’s irrelevant that you paid $100 to produce their experience. On the other hand, if your attendees think your event is worth $150, you’re leaving money on the table.
What is perceived value?
Perceived value is what the customer thinks they will get out of your event. Here it is perception, as much as reality, that drives the transaction. The actual price of your ticket. This can be greater or less than the perceived value.
The Retail Approach
Market Pricing
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When you base your conference fees on the market you are essentially playing with a vision of what people can afford. It is the opposite of the retail approach since it begins by setting the price of admission and then working backward to build the conference within that budget. One thing to keep in mind with market pricing is that it is based on perceived value. In other words, attendee…
Limited Access Pricing
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This is a tiered pricing model that offers more features and benefits to those who pay more. For example, a basic ticket might admit someone to the main general session and breakouts. The next tier would provide all this plus a seat at the keynote luncheon. The VIP ticket would include preferred seating at all events and access to an exclusive break room and post-event networkin…
Incentives and Penalties
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You can use incentives and penalties to encourage registration within a specific time period. You have probably seen “early bird” registration offers at many of the events you have attended. The goal of these promotions is to cover all of your fixed costsearly so that you aren’t scrambling to raise money near the end. Penalties or late registration fees are almost essential if you are servi…
Post-Event Access
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Offering online access to a recorded version of your conference sessions is a popular idea in the internet age, but be aware that this strategy has the potential to affect your marketing efforts. There will be some prospective attendees who won’t feel motivated to attend the live event when they discover that the sessions will be recorded. Not to mention, your organization will also incu…