Home / News

Blog - News

Event Ticket pricing 101

For most paid events, the biggest revenue generator will be the actual tickets sold to your event. Whether your revenue will be donated to a charitable cause or kept as profit, the goal of almost all paid events is to generate money. If you’re not making a profit off of your events or your ROI for the entire event is lower than you’d like, you might be pricing your tickets incorrectly.

There are many approaches to figuring out how much your event ticket should cost, and they typically hinge on the different types of tickets and packages you’re offering. For example, many event planners like to offer early bird pricing to increase pre-sales and generally drive up their ticket sales ahead of time. This approach might help pad your sales numbers but you could be missing out on revenue if you don’t know when your attendees are most likely to purchase their tickets.

Before you adjust your pricing model, get familiar with how customers buy tickets to your event. Do you see a large spike in premium ticket and package sales as soon as the event goes on sale? Do most people purchase their tickets starting one week before your event? Are there any patterns to which tickets sell out the quickest or which tickets tend to not sell as well as expected? Knowing basic information like this can help you pick the right ticket pricing model for you.

Here are 6 pricing strategies you can use for your next event.

Cost-Plus Pricing

This is by far the most common pricing model. Cost-Plus works by determining the total cost of producing and running the event, determining your desired profit margin, and pricing the tickets accordingly based on your expected number of attendees.

This option is great because it’s a simple, straightforward way to price your tickets that almost always guarantees a profit of some sort. The issue is that this pricing model doesn’t add your event’s perceived value into the equation. Your attendees don’t know and likely don’t care how much it costs for you to run your event, so they’re typically willing to pay more than the “bare minimum” price if they think your event is valuable. Essentially, you could be losing out on a higher ROI.

Early Bird Pricing

The early bird gets the worm, but in this case the worm is a discounted ticket.  This discounted pricing applies to people who purchase tickets to your event prior to a set deadline. This is usually a hard date and time, but it can also be based around another instance such as buying tickets before another event, before a new website is launched, or before the full event lineup is finalized.

This option is a good way to encourage early sales and build up buzz about your event. After all, the more people who have purchased tickets ahead of time, the more people there are to spread the word online and in person. That being said, it can be tricky to get the timing down for an early bird pricing special. If it runs for too long, most attendees won’t jump on this deal until the last week or two before the price increases. If the window is too short or if you don’t advertise the early bird special with enough time in advance, you may end up losing out on some advance sales.

Rush Pricing

Rush pricing is a way for you to sell any unsold seats or packages close to the event date. Broadway theaters typically do this the day of the performance for any seats they haven’t sold in advance so that their remaining seats can be filled, but this is a great tactic for events of any type.

 While this pricing method accomplishes the goal of selling as many tickets as possible, you run the risk of training your attendees to purchase their tickets at the last moment possible in an attempt to get a better price.

Competition Pricing

Keeping up with the Joneses can be hard, especially if the Joneses are hosting a similar event to yours. Take a look at your competitors or similar events in your industry that may not be direct competition. Are they doing something you’re not? Do they typically sell out ahead of time? Observing their pricing model and sales strategy may help shed some light on where your event can improve.

This option is easy because someone else has already done the work and research for you, but this is also the downfall of this method. You don’t know what research your competition has done to decide on their ticket prices and their event pricing could be based on other factors that don’t affect your event. Competition pricing is a good starting point for changing your pricing strategy, but it’s unlikely that directly copying your competitor’s exact price structure will result in a boost in revenue for your event.

First X Tickets Sold at a Discounted Price

Similar to early bird pricing, you can choose to sell the first 100 or 200 tickets for a reduced price. This incentivizes buying tickets as soon as your event goes on sale to boost sales as soon as the event is made available to the public. If you’re looking for a way to capitalize on FOMO (aka fear of missing out), this option is great.

Unlike the early bird pricing where your customers know when it’ll end, selling a pre-set number of tickets for a discount is a mystery because your customers have no way of knowing how many tickets have already been sold. The downside to this is that you’ll need to determine how much of a discount can be provided to really make this an incentive. You’ll then need to figure out how many tickets can be sold at this price point without losing money.

Price Based on Demand

Dynamic pricing is a fairly standard tactic for large events and is based on simple economic principles. As your supply of tickets dwindles, demand for the remaining tickets increases. In turn, your customers will pay more for the remaining tickets. You can continue to increase this price incrementally as your sales increase, and even drop the price down the day of the event if you find yourself left with unsold tickets.

Not knowing what the price will be at any given moment highly incentivizes customers to purchase their tickets ASAP because they want to hop on the best deal before the price goes up. This is similar to how airlines handle their ticket pricing. The price increases the closer to the flight date and fluctuates based on how many customers are viewing and booking that specific flight. This is also why you can sometimes get a cheaper rate if you risk buying your ticket at the last moment- the airline would rather get you on the flight for a reduced rate rather than risk flying with empty seats.

The demand-based pricing model can generate some backlash if customers contact you about pricing discrepancies. There are bound to be a few unhappy customers that figure out that they paid more than their friend simply because they purchased their ticket at a different time.

9 Reasons Why Your Next Event Needs a Charging Table

If you’re searching for a way to connect with event attendees, look no further than the ultimate conversation starter- the Power Table! Our charging cocktail tables come equipped with 9 smartphone charging tables, 6 open USB ports and 3 A/C outlets, so there’s power for devices of all shapes and sizes.

Tables can be branded with your own artwork, logos, and colors so you can project the exact message you want while grabbing the attention you need.

Still don’t believe us? Here are 9 ways our charging tables can add value your event:

  1. Charging tables provide a set area for event attendees to congregate. This is a great way to establish an area to connect with your guests or encourage dwell time.
  2. Event attendees agree that having a way to keep their devices charged is one of the most important factors for having a positive experience at your event (second only to free, reliable WiFi).
  3. Incorporating your images and logos into your custom charging table wrap is a great way to expose your brand to attendees without fighting other event sponsors for attention.
  4. Unlike many similar charging tables, the charging ports on our table are contained below the table surface, which is an elegant layer of smooth glass. This means no wasted table space for cables, no risk of spilled food or drink touching the electronics, and less direct sunlight on the cables.
  5. Our charging tables are 44’’ high, a preferred cocktail table height. This is perfect for thirsty attendees that want to have a place to put their drink down while charging their phone, or for professionals that need a quick place to charge their laptop or tablet while continuing to work.
  6. Charging tables are one of our simplest models to use. There’s no assembly required- simply plug in the unit and you’re good to go!
  7. Choosing a clever place to put your charging table can make it a destination! If you want to drive event attendees towards a particular exhibit, booth, or venue area, a set of charging tables can increase foot traffic substantially.
  8. Charging tables are unique and more interactive than basic tabletop or locker style charging units.  Consider pairing a charging table with a Social Vending Machine, Photo Booth, or Hashtag Printer to really make your event memorable.
  9. Keeping your guests charged and carefree encourages them to spend their time enjoying your event rather than stressing about their low battery.

One of the best ways to provide a memorable experience at your event is to be original and authentic. If people genuinely enjoy your event and remember it fondly, they’ll be more compelled to share it.  Providing a way to connect honestly to your brand or organization is a sure-fire way to get attendees to share their connection to you.  Charging tables are the perfect way to do this because they literally provide a way for attendees to come together and stay charged, increasing the chance that they’ll share the good time they’re having at your event!

Mastering Your 2019 Event Budget

It’s no secret that budgeting is one of the tasks event planners dread the most.  Crunching the numbers may not be fun, but it’s a crucial step towards understanding how you spend money on your events and where you might be spending too much or too little.

Think about it, if you blow your budget on entertainment but have no money left to promote the event, you’ll end up with fewer attendees than expected turning up for the entertainment you paid top dollar to book. Allocating your event budget shouldn’t be a guessing game based on feel and intuition. A good budget is based on real spending habits and previous event performance.

 Tracking each and every penny you spend is crucial to improving your event’s return on investment (ROI) and managing your overall event cost. Here are a few simple steps you can take to master your event budget for 2019.

Know What You’re Budgeting For

To create a beautiful budget, you need to know what you’re budgeting for. Focusing on specific event areas can help you categorize and prioritize your event spending. Try breaking out your major spending items into categories. Typical event categories include venue, décor, staffing, entertainment, marketing, technology, and travel costs, but your budget might include more categories depending on the type of events you run. Once you know how many categories you’re working with, it’s easier to figure out how far your budget will need to stretch.

Look to Past Event Budgets

The best way to improve your budget is to reference your spending habits for past events. Try to pinpoint line items that you overspent or underspent on and see if these items are a trend for your events. If you find yourself consistently overspending in the same categories or on the same items, it’ll be much easier to change the way you allocate your funds for your next event.

Reference Other Event Budgets

If you’re hosting your first event or facing budget constraints, a good place to start is to compare how other event planners spend their money. Knowing how other successful events spend the biggest chunk of their budget might give you the inspiration you need to make a change. The top costs for event planners tend to be marketing and promotion, entertainment, printed materials, and venue costs. If you find yourself spending very little in any of these categories, ask yourself if that works for your event or if you might be underspending.

Have Specific Goals

Budgeting just for the sake of budgeting is great, but planning with a specific goal in mind can really set you up for success. What do you want to accomplish for your next event? Are you looking to increase sponsor revenue, lower your total spending on your event, rework your budget so you have a more to spend on a specific category, or just increase your overall ROI? Knowing what you’re trying to accomplish can affect the ways you allocate your expenditures.

Include Technology Costs

Many event planners forget to add room for event technology expenditures into their budget. We’re not just talking A/V equipment or customized charging booths, but your ticketing platform, event apps, and anything you may use to enhance your event’s online presence. For example, you were always planning on live-streaming your event, but you didn’t budget for the camera rental or interface needed to actually get the stream up and running.

Ticketing platforms and online credit card processors have varying fee rates. If you don’t pass these fees along to your customers or adjust your ticket prices to cover these fees, you may find yourself spending more on your software solutions that you originally anticipated.

Leave an Emergency Fund

For some event planners, putting aside extra money for emergency expenditures can feel impossible, especially on a tight budget. Having a bit of wiggle room in your budget allows you to absorb unexpected or hidden costs that might creep up right before your event. You could show up to your venue only to find you need to invest in more A/V gear, or the price for your entertainment has gone up. Whatever it may be, you always want to leave a bit of financial room so you can handle the unexpected.

Avoid Simple Mistakes

There are two big budgeting mistakes many event planners make:

  1. Misplacing receipts/quotes
    2. Waiting until the last minute to draft their budget
    3. Not proofreading

If you get into the habit of keeping every single receipt and quote in an organized way, it’ll save you heaps of time later on. Similarly, try to work on your event budget gradually rather than doing it all in a time crunch. If you take 10-15 minutes a day and work on specific items, or try to tackle your budget one category at a time, you’ll be much less stressed when it comes time to implement your event strategy.

Also, this goes without saying, but make sure you proofread your budget. Online budgeting tools and Excel spreadsheets work wonders, but they won’t check your work if you plug the wrong information into the wrong places. Having a second set of eyes check your work is a great way to rule out any careless mistakes, and it also promotes financial transparency among your event planning team!