Last weekend a colleague of mine was telling me about a simple ticket strategy that sells a lot of advance sale tickets. The crux of the strategy revolves around discount tickets for their event. Their advance sale tickets are discounted up to 50%. Year after year my colleague successfully leverages the same discount ticket strategy to drive advance ticket sales through the roof.
Currently it's late February and the event mentioned above doesn't take place until early August. They've already sold over $30,000 worth of advance sale tickets and the event is still six months away! As the event date approaches the ticket discount is gradually reduced until all tickets are full price. The discount ticket strategy works really well for the event organizer because most people wait until the days leading up to the event to buy tickets.
Don't Be Afraid to Discount Your Ticket
Too many event organizers are constantly giving excuses as to why they can't discount their ticket prices. Some of the excuses include “If we discount, we're giving up potential revenue.” or “That might work for some other event, but it's not going to work for us.” Yes, you're giving up potential revenue when you discount your ticket price. But if done properly - you can put boatloads of cash into your coffers before your event begins. Ticket discounts should be used early in your event sales process. Discount tickets should NOT be used anywhere near your event. If you're using discount ticket prices right before your event just to get people to show up - you've done something very wrong with promoting your event.
Block Your Tickets
One way to mitigate the “we're going to lose revenue if we discount” fear is by blocking your tickets. When you block tickets you only offer a certain number of discounted tickets. When the ticket block is sold out the discount is ended. You can also use promotion expiration date as an extra safety net. Below is sample copy you can use for doing a discount block ticket promotion . . .
“BUY NOW and get 50% OFF your ticket. Because of this HUGE discount there are only a limited number of tickets available. One last thing - The discount is only good through (Date) or until the limited number of tickets are sold out, so don't wait to buy your tickets and save BIG!”
Every event planner and organizer should take a long hard look at discount ticketing as a way to boost advance ticket sales. It might seem like you're giving up a lot of revenue at first, but when you see how the numbers play out, it's hard to deny the results.
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