How To Price A Ticket To Your Event?
The price of your event and your venue are inextricably linked
Your event must have a high-enough price to cover the costs of your event, as well as to provide you a revenue stream, if you're expecting to make a profit from the event attendance itself. As the venue itself is probably the single most expensive aspect of your event, the price you charge is directly related to what venue you select. Make sure you price a ticket to your event accordingly to correspond with your venue.
When Pricing Your Event, Consider Your Target Audience
First and foremost, you must price an event for your target audience. If you're charging $1,000 for a local business to attend a one-day event, you might be charging too much. Conversely, if you're only charging $150 for a three-day business conference, your price is too low and businesses won't take you seriously.
You must price your event at an appropriate range for your target audience. As a general rule, people can almost always charge more than they expect for an event. Keep in mind that you want people to take you and your event seriously, but you also don't want to price your event out of the range of your target audience.
Select a Venue that Corresponds with Event Price
The price of your event determines, in part, the venue that you select. You shouldn't charge thousands of dollars for an event and host it in a 'budget' venue. Conversely, you need to charge enough that your event price covers the cost of your venue and other event costs.
Match your venue to your event price. If you charge a mid-range price, choose a mid-range venue. For an upscale price, deliver an upscale venue. If you're delivering a low-budget event, you should still try to avoid selecting a 'low-budget' venue, as that can cause a host of problems with your event itself. Instead, for a low-budget event, try finding other ways to compensate for using a mid-range venue.
If the event price is low, you don't necessarily want to choose a low-priced venue. A low-priced venue may be dark, cold, humid, uncomfortable, or have a host of problems that can distract your attendees from your event and reduce the value of hosting the event. Instead of choosing a low-budget venue, consider stripping "extras" from your event.
For example, if you had planned to serve refreshments and a meal, consider stripping the meal and sending your attendees off-site for lunch. Or if your event price can't cover coffee and pastries, serve just coffee, and serve it once or twice instead of three times. Reduce the materials you must provide, and find other ways to strip "extras" from your event to compensate for low event prices.
In summary, when you're planning an event, remember that the event price and your venue are linked. You must select a venue that is appropriate for the price you're charging for the event. If your budget is low, look for other ways to cut event costs; try not to sacrifice by choosing a low-budget venue.
About the Author
Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. Visit her Event Money Machine Blog. You'll learn about an amazing new Telesummit. Tickets to this event are FREE - so join our priority notification list to be the first to know when they become available. http://eventmoneymachineblog.com