7 event-pricing techniques that you need to know
Pricing your event the right way can help you boost your ROI. You need to learn the proper balance between pricing it high to cover the cost and pricing it low – enough to attract the crowd.
Putting the right value to your attendee’s money is something you should look into if you want both parties to win.
How do you then meet each other half way and be on the right spot?
Here are 7 event-pricing techniques that you need to know:
#1 Show the benefits before the cost
Let the people see the benefits of your event before you reveal the cost.
Doing it vise versa will get them to demand for more knowing that they have already judge the value of the ticket as “too high”, "cheap" or “affordable”.
It’s best to be on the safe side by showing them the innumerable things they will get out of your event.
Events are emotional purchases so give them reasons to be excited and curious.
If they find all the benefits on the table relevant to what they are looking for, they won’t mind embracing the price you set for it.
Let them buy your event ideas first before they buy its cost.
#2 Don’t compare prices to other events
You may think that comparing prices from other events seem a reasonable strategy.
This may work to products being sold online but not for your event.
Events are experience-based. If you compare prices to other events and show the crowd how much they can save if they attend yours, they will immediately think that yours is a low-budgeted event with amateur speakers, so-so entertainment and a cheap venue.
You don’t want to have that kind of impression. Don’t you?
So simply focus on the key strengths of your event to win the crowd and leave the similar events alone.
#3 Set an anchor price
An anchor price is your base price that is the actual cost of the regular ticket.
This is what you are selling,
For example your anchor price is 150 AED, then you can set 2 more options like a VIP ticket for 500 AED and a group ticket for 750 AED.
This will give them more options to look at and will obviously set their eyes on the regular price which now looks pretty affordable compared to the other options.
The other options may not suit their needs but having a comparison gives them a bit of a perspective and adds a relative value on the anchor price.
#4 Enhance your perceive value with decoy price
I’ve always encountered this kind of strategy online and it doesn’t seem to make sense but at the end of the day, consumers still end up making the purchase.
350 AED VIP package
350 AED VIP package + one-on-one coaching session with the keynote speaker
Same price will you have more value with the other option.
A decoy price highlights the value of your event offer, making it easier for people to choose the obvious.
#5 Focus on the value of time and experience
The decision to attend an event is based on time and experience - not exactly money.
What will I get if I attend this event? Is it worth my time?
Is this event something that I would want to be part of instead of being somewhere else?
If they find it valuable for them and if they learn all the amazing things they will experience attending your event, only then that money will come in the picture.
They will gauge then if they can afford it and if it's worth it.
It means the first basis of attending is not the cost but the value of time and experience your event can bring them.
#6 The magic of number 9
We’re probably aware of the 99.99 cents stores around town, but we still go for it no matter what because psychology wise, it looks affordable than items tagged at 100.
So a better way to price your 50 AED ticket is to mark it as 49.99 AED - which we can all attest looks pretty much easy on the eyes compared to the former.
As if you can save some money by reducing a cent to the value.
But it works like magic!
#7 Exclude fees and add-ons
Partitioned pricing is the most common strategy in pricing a service.
You set your anchor price first which is at 150 AED and later on give them a breakdown of other benefits they can get from your program.
50 AED additional online materials for the seminar
150 AED coaching session with the keynote speaker weekly
This works primarily because an all inclusive price of let’s say, 350 (all inclusive) looks expensive compare to your anchor price of 150 AED – even if you know you only get the regular program at this price.
People always look into the most reasonable price on the table and will later on gauge if the add-ons will be beneficial for them.
If so, they will be willing to add. Otherwise, giving them an option not to, will let you
win at lease the base price.
About Stride Plus Events
Stride Plus is an events organizing and management company based in the UAE, focused on business, networking and community events.
Learn more about our services here.