Recently, we talked about how to send emails to your customers and event attendees without accidentally committing a faux pas. To continue our Back to the Basics series, today we’ll be talking about ticket prices. How do you decide what to charge? Is there an average price?
Should You Charge for the Event?
Before we talk about numbers, we should speak of charging in the first place. Some events, for example, artist markets, charge for entry. If they do, no one will attend. Charging makes the consumer look for free alternatives – aka your competition.
If this is the case for your event, think about recouping your money by charging the vendors or selling swag. If you can charge, keep reading to determine where you can get started and how to value your event.
What Should I Charge?
When you begin thinking about the entry cost for your event, look at others hosting similar events in similar locations. If you can, attend a few of those events yourself. Note the quality of the event, the cost it took for you to get in, and the details that an attendee might notice.
Use these events as the baseline for your event. If you offer significantly more, then you might be able to charge more. If you are providing about the same, those prices make a good baseline. If you’re offering much less, then you can either charge less or offer more to bring yourself up to the level of the competition.
Is There an Average Price?
What is normal will depend on your city, event type, and industry. For example, attending a festival could cost $40 in Atlanta or $20 in Portland with ride tickets costing extra. The only way to know what to charge will be to look at past, present, and future events in an area as close and similar to yours as possible.
How to Choose a Ticket Price
If you know you want to charge and have already attended a few events that will be similar to yours, the next step is to pick a ticket price. Here’s our quick guide on doing just that.
- Look at Your Notes: You’ve already attended events like yours. What did you notice about the event that was better, worse, or similar? Were the events just like yours, or was yours better?
- Think About Your Goal: With notes in hand, think about why you are hosting this event. Is it to complete with the other events, or is it to offer something similar but not quite the same.
- Competition: Think about how your sand out – what makes you better.
- Cooperation: Think about what will give your attendees more or less value.
- Start With Their Prices: With the notes in hand, look at the average price for the similar events you attended.
- Competition: To charge more or the same, you need to offer way more than the competition is. To charge less, you can offer a similar amount as the competition.
- Cooperation: If you offer more value, you can charge more. If you provide less value, you can charge less. Finally, if you give an equal amount, think about charging the same.
- What Do You Need: With your idea of a ticket price in mind, think about what you need to make. How many people will have to attend to leave you positive? Is that a do-able number? You might need to go up if you’re not charging enough to make a profit. Just remember, if you charge too much without offering the same level of value, your attendance levels could drop.
With ticket prices in mind, it’s time to form a budget and start planning! Veebo offers an exclusive event management software that will make your event planning process as breeze. Sign up today!