The Psychology of Ticket Prices
It has been said that consumers buy with their emotions and justify their purchases with logic. The previous ideology can also be applied to event ticket prices. I’ve seen ticket prices that range from a few dollars to hundreds and thousands of dollars. High ticket prices aren’t a barrier if the consumer convinces himself that the purchase price equals or exceeds the time value an event offers. It’s critical for event marketers to convince their customers on the value of the event experience.
Consider the Following:
“Why do you think people buy the Mercedes Benz automobile in America? Is it because of the rack-and-pinion steering or the ABS braking system or the safety features? Other cars have the same features, so why spend a fortune to buy one when, for a fraction of the cost of a Mercedes, you can get an American- or Japanese-made car or even a Volvo that has many of the exact same features?
The answer: We buy on emotion and justify with logic. When I first bought a Mercedes and my friends saw it, I told them that the reason I bought it was because of a series of technical features that I found very impressive. The real reason I bought the car was not for the technical features at all. It was an emotional decision. I wanted to own a prestigious car and belong to the select group that drive Mercedes.”
(Triggers , Joseph Sugarman)
Where is Your Advertising Focus?
How many times have you been subject to event advertising all about the event date and location and not about the event itself? Yes you need to let people know when you event it happening. At the same time, you need to focus on what type of experience you are delivering to the consumer before they enter your event. You need to convince the consumer that the ticket price is exceeded by the value you are delivering.
Consider Disney
Last year I travelled to Disney’s EPCOT Center. It was almost $70 USD for an admission ticket into EPCOT. That’s a pretty steep price for a day of entertainment. Yet, Disney delivered on the face value of the ticket price. Disney’s theme park advertising focuses as much on “Here we Are” as “Here is What You Get.” Think about ways you can integrate “Here is what you Get” into your event marketing.
Offer a Unique Experience
In some cases you can sell a ticket for ten fold what a regular consumer would pay. Consider the possibilities for affluent marketing. There are consumers that are willing to pay a very high price for a truly unique experience. A unique experience might be a VIP package where patrons get to interact with event performers or other VIPs. You’re missing an opportunity if you don’t market to the affluent segment of your target market.
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