Deciding on prices for your events.

One of the most important and lasting decisions that can affect your event is deciding how to price your event. At what price will people walk away after your event thinking they received great value for their money?

There is one primary consideration to deciding your pricing: what's the goal of your event? If your event is primarily an educational conference for teachers, is your goal to include as many teachers as possible or is your goal to make as much profit as possible? IE are you a public benefit or a for profit business.

How expensive is too expensive?

The key is to think about your demographic. A conference for doctors may cost $5,000 to attend, while a conference for vacuum salesmen may cost $100 to attend. Your demographic's pocketbooks, and whether or not their company is paying, is key to determining ticket prices for your event.

Events where a company or association pays are going to be far more expensive than events where individual attendees have to pay on their own out of their own salaries.

Additional Considerations for Pricing Your Event

• Market Trends: Look at pricing trends for similar events in your industry or region. This can help you determine a reasonable price range and ensure that your prices are competitive.
• Event Goals: Consider the goals of your event and how pricing can impact those goals. If your goal is to attract a large number of attendees, a lower price point may be more effective. If your goal is to generate revenue or attract a specific audience, a higher price point may be more appropriate.
• Value Proposition: Think about the value you are offering attendees and how that aligns with your pricing strategy. If you are offering unique experiences, exclusive access, or valuable information, attendees may be willing to pay a higher price.
• Early Bird Discounts: Consider offering early bird discounts to incentivize attendees to register early. This can help you generate revenue and ensure that you have a clear picture of your attendance numbers well in advance of your event.
• Refund Policies: It's important to have clear refund policies in place in case attendees are unable to attend your event. Consider offering flexible refund policies to encourage attendees to register and give them peace of mind.

Conference Pricing Examples

When it comes to pricing your event, it can be helpful to look at pricing trends for similar events in your industry or region. Here are some examples of major conferences and their ticket prices:

Anime Expo

Anime Expo is the largest anime convention in North America, attracting over 100,000 attendees each year. The convention offers a range of ticket options, from single-day passes to four-day badges. Prices typically range from $70 for a single-day pass to $100 for a four-day badge.

SXSW

South by Southwest (SXSW) is a major music, film, and interactive media festival that takes place in Austin, Texas each year. The festival offers several different badge options, including Interactive, Film, Music, and Platinum badges. Prices for these badges can range from $825 to $1650, depending on the type of badge and when it is purchased.

Web Summit

Web Summit is one of the largest technology conferences in the world, attracting over 100,000 attendees from around the globe. The conference offers several different ticket options, including Early Bird, General, and VIP tickets. Prices for these tickets can range from €850 to €8000, depending on the type of ticket and when it is purchased.

Comic-Con International

Comic-Con International is a major pop culture convention that takes place in San Diego each year. The convention offers several different badge options, including Single Day, Four Day, and Preview Night badges. Prices for these badges can range from $50 for a Single Day badge to $276 for a Four Day badge with Preview Night.

National Medical Association's Annual Convention and Scientific Assembly

The National Medical Association's Annual Convention and Scientific Assembly is a major conference for medical professionals, featuring presentations and workshops on topics ranging from health equity to medical education. The conference offers several different registration options, including Early Bird, Regular, and Onsite registration. Prices for these options can range from $200 to $750, depending on the registration type and when it is purchased.

National Association of Realtors Conference and Expo

The National Association of Realtors Conference and Expo is a major event for real estate professionals, featuring educational sessions, networking opportunities, and a trade show. The conference offers several different registration options, including Full Conference, One-Day, and Expo Only passes. Prices for these options can range from $150 to $500, depending on the registration type and when it is purchased.

Keep in mind that pricing for your event will depend on a variety of factors, including your demographic, event goals, value proposition, and more. However, looking at pricing trends for similar events can be a helpful starting point when deciding on ticket prices for your own event.

Strategies for Pricing Your Event

When pricing your event, there are several strategies you can use to attract attendees and increase revenue:

• Early Bird Pricing: Offering discounted prices to attendees who register early can help you generate revenue and encourage attendees to commit to your event well in advance. Early bird pricing can be set for a specific time period or until a certain number of tickets are sold. Some services, like Tixily, have the ability to set unlimited price tiers for your tickets.
• Discount Codes: Offering discount codes to select attendees can help you attract a specific audience or reward loyal customers. Discount codes can be distributed via email, social media, or other channels. This can also be a great way to track referrals.
• Dynamic Pricing: Using a dynamic pricing model allows you to adjust ticket prices based on demand or other factors. This can help you maximize revenue and ensure that your event is priced competitively.
• Bundling: Offering bundled ticket options can provide attendees with added value and help you generate revenue. For example, you could offer a package that includes access to the conference, a networking event, and a discounted hotel room.
• Group Pricing: Offering discounted prices to groups of attendees can help you attract larger organizations or encourage team attendance. Group pricing can be set for a specific number of attendees or based on the size of the group.

By using these pricing strategies, you can create a pricing model that aligns with your event goals and attracts attendees while maximizing revenue.

The Importance of Refund Policies

Having a clear and fair refund policy is an important aspect of pricing your event. Attendees want to know that they have options if they are unable to attend or if the event is cancelled or rescheduled.

When creating your refund policy, consider the following:

• Timeframe: Determine the timeframe in which attendees can receive a refund. This could be a specific number of days before the event or a percentage of the ticket price based on when the attendee requests the refund.
• Reasons for Refunds: Determine what reasons qualify for a refund. This could include illness, family emergencies, or other unforeseen circumstances. It's important to clearly define what reasons qualify for a refund to avoid confusion or disputes.
• Refund Processing: Determine how refunds will be processed, whether it's through the event platform or another method.

Having a clear and fair refund policy can provide attendees with peace of mind and encourage them to register for your event. It also shows that you value their time and investment in your event. One user reported that by having a clear refund policy with simple, easy to access refunds, their sales went up by 30% just by promoting the ease of getting a refund if the customer couldn't attend. While that might not work for all events, some events may want to consider it to help drive impulse sales.