Tipsheet

The 10 Best Ways to Price Your Event

When pricing your event, the pressure is on to pick the right number. After all, ticket sales are the top source of revenue for 57% of events. So how can you choose an amount that doesn’t scare off event-goers — or undercharge them to the point where you don’t make a profit?

It’s a bind all event creators experience, and not one that always gets easier the longer you’re in the industry. And like many event planning challenges, it’s not something you can solve with a magic bullet. It requires experimentation, research, and trusting your gut to get right.

The truth is, your event has real value and your price should reflect it. Here are the 10 best ways to price your event.

1. Rethink offering free tickets

There are a lot of good reasons your event might be free. But the reality is that “free” might not be the right price. After all, if it’s free, attendees might not assume it’s valuable enough to show up. That’s why charging something for your event has been shown to reduce no-shows.
Darrah Brustein is the founder of Network Under 40 and creator of the Life by Design, Not By Default Virtual Summit. Of all of her events, which attract more than 30,000 attendees, Brustein found that the higher the ticket price, the better the attendance rate.*

*Brustein notes that this is based on her data and will change based on your local market, but it’s a good starting point to reference.

Pro Tip

Still want to offer free General Admission? Charge for special VIP tickets to help reduce no-shows at free events.

2. Calculate your bottom line

How much money do you need to make to be profitable? The only way to answer that is to understand how much money you’re going to spend. And while budgeting isn’t a fun activity, it’s critical to improving your event’s return on investment.

Here’s how to set up your budget for success in three tips steps:

  • Begin every new budget by referencing historical data to fill in the blanks.
  • Map out all your expenses (down to the detail), so you can make informed decisions.
  • Reconsider investments that won’t have significant returns using a simple ROI equation.
Pro Tip

Looking for a template? Download The Event Budget Template You Need to Keep on Track.

3. Know your value

Price your tickets based on your attendees’ perceived value, instead of only looking at the number you need to charge to make a profit. This empowers you to set a price that’s based on the real value you provide event-goers. Often, this approach actually allows you to increase your prices.

So what does that look like in practice? “It’s about considering the value of what people are getting in exchange for what they’re paying,” says Brustein. She charges $10-$25 for her networking events, but $97-$297 for her summit, because that summit provides more in-depth value.

Pro Tip

Unsure what value your event drives? Use the exercises in the Value Analysis Workbook.

4. Research events in similar markets

Ticket prices that work for an event in Melbourne might not work for a similar event in Regional Victoria or Tasmania. And it makes sense why — it costs less to hold an event in Hobart than in Sydney. 

If you’ve never done market research before, here are a few pointers to get you started:

  • Start a spreadsheet to track all of your data
  • Identify cities that are similar to yours (think population and demographics rather than location)
  • Research events in those cities that might drive the same type of crowd
  • Look at each ticketing page and note if they use multiple tickets and what the pricing is
  • Compile all of your data into your spreadsheet to find a range
  • See how your event’s prices fall within that range

5. Adjust your price based on seasonality

Seasonal events can often draw a bigger crowd — but they also require a higher price tag. “Our seasonal events (like Halloween or New Year’s Eve) are very popular and over 2,000 people attend,” says Aykut Events owner Aykut Akcaoglu. “Our regular events, however, are closer to 200-600 people. Those seasonal events require a bigger venue, a bigger investment, and ultimately, a larger ticket price.”

Do you already host a seasonal event? If you say yes to any of these statements, you might want to think about increasing your pricing:

  • Your event is holiday-themed or falls on a special day of the year
  • Your event draws a significantly larger crowd than your other events
  • Your event provides extra value for attendees at a special time of year

6. Use multiple ticket types

The right ticket price isn’t just one price. It’s multiple prices based on the experiences people want — and that’s where ticket types come in. From early bird to group discounts to VIP, you can add in tiers of pricing to maximise your profits.

Here’s a quick breakdown of common ticket types and why they’re beneficial to you:

  • Early bird tickets are most often used to give people the largest discount possible to reward them for buying tickets early. Revenue from early bird tickets means you’ll start earning money earlier, which you can then invest back into the event if needed
  • General admissions are used by almost every event for the bulk of their tickets. GA provides entrance to your event without any extras, are typically on sale the longest, and usually one of the least expensive tickets you offer.
  • VIP packages help you provide attendees with the exact experience they’re looking for, at the exact price they’re willing to pay. This premium pass can help you attract new attendees — and make more money from your current audience.
Pro Tip

Unsure what value your event drives? Use the exercises in the Value Analysis Workbook.

7. Consider your onsale timing

According to Eventbrite data, most event creators start selling tickets 11 weeks before their event, but that doesn’t mean your price has to remain static. If you’re using multiple ticket types, you can increase pricing (or discount pricing) based on your onsale timing.

To figure out how to make the most impact with your on sale, use your ticketing management platform data.

If you are using multiple ticket types, compare these average timelines (based on Eventbrite data) with your onsale data to see how you stack up:

  • Early bird — Most events who use early bird tickets go on sale 14 weeks prior to their event
  • General admission — Most events that use general admission tickets go on sale 11 weeks prior to their event
  • Last chance — Most events who use last chance tickets go on sale 1 week prior to their event

8. Offer promos

Promotional tickets are similar to tiered tickets, but are marketed in a slightly different way. You may have tried promotional pricing before, or maybe you felt that the tactic wasn’t relevant to your event, but it’s always worth testing it out to see if it makes an impact.

Bundle pricing is one of the most common type of promotions. Bundle pricing lets you bundle an event ticket with extra perks that often don’t cost you much. For example, give VIP ticket buyers early entrance or an unlimited tasting pass at your food and beverage festival. The key is to sell an experience, not just entry.

9. Get strategic with discounts

Coded discounts give specific attendees the option to purchase at a reduced price with a promo code. You can tailor this kind of ticket price to individual demographic groups, or use it to incentivise bulk purchases made by groups/organisations (like local universities or businesses).

Here are three ways to use discounts to drive sales:

  • Tap into event-goers’ FOMO by marketing time-limited discount codes to price-sensitive attendees
  • Provide discounts to specific groups, such as families, students, or seniors
  • Give exclusive discounts to top customers, return attendees, or social media influencers who have done live coverage of your event
“Discounts are a big driver for sales. Make your discount codes personal. We offer discounts for veterans, for children, or for residents of a certain city. ”
— Jimmy Naron, Owner, Rocky Mountain Goat Yoga

10. Experiment

Last, but not least, experiment. After determining your bottom line, conducting market research, adjusting for seasonality, and incorporating different ticket types, the secret to success lies in trying out different variations to find the best combination of tactics.

Take a cue from Susie Martin, Co-Founder of It’s for Charity Events!, which organises goat yoga classes throughout the Dallas-Fort Worth area. “We started off at a lower number when we first offered our classes,” says Martin. “Once we saw the popularity, we slowly raised our prices until we found a good spot. It was experimental.”

Sell more with the right price

Ready to experiment with your ticket pricing strategy? Eventbrite makes it easy to manage your promotions, discounts, and ticket tiers, all in one place. Start your next event today.

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