You may be new to the event management, or an old bird in the industry already. But have you wondered at what price you should set your ticket price at so that you can get the most from your events? Well, in this article we will discuss about the steps we should take when deciding the price of our tickets.
Research on other similar events:
Chances are there have been multiple kinds of events similar to the one your are holding. Although it is not the main basis for you to decide on your ticket pricing, it would still be good to find out how much your competitors are charging because it helps you to get an good gauge on how much are the people attending willing to pay.
Deciding a pricing model:
1. Value-based pricing:
Value-based pricing model is where you set your ticket prices from your potential customers point-of-view. This is where your research from before comes in handy. First of all, the data you got beforehand gives you an estimated average amount of how much is the customers going to pay. For example, the average price of a ticket to a museum exhibition is $2, if you are holding a similar exhibition, it would be safe to first decide your price at $2 first, then move on from there.
This method of setting ticketing price works even better for events such as concerts where the fans are willing to pay for a higher price. This is because the perceived value of the concert experience by the potential attendees is much higher than, let’s say’ a museum exhibition.
However, even though research has shown that a value-based pricing system can yield greater profit, it requires more effort on research and knowledge on your potential customers that supports you to be in a good position to do so.
Pros: Great for events with huge fanbase, yield good profit
Cons: requires more research and knowledge on your client’s fanbase, potential customers
2. Cost-based pricing:
The conventional way to decide on the price of your ticket. In cost-based planning, you start off with the cost of your services as the price of your tickets. So, this reduces the effort on searching for the average price your competitors charge.However, this requires a good bit go guesswork to be done and you already have good understanding of your
market. This is because part of the process is figuring how many tickets you aimed to sell. The next stage is to calculate the cost of putting up your event, from venue hire, wages, marketing fee, cost of using online ticketing platforms, food and transport catering and the list goes on. This will be your total cost and the cost you aim to break even with the amount of ticket sold. Divide the total cost by the amount of tickets you aimed to sell and you will get the price u need to charge in order to break even.
Do remember though, no matter the amount of you decide to charge, it should be larger than the amount needed to break even. After all, your aim is to make a profit.
Additionally, if the calculated amount is too high, you may need to cut down your cost and adjust your ticket price accordingly
Pros: Good way to come up with ticketing price within short amount of time
Cons: Does not really give you the best yield
For events, you can provide different options for your attendees to attract different group of potential customers. You can even set difference prices according to the seating positions. Additionally, you can make offers and provides free gifts to encourage people to come to your events. For example, you can allow bookings to your events and charge cheaper price ( early bird option ) or even bundle up additional items along with the ticket ( commonly seen in shows and movies ).
However, to take caution in pricing your event, even if it may require your additional hour and more effort to get the ideal pricing, or you may end up with large amount of unsold tickets, worst still making a loss instead of profit.
This makes having different levels and customisable options more valuable and important as it allows rooms for mistakes and after the event you would know better what kind of offer would work and what does not. These experiences are valuable if you ever want to make your next event more rewarding than the previous ones.
Hope this article helps you to understand how to set your prices on tickets and make the most out of ticket sales. If you found it meaningful, share this article and comment down below.
This 30-day training program is designed to ensure that you would have the mindset to harness your true potential as a teacher, trainer, speaker and parents. At the end of the 30-day email training you would be able to improve your teaching methods, communicate in a more impactful way and build even better relationships with your students, audiences, participants and children.
My name is Stephan Huang. The year 2014 would mark my 10 years in the seminar and teaching business. I started out knowing nothing about teaching, with self esteem issues and without any great content to talk about. Today i'm an international speaker holding classes and talks for audiences as big as 200 people at a time to classes as small as 5 people in a group. There is now over 8,000 people who have been to my seminars, trainings and talks. This did not come easy. Many who have seen me when i began would have said that i was seriously incapable of being a speaker and teacher.. If i can become who i am today you can too. I want to share with you everything and more with you this 30 days if you let me.
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Teach it Better Training Day 1
Today i want to give you the 3 foundational pillars of Teach it Better training. The 3 ideas will form the basis of how you will learn and "train" yourself to do better in your field. The great thing about Teach it Better or TIB for short, is it will be generic in application. You could be using a method of engagement taught in TIB to get more response in your seminar or you could use it in a class or you could use it to communicate with your business partners, clients and employees. Parents many of the philosophies taught in TIB is also applicable when talking or teaching your kids.
I'm going to give you the whole smack... i'm not going to keep anything i've learned. All the secrets of engagement and teaching that excites, motivates and initiates action would be revealed to you. If you are on the list..
Pillar 1: Apply Apply Apply
The reason you signed up for this is probably because you want to get something done or achieve something. Maybe you want to become more engaging as a teacher. Maybe you want to be able to keep your audiences in speaking enegagements attentive and exicted to hear what you are going to say or teach. Maybe you want to connect with your kids or the teenager whom you think doesn't listen to you. With all those objectives in mind you want to be able to apply what you have learned here, again and again.
There is a very good reason for it. I learned this many years ago as a kid who wanted to learn how to do this magic trick that was so so so so hard to do.. When i was younger i was really impressed by magicians and how they could do amazing things but as i grew older i would start to see through those tricks and then do themself to impress other people. Many of these tricks could be done easily so i assumed that all magic tricks were easy.. That once i knew how it worked then i could do it myself. And boy was i wrong. I understood this one magic trick really well but i just couldn't do it well. The reason behind it? I did not apply apply apply.
In fact, many of the things taught in TIB are like this. It doesn't work just because you understand it. You need to practice. You need to get smoother with each try. You need not just to understand it but to do it until you know how to achieve the result you want.. the reaction you want.. the magic you want to see..
At this point i want to reiterate again that you can do it. I believe in you. Apply. Apply. Apply.
Pillar 2: Your Library is Never Big Enough
Some time ago one of my mentors told me this "Amateurs Compete, Professionals Create". The true professionals create new ways and better ways rather than just hone current methods and ways of doing things. We all need to be in constant learning and improvement in the communication and teaching and connecting business. The biggest failure is to think that you are already there. To think that you've learned enough. To think that what you know is enough.
The philosophy "Your library is never big enough" is to be consistently adding new tools, methods, mindsets to your plethora of teaching and communicating methods. Always be on the look out for new teachers, books and classes that could teach you something. Great teachers are also humble great learners and students. The greaters speakers are the greatest dedicated listeners. Always be open to new ideas because your library is never big enough.
There is going to be a resource page on my website that i will be sending you to that you could draw upon contents that you could use for any situation you may deem fit But! i want you to go and create your own library of such contents. Be open to new things and you'll learn a world of things.
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Pillar 3: Carrot-Egg TheoryYears ago when the Disney was going to launch its fourth theme park they learnt a very big lesson. I call this lesson the Carrot-Egg Theory. After Disney launched the first three theme parks (Southern California, Florida and Tokyo) really really successfully they tried to replicate the same success again in the fourth. Who wouldn’t? The Disney Brand and products are so openly received and huge amounts of money were being made.
They were going to open a fourth one just outside Pairs. All the planning and execution were done based on what how they were successful in the earlier three. Research was done to estimate number of visitors, hotels they need to build, restaurants, rides publicity and every other area that they did for the first 3 theme parks. When the number rolled in, they were puzzled why Disney was not as successful. They realized that unlike visitors in the first 3 theme parks who stayed, on average 3 days, the visitors to the Disney theme park just outside Paris stayed only one day. Why? Because they have planned and built the fourth Disneyland based on assumptions..
What they realized was in the first 3 they built 45 rides so visitors could spend 3 days there to take all the rides. But in Paris they only opened 15 rides; which visitors could complete within a day. But the infrastructure like the hotels and restaurants were all made for the number of estimated people who were going to stay for the average of 3 days. Someone in Disney made an unconscious assumption that Disneyland Paris was going to be the same size and that assumption resulted in over building the infrastructure to service the visitors for at least 3 days of stay. Disney had to resolve this problem much later on.
The Carrot-Egg Theory is that many a times we need to see the same things in different light. We need to handle each case on its own even if it seems similar. This is immensely important when dealing with people. You see the bulk of the people involved in the building of the 4th Disneyland may have thought it was going to be the same but it is not. The hot water that softens the Carrot would harden the Egg. The Carrot-Egg theory sheds light on the fact that as teachers, speakers and parents we need to be aware that same methodology does not work across the board. A highly engaging lesson, talk or teaching could totally have a different result. So even if you apply (pillar one), grow your library (pillar 2), you cannot rely totally on your definite know-how.
Some times I refer this to in the moment lessons. They way you communicate or teach a person or a group of people with a particular personalities may be totally different from another person or another group of people. And that is the challenge of teachers, speakers and parents. I like that challengeJ Do you?
I hope you’ve learned something from the 3 pillars as we will be coming back to them again and again throughout this 30-day training. I appreciate you for going on this journey with me. Can’t wait to share more.
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I'll let the video speak to you alright? :) Comment below on what you think!
Share this with your friends and family! See what they learn from this story! Remember to come back to this blog for new stories to share with your friends, family, classes, seminars and speaking engagements!
In this video i’ll be sharing a story about the best way to share, teach and impart what you want people to do. Parents this is the greatest way to communicate what you want to see in your children. Teachers you will be more effective as a teacher when you understand this one concept. Speakers you should know how important this concept is because at every seminar you will use this technique whether you know it or not.
What is happening is always a reflection of what is happening with you..
Do come back to this blog more often for more stories, tools of engagements and communication ideas!
\For the first time i’m revealing the famous story online…In this video i’m going to be sharing with you the story that i share during my classes with teenagers and kids that has made a name for itself as the “graveyard story”. This is a great story to share about motivation. It is about 2 people trying their best but one was motivated in a split second to out perform both of them. Share this with anyone you know and see what they learn from this story.
Tips on sharing this story:
Spend as much time on the description of the graveyard as you can but make sure everything in the story has a relevance to something.. For example, it became darker and darker as i moved into the graveyard.. not that it was getting darker, it was that the vegetation (trees) were more grown on the in the middle of the graveyard.. maybe because the gardener was lazy and only did a good job on the outside.
Sound effects would greatly amplify the effects of this story. Bring them into the location with you. Tell them how it feels and what are the sounds.
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Messy hair and silly smiles. :)
This is as down to earth as i could get during my youtube sharing sessions haha. Who is right? Let me know what you think about what i said in this video below!
Hey guys here’s something that i learned swimming in a public pool today. I realized something that i learned a long time ago and since this is a story that i could share with you i felt it was was a good way to share that idea too.
Maybe when you watch this video you would realize that you have been blaming people, things and situations about why you cannot do certain things.. You can always begin again here and today.
Love and light,
Hey guys here is another great story you could use to illustrate why taking action is so important. I’ve used this to inspire myself to take action, and motivate others to do the same. You could also use this story to illustrate how God is ready to give you the tools, resources and skills to succeed but most of us we don’t take the first action so that we can begin to receive those blessings.
Thanks for coming to my blog! I’ll be posting one story a day that you can share to your employees, colleagues, friends and family to inspire them to action and effective living.
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Hey guys, Here’s a story you can share about mindset. Many lessons can be learned in this story so teach it in your classes and share it with your friends to see what they learn out of it.
I use this in my classes and seminars to talk about attitudes we approach tasks, plans and goals. Many people would say that they are doing their best. But is trying your best good enough? Sometimes it is the situation we put ourselves in to propel us to succeed.
Do you have the try attitude or do you have a do or die attitude? Share this story with your friends and family and in your classes and seminars!
Stephan is an international speaker, motivational trainer and coach for young and old. He uses philosophies, concepts and stories to inspire and motivate his students and audiences into living a greater life.