Deciding how much to charge for your race entry fee is a crucial choice every race director must make. Overcharging can negatively impact registration numbers, and undercharging can undervalue your race in the eyes of potential participants. Whether you’re starting a new race or reevaluating a longstanding event, knowing how to set the price point can make or break your event registration.
As you consider pricing your race entry fee, ask yourself four key questions:
What are comparable events in my area charging?
Take a look at other race events in your area and see how much they’re charging. Make sure you take into account race distances, event features and target demographics. For example, if an event includes a concert and giveaways, its entry fee may be higher. At this time, you must also decide whether to position your race as a value, a high-end event experience or somewhere in the middle.
What are events around the country charging?
If you’re trying to pull in participants who are race tourists, you’ll want to research what they’re expecting to pay for similar events in other parts of the country. You may be able to position your race as a less expensive alternative to similar destination races in more expensive parts of the country. Alternately, you can highlight your more upscale offerings in comparison to races with fewer perks.
What are participants willing to pay?
Determining the amount that participants are expecting and willing to pay for a race registration is not an exact science–but with the right data, you can make an educated guess. Begin with what you have already learned about what other races are charging, both in your area and elsewhere in the country.
Next, you need to know how well those races have done historically. This information may be difficult to find but searching for the races in the news can offer clues. Check out the events’ social media accounts, as well, for photos of past race turnouts. And don’t forget to examine your own records to determine the effect that price has had on your registration numbers.
What are the other ways I’m covering my costs?
Finally, race registration is not going to cover all of the fees and costs for your event, including permitting, equipment, race bibs, timers and more. Take stock of your sponsorships and donations as you evaluate pricing options.
While the decision about how much to charge for your race entry fee is your call at the end of the day, having the right information will give you the confidence you need to know you’re making the right choice.
Ready to learn more? Download our free white paper: Event Pricing Strategies That Make a Big Impact.