Many of you attended our popular webinar back in December on “Event Pricing Strategies That Make a Big Impact on Revenue.” Because we’ve had so many responses and such a high degree of interest in this subject, we’ve created a handy eBook based on the learnings from the webinar. The eBook covers these 5 important elements of creating an event pricing strategy:
1. Set your goals and get input
Each event is unique and there is no right or wrong answer, but taking time to set goals around registration and revenue numbers is vitally important. This is something that should be done each year, for every event you organize.
2. Create urgency
One important lesson to remember is participants need to have a reason to register now.
3. Determine when to open online registration
You can open registration immediately after your event for the next year’s race, or you can wait. Again, there is no right answer and you have to assess what is best for your particular event, but opening registration right after your event will capitalize on the positive post-race energy.
4. Set price points
Industry research tells us that most events are too conservative with their fees. It’s important to remember that some participants are extremely price sensitive, but others are not. You can make this work to your advantage.
5. Offer price breaks
Offering multiple price points gives people a reason to register early and drives urgency throughout the open registration period. The total number of price breaks depends on when you open and on the specific goals of your event; some events change prices every month, some only offer two or three total.
Get the full webinar summary on event pricing strategies in this eBook: