The way your attendees feel about your conference will have a big impact on how much they are willing to pay for registration. This perceived value may have little or nothing to do with the reality of what they are getting — what matters is how your event can satisfy the needs of your attendees.
A surefire way to increase profits for your conference is to shape the perceived value that attendees have of your event. Every attendee, at every price point, should feel that they are paying less than your event is actually worth to them, to ensure they feel that they’re getting value for money.
Free Download: Conference Registration Pricing: 3 Steps to Increase Profit
Here are three ways you can increase the perceived value of your conference, allowing you to shape registration pricing and boost your profit margins.
1. Survey conference-goers
Want a simple way to find out what attendees find most appealing about your event? Ask them! This might seem obvious, but it’s an often overlooked way of discovering low cost ways to offer high-perceived value to attendees. For instance, upon surveying past attendees on what matters most to them, you might discover that some attendees are willing to give you more money forreserved seating. Premium seating options is something you can implement at little to no cost, while making an appealing option for attendees to upgrade to a VIP pass.
If you’re using Eventbrite for conference registrations, set up free surveys, fast, with our SurveyMonkey integration.
2. Offer multiple registration types
Using tiered registration types can increase the perceived value of your event. For example, when attendees see that basic registration costs $999 and compares it to the $2,000 VIP option, it raises the perceived value of the basic registration. In essence, it pushes the perceived value close to $2,000. And if the true value is above $999, your basic registration looks like an enticing deal.
3. Use scarcity to sell out faster
We inherently ascribe value to things that are scarce and hard to find. It’s why rare works of art sell for millions of dollars. Registrations for your conference are finite, but the more you can convey that to conference-goers, the more value they’ll associate with your event.
The words “sold out,” can increase the perceived value of your event significantly. Offering limited tickets for tiers and incrementally increasing the price the later you purchase tickets will help to drive up the perceived value of registration, while creating a sense of urgency.
When you increase your fees in tiers over time, always show the full, at-the-door price next to the current price. This shows attendees what they’ll be paying if they don’t purchase soon, while further highlighting the value they are receiving by securing tickets early.
Set Value-Based Pricing
Don’t let cost determine your conference pricing — let price determine your cost. The more you can show would-be attendees the high value of your event, the more they’re likely to pay for your conference. To learn more on how to increase profits with value-based pricing, download the free tip sheet: Conference Registration Pricing: 3 Steps to Increase Profit.