5 pricing mistakes to avoid for your event

You may think that setting the price for your event is one of the easiest decisions you have to make. You’d be wrong. The topic of consumer psychology is a complex one, and you’d be amazed what conclusions a potential entrant can come to when they see your entry price. That’s why you need to ditch these five pricing strategies ASAP.

Bargain basement

Going as low as possible with your ticket prices might seem like the best way to get people to your event and make sure it's a sell out, but by choosing to go low with your ticket prices you could be devaluing your brand.

Consumers are extremely wary of things that sound too good to be true. If your prices are rock bottom, potential entrants will be asking themselves where you’ve cut costs to make up for it.

Sky high

In our modern day society of instant price comparison, everyone is fully aware of how much they should be paying for an event.

Take a long, hard look at the local competition. If your prices are noticeably higher than theirs, can you really justify it? If not, it’s time to rethink. If you fail to deliver the event that your entrants expect because of the high price they’ve paid, this could damage your reputation, hurting any event you may hold in the future.

Hidden charges

We’ve all been caught out by this. An event seems like a bargain, only for you to turn up on the day and find out there are hidden costs left right and centre.

Want to leave your vehicle in the car park for a couple of hours? That will be twice the cost of your ticket. Oh, you need to store your bag? Time to remortgage the house.

It can be tempting to top up your profits by charging for extras on the day, but this is a sure-fire way to anger your entrants and create a public backlash.

Whole numbers

Does your entry price end in ‘0’? If so, you need to change it.

It’s a pricing strategy older than time, but the magic number ‘9’ still has significant sway on a customer’s decision making process.

Appropriately named consumer psychology expert William Poundstone carried out research into whether this age-old tactic still works. It does. He found that prices ending in ‘9’ outsold their rounded counterparts by an amazing 24%.

So for example, by knocking your entry price down from £30 to £29 you’ll be losing a pound on every entry, but you’ll more than make up for it in the volume of tickets you’re able to sell.

Set and forget

When it comes to organising events, few things are more dangerous than complacency. Holding a sold out event means it can be tempting to keep everything the same for next year, including price.

However, this is a huge mistake. Once the dust has settled on your event you need to assess everything, and that includes your prices. Did you receive any feedback from your entrants about the cost of the event? If you offered multiple time-sensitive pricing tiers, which was the most popular? Will your costs be the same next year, or have you identified areas where you can save money?

You can bet your competitors won’t be standing still when it comes to pricing, which means you can’t afford to either.


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