Tips for Pricing Tickets to Your Next Event
If you are putting on a play, a sporting event or any other type of event open to the public, you will likely incur expenses to do so. For instance, you may need to pay employees, pay people to appear and pay for other incidental costs. By selling tickets, you can lower the cost of a game or play. In some cases, you can even make a profit by doing so.
Charge Based on Where People Are Sitting
In most arenas or stadiums, you pay more for the right to sit closer to the action. While you may sell fewer tickets at a higher price point, people typically associate paying higher prices with wealth or prestige. In fact, you may want to add special perks for those who buy the higher priced tickets to make them feel like they are part of an exclusive club.
What Are People Willing to Spend?
When deciding how much to charge for tickets, it never hurts to ask the community how much they would be willing to spend. You can do this by conducting a focus group or by conducting an online survey. By setting prices as close to what people say they will pay for tickets, there is a greater chance that they will sell in a timely manner.
What Are Your Financial Goals?
You should consider how much that you want or need to make when determining ticket prices. For example, you could decide that it is necessary to break even after accounting for the cost of seating riser rentals in Las Vegas or paying for food. You could also determine that you want to make a 10% profit, which may make it easier to run the event again without selling tickets.