Adding Discounts strategy in your event ticketing pricing is one of the most crucial steps today in event planning. Why? Because we all know that Discount tickets:
1. Sell more
2. Attract more attendees to your event
And #1 and #2 are goals for any event organizer.
We already mentioned in our previous article about pricing your event tickets ideally. Here, we are going to talk more about discounts.
Discounts are targeted at your attendees and there are three types of people who attend your event:
1. Enthusiasts : who surely want to come for the event because they are your followers, interested in your event content. These people are your regular customers and you must by all means keep a customer happy.
2. Regulars : who come to know about your event from enthusiasts and your marketing efforts. They come to your event because they like what they have heard about your event. These are the people who are your potential enthusiasts and you must make sure you do everything properly to retain them.
3. Late Birds : who get to know about the event in the last few days left for your event. They are not worried about the price of the tickets and they usually come because the event is huge and they want to be a part of the event.
First Things First, Set your base ticket price. Then add margins so that you still make profits after offering discounts. Keep 60% of your tickets at discounted prices and rest at your base price that you have decided. This is because from our observation on various types of events at Townscript, the sales of tickets rise considerably after the organizers promote discount offers distributed over the pre-event time span.
1. Community Sale: For Enthusiasts
3-2 months prior to the event, start spreading word about the special community ticket sales for your event among your followers. Then collect the emails of those who sign up for your community ticket sales at at least 50% OFF. Announce the day your sale tickets will go live and you will notice your enthusiasts will be happier and spread word about your event more.
2. Early Bird Discounts
Now that you already have few seats reserved for your event because of community sale, you should concentrate on bringing in regular attendees. Between 60-45 days prior to your event, announce your Early Bird ticket sale where you can keep the pricing of your ticket 15%-20% lower than your base price.
3. Regular tickets with Special Discounts
After your Early Bird Sale, its time you increase the price for your late attendees. You should maintain a constant price till the time of your event and this is time when you target Group discounts. You can offer Group Discounts for specific groups (Who buy minimum 5 or any number set by you). You can send access codes to your target companies who will want to attend your event and retain them as your enthusiasts.
You can learn about using different types of Discounts here
Knowing all this, you should market your event in such a way that at the launch of your event tickets, majority of your seats sell out to your enthusiasts at the launch so that you are sure about a decent seat occupancy for your event beforehand. You might sell less for your regular priced tickets and late birds but in the end, it will make your profit.
Hope this article helped you decide about your event ticketing strategy. If there is anything we missed, please comment and let us know. How do you set your discount prices? Lets share the knowledge.
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