Secrets to Setting Ticket Prices to
Sell Tickets Online
How much should you charge your event tickets? Here are 5 tactics to help you sell ticket prices and sell tickets online fast!
We all know the million dollar question – how to calculate the perfect ticket price for your upcoming event? There is no formula to calculate the price as there are too many variables that are taken into consideration such as weather, location, performers, time of year, competition, venue, and etc. That doesn’t mean you can’t use pricing strategies and tactics to come up with a ticket price that can help you sell tickets online fast.
In this article, we will share with you some of the secrets that event professionals and marketing experts use to set their ticket prices when selling tickets online:
1. Discuss and determine your break-even point:
The first thing you need to do is add up all of the costs necessary to hold the event. Consider this your break-even point. If you aren’t able to earn this amount of money, you will lose money on this event. It is simple as that. You need to include your marketing budget as without a marketing budget, you can’t expect to sell tickets. Remember – you can’t have it cheap and well promoted at the same time!
2. Determine a realistic ticket sales quantity:
The next thing you need to do is set up a realistic number of tickets you can sell. For example, if your venue holds up to 500 people, is it realistic enough you could fill the venue with guests who want to attend the event? Being realistic is important at this point. Finding the number of people you want present will take hard work. Also, you will have to determine if you have a large audience to sell the tickets you want to sell. Determine the number of tickets you hope to sell and divide your break-even point by your predicted ticket sales quantity. There you go – you have the lowest price you can sell tickets to break even. Now, determine how much profit you would like to make. Add the profit to your break-even point and divide the sum by your predicted ticket sales quantity. This is the minimum ticket price you need to charge to get your profit.
3. Discover and research similar events:
Wondering what do similar events tickets cost? It is time to research events that are popular and well-attended. It doesn’t really matter how much one ticket costs if no one visited the event. You need to look for events with similar speakers, venues, performers, and etc. Are the ticket prices you calculated in step 2 appropriate based on your research on similar events? If not, you might have to make some changes.
4. Discover and research competitor events:
Next, you need to research activities that people may want to do rather than your event. Research what else is going on in your local area that could compete with your upcoming event. No one cares how much money and time you’ve invested in the event. People care about if the ticket price is less or equal to the value they get by investing time out of their schedule to attend the event. It is up to you to make sure they know your event offers the best value proposition.
Could the value of your upcoming event exceed other events? Is the ticket price less, more or equal to other events in your city in perceived value? Based on your evaluation, your ticket price should be higher, lover or the same. Set your base ticket price by using this information together with the minimum ticket price calculation result.
If you charge more – deliver more! Sell the experience, not the price!
Wondering how to sell tickets for money and attract as many new buyers as possible? Use the power of ticket psychology and boost the interest