Selling tickets and ticket pricing can often seem daunting. You may have uncertainty over whether people pay for a ticket? How much will they pay? How can you set the right price for your target audience? There are plenty of platforms where you can put your tickets up for sale such as Vivus Create but how should you price them?
1) Consider the average price of a ticket for the type of ticket you are selling
When setting the price for your ticket, you should consider the perceived ‘value’ of the ticket you are putting up for offer to your target audience. This should invite you to consider the length of the show, the size of the venue, the location, and the calibre of the event. Of course, this will differ from event to event but it is a good starting point to come up with a price range.
The audience will pay for something that they think is good value and this should inform your ticket pricing. It can be helpful to look at what past events of the same artist or organisation have sold for or what similar events at the venue have sold for. This can help you come up with a price range and you may choose to trial ticket pricing at a particular price and then gauge the demand you get at that price to inform future decisions
2) Consider different ticket pricing levels
Typically events can offer 3 to 5 different types of tickets for each show. The key to creating different pricing levels is to make your audience feel like they are getting something ‘more’ from higher price tickets. For example, if it is a concert, a higher price may allow you to be closer to the stage or have backstage access. You may also choose to throw in some benefits such as CDs or merchandise.
This provides your audience with affordable options if they are less able to purchase an average priced ticket. This also provides dedicated fans with more exclusive access to the artist that they are seeing.
3) Try using discount codes
Discount codes can be very effective in helping you maximise your revenue. They do need to be carefully used and they can be used in a number of ways. You can choose to reward your most loyal members. Alternatively, you can offer special codes that are valid for a set amount of time. You can also offer discounts for the first X amount of tickets. Another strategy you may consider is offering discounts for friends who refer each other You can again trial a combination of these strategies and evaluate which works best. It is important you don’t overdo it, however.
In summary, ticket pricing for events can be tough to navigate but hopefully, these three pointers can provide you with some guidance. Of course, these are not by any means strict rules for how you should price your tickets. The key is to experiment and refine as you go along. Find out what strategies work best for your type of event.
About Vivus Create: We are not your conventional events platform and we’ll never try to be. Vivus Create was built with 2 things in mind, maximising the event organiser’s revenue and creating a sociable experience. To learn more on how to get started with events, check out this blog post or if you would like to get started right away, check vivus create web or our app out.
Think it’s a great idea? Have any other suggestions? Let me know in the comments below.