Learn, Create, Succeed
Tips from the Agile Ticketing Solutions Marketing Team
by Bryce Kathleen Bilello | Marketing Analyst for Agile Ticketing Solutions
How To Price Your Tickets Perfectly Using Tiered Pricing
Finding the perfect pricing for your event tickets is a science. Of course, you want to sell as many tickets as possible, but if you set your ticket price too low, there is a chance that your profit margins could suffer. On the flip side, if the price of your tickets is too high then there’s a chance your event will have an issue with high inventory. Finding the sweet spot is key, and we are here to help!
So how do you find the sweet spot to ensure your event sells out? There is more than one way to create custom-tiered pricing that is easy to market. Maybe do a presale push; this is the best time to push ticket sales at a lower price. Or maybe, you’re hosting a VIP experience at your event. More than likely the demographic interested in a VIP experience is willing to pay more for their tickets. There is an opportunity to cater to each potential attendee’s perfect price.
Tiered Pricing Ticket Types
The biggest pro of tiered pricing is that offering a variety of ticket types and price points will attract a larger target audience. You can customize your ticket pricing to appeal to those who perceive a greater value in higher prices while serving others who may only be able to afford the lower-tiered price. It truly is the best of both worlds!
Focusing on the experience and what compels your ideal audience to attend are two of the things you should consider when setting up your ticket prices. Tiered ticket pricing can be categorized into 4 generalized groups.
- Regular tickets: General admission.
- Special access passes: Gives attendees something extra for a higher price. For example, early access, backstage passes, VIP experiences.
- Targeted discounts: Gives discounts to members only. You may want to target VIP members, children, military/veterans, or students.
- Group discounts: Offers discounts for bulk purchases, for example, a pack of 10 or more tickets for one price.
These examples we just shared are not the only ticket options for tiered ticket pricing. Price tickets according to their location in the venue, if you use the reserved seating feature. Seats with a good view will go for more money than tickets far away from the event. Attendees are more likely to pay for reserved tickets with a view than general admission seats.