published on Jun 15, '16
When planning an event, one of the decisions you’ll need to make is how much to charge for tickets. You should investigate other events taking place in your area to find out a good ballpark estimate for ticket prices but, in the end, you’ll likely find that there’s a wide range of prices. Here are some of the considerations to keep in mind as you decide on a price for your event tickets.
Most people subconsciously believe that value is tied to price: They expect to get what they pay for Whether this is true or not, if you price your tickets high, your attendees will likely have high expectations for the event. Consider what your guests will be expecting versus what you’ll be providing.
If you’ll be serving a nice, catered dinner with a band or professional DJ, you can definitely get away with asking for (and getting) a higher price per ticket. On the other hand, the last thing you want is for people to wonder why they paid so much for the event. Choosing the right price point is essential to meeting your guests’ expectations without going overboard (and limiting your profit unnecessarily) or disappointing them.
You might think you’re offering a great value when you price your tickets low. While this may be true, think about expectations. If value is tied to cost, your attendees might not have high hopes when you ask for too low a price per ticket. You may also be seen as inexperienced if you’re not charging enough to both cover costs and make a profit.
If you’re only having light refreshments and your speaker or artist is not commanding a high fee, then you do have the option of pricing your event lower than the average in your area. Just keep in mind that people might come in with low expectations. (Although, this also allows you to impress them by far exceeding those expectations.)
It’s best to consider what others in your area are charging. Check out local blogs and the local event calendar to find events similar to yours, and price your tickets accordingly. Depending on whether you need to pay an artist or speaker, what type of venue you’re using and what type of refreshments you’re serving, you can choose to price a bit above or a bit below the norm.
Photo by Dave Rosenblum)