Selecting ticket prices wisely in order to cover the expenses you spent on the event organisation and derive the expected benefits can greatly increase event attendance. That is why you want to boost event attendance with the help of your ticket pricing policy. Every event planner should use the top clever deadline pricing tips to boost events.
About deadline pricing and why it’s important for your event tickets sales
Service areas, deadlines, and pricing are subjects that must be addressed and included in your deadline pricing strategy for top-notch event organisation. Under changing economic conditions, the economic solvency of consumers and fierce competition on the event market, among other factors, the subtlety of determining smart prices for your goods and services are increasingly important. They should be based on the psychological assessment of your consumers.
Despite the fact that pricing is usually done in accordance with industry standards, in order to sell a product better than competitors, any commercial organisation should be engaged in pricing by “manipulating” small-value monetary units, such as cents and pennies. Setting up your deadline price wisely may outrun your competitors on the industry market.
Psychology of Pricing
Pricing is one of the four main components of marketing. The system of psychological pricing forms one of the key elements of the consumer pricing system (the price that consumers are willing to pay), in which the focus is on consumer demand. The ratio of price and quality, which governs behavior in the consumer market, is surrounded by uncertainty and creates the impression that the higher the price, the higher the quality.
Most importantly, when a consumer is satisfied, both the consumer and the company win. However, the reaction to the concept of psychological pricing has always been quite mixed. While the consumer is not cheated, sellers benefit from such a concept. Create a winning event pricing strategy, taking into account psychological aspects when setting pricing:
- Reduce the price by one cent
- remove comma and unnecessary decimal points
How to price tickets for an event
How are prices set? In principle, there are two approaches to the process of market pricing: the establishment of individual or single prices.
Individual price is determined on a contractual basis as a result of negotiations between the buyer and the seller, thus satisfying the interests of both parties.
In the case of a single price, all buyers purchase goods at the same price. Under these conditions, it is important that the consumer knows the price, can compare it with the price of competing products, and make a purchase decision relatively easy.
Creating a pricing strategy
The success and effectiveness of any pricing strategy depends on how correctly the process of its creation is organised from the very beginning. At the initial stage of pricing strategy formation, collect information in these five areas:
– Estimate costs: Includes determining the composition and level of costs when changing sales volumes as well as determining production volumes, which can affect the amount of fixed costs.
– Clarify the financial goals of the company: Based on the choice of one of two possible priorities: the minimum profit from the sale of the relevant product (service) or focus on achieving the highest level of profitability to maximise the total profit or to make a profit, depending on the period and amount payable.
– Identify potential customers: Includes identifying factors and assessing the consequences of their influence on the sensitivity of buyers to the price level and forecasting the division of buyers into groups (segments).
– Clarify the marketing strategy: This is necessary for the developers of the pricing strategy since the choice of price decisions is strictly dependent on the chosen marketing strategy of the event.
– Identify the potential competitors: This includes the collection and analysis of data in the following areas: identification of event firms—main competitors for today and in the future; comparison of their prices with the price of the competition being organised, definition of their main goal in the field of pricing; finding advantages and weaknesses in the activities of competing firms on the relevant indicators (e.g., the range of products, the specific gain in price, the reputation of the customers, the quality level of events, etc.).
Choosing event tickets payment options
To set your event ticket payment options, go to your GEVME account and the Set Payment Options tab, located at the top of the options menu. If you’ve created an event schedule that has multiple dates/times, the payment processor you choose will be set up the same for each individual event in your schedule. You may manually set the options from those available as well as correct or update them any time you need.
Deadline pricing strategies with examples
Before you determine the most appropriate way to create and price your tickets, spend at least a few minutes collecting and preparing all the necessary information about the planned event and pricing strategy for events. This information should include:
- Date, time, and place of the event
- Logo or colorful picture
- Ticket price and the required number of units
This data will greatly simplify the implementation of further event pricing strategy steps and help you form a clear understanding of what is actually required for a given ticketing policy. There is a variety of deadline pricing options that will come in handy to attract more attendees to your event. Use our event attendance tips to boost engagement.
A huge impact on customer engagement is your chosen early-bird pricing strategy. To make professional-quality tickets and price them wisely is the primary task after your event is ready for launch.
A standard registration deadline is a flat fee with no incentives other than no late purchase fees.
When you sell a ticket, you may need to indicate that your attendees must put down a deposit of a certain amount per person (plus any coach fare if it’s a combined ticket). They’ll have to pay the balance by the deadline, which will be a standard deadline fee.
Late deadline tickets may be available at the event opening or even during the event itself. This data is provided in ticketing terms and conditions, per your pricing policy.
Certain number of tickets with discount
You may hold back a certain number of discount tickets. For example, you might offer discounts for the first 10-15 buyers, first 5 group orders, or for those with promotional codes, etc.
Higher prices when more people register
A good way to know how to price your event tickets and boost your ticket sales is to increase prices based on registration volume and create the effect of scarcity.
Tips to boost event attendance
We advise you to follow some ticket pricing tips to succeed with your price policy and event engagement.
Create urgency around your event tickets
You are welcome to generate early interest with early-bird tickets and create urgency around your event with the help of a certain number of discounted tickets. This will boost perceived value and excite your potential attendees.
Add words like “sold out”
Another popular way to attract consumers is a so-called introductory offer. Another way how to boost event attendance is to cross the initial price out and indicate a new lower price or put “sold out” next to the ticket category.
Define the time period for discount tickets or limit it to a certain number of uses
To incentivise interested attendees to buy their tickets early, define a time period offer for discounted tickets; limit it to a certain number of users as an exclusive discount, not only for early-bird purchasers.
Use event ticketing software
Use a specialised software product to simply and effectively make tickets for events. For the design and printing of tickets, you should first create their layout and then print it out on a printer, using event ticketing software from GEVME. This will allow you to design and print tickets using ready-made templates or online forms, develop tickets with individual designs, and print them with professionals.
Think about tickets promotion, promotion timing
Before you determine the most appropriate way to create your tickets, come up with some promotional ideas for the planned event. GEVME can also provide you with event promotion tools and tracking apps. By offering discounts between 20–40%, you can strongly promote your event for attendees and significantly boost your ticket sales.
Use the pricing psychology
Apply the pricing psychology described above to succeed with your event ticket pricing strategy and selling out your event. Consumer price sensitivity manifests itself when consumers do not have the ability to compare your prices with the prices of your competitors or if your product is exclusive and unique. Keep that in mind.
How to use GEVME to boost your ticket sales
Discover how early-bird ticket sales may be a fantastic idea for event planning with our event ticketing software, which will help you on your way to selling more tickets for events with early-bird options.
Registration Discount: Set up discount codes to apply discounts to specific tickets when activated.
Promotional code: Generate codes to access hidden tickets, private surveys, or discounted items.
Discount Amount: Choose the type of discounts, such as percentage, exact amount, or price overwrite.
With GEVME, you get the full spectrum of the necessary tools for the best event experience.
Deadline pricing as an essential of a vise event planning
The establishment of uniform prices for all consumers may be a hard task. With the help of professional support and pricing tips, you will find it easier to customise your strategy for your market peculiarities, product or its technical complexity, and you will be able to boost your sales in differentiating price ranges. It is preferable to establish deadline ticket prices first, choose event ticket payment, discount, and other options, and then proceed with your successful event strategy.
Feel free to contact us for help, and please leave your comments below!