We asked event organizers about their biggest event marketing challenges. Though results were close, they reported that determining what price to charge for virtual events was their biggest challenge. We advocate that people price things based on the value they create and not entirely on their input costs.
While many of us are moving to online-only events, organizers don’t necessarily need to lower ticket prices if the event is delivering the same value they deliver in a live, face-to-face event. People buy things based on value and don’t devalue the worth of your event.
While that’s all easy to say in an ideal situation, we recognize that it’s still difficult to figure out the numbers. Here are our tips on determining the ticket price of your next event:
1. Do The Research
Collect data on what your event has charged in previous years and take a look at what similar events are charging.
2. Do The Math
Factoring in all the costs of your event, how much money do you need to break even? For the most part, virtual event costs should be de minimus (i.e. minimal), outside of software costs, speaker fees, and staff wages. On top of that, how much revenue do you need to be a success in the future?
3. Be Realistic
How many tickets do you think you’ll likely sell? If you have data from previous years, great! If not, no worries. Either way, tap into your personal networks and ask for their input and advice.
We’ve been seeing attendee and registrant numbers boosting since participants can now join in from anywhere in the world. We talked to a few event organizers about how they grew their events.
Contact companies and individuals to sponsor your event to supplement revenue outside of ticket sales. Sched makes it easy to boost your sponsors virtually.
5. Different Types For Different Folks
Have several different ticket types for your event. There are several routes to take here that you’ll want to customize for your audience. For example, would your event benefit from early bird versus regular pricing? Is there a VIP or early access option you can provide? How about offering group rates and young professional or student pricing?
Finding a balance can be tricky! Ticket pricing can be flexible, but keep in mind that it’s a lot easier to lower prices than to raise them if you do need to boost attendance.
Find out how Sched can help you launch your virtual conference.