Someone has been emailing out my super-secret ADVANCE TICKET FORMULATM. Previously it was only available to paying clients. The culprit is my "good friend" Roman Yako. He's one of those pompous (self-anointed) super-genius MBA types. And of course, a genuine blow-hard! :-pHey Roman, if you're reading this ... "BUSTED!"
Before I haul him into federal court for stealing and distributing one of my prized trade secrets, read below. Roman’s email contains critical info, he STOLE from me, on selling out any event.
Here’s Roman’s felonious email: (a.k.a. Exhibit 'A')
My good friend Eugene Loj of Event Promotion Systems fame shared the formula he uses to explain how he generates demand for events worldwide.
$D! = A * I3
He’s used this approach to sell $100,000 of tickets to an event in 1 hour and over $1.2M of VIP tickets to events people could attend for free.
And if that’s not enough, Loj is the only person I know that’s sold a $4000 specialty ticket to an air show.
The formula also explains how Rock Concerts manage to sell out within hours of tickets going on sale.
BUT THE BEST THING IS…
None of this is exclusive to the event industry or Rock Concerts.
Any business that sells products or services can take advantage of the fundamentals found in the formula above.
Let’s break this down.
$D! = Demand which represents the potential revenue you could generate.
A = Awareness. After all no one is going to buy from you if they don’t know you exist.
The problem with most of the marketing I see is that the formula for Demand ends with Awareness. Most businesses spend a ton of time and money just “getting in front of people”.
They focus on impressions, reach, subscriptions, eyeballs, population, traffic, visits, etc. but never actively work towards facilitating an ACTION or CONVERSION.
I’m not talking about a CTA (call to action) that’s a trigger and it’s not what I3 represents.
I3 = Interest (I call it tension) multiplies the impact of Awareness in generating Demand.
While most people put tickets on sale as soon as possible, Eugene holds off until almost the last minute while constantly sharing details of the event. The tension (interest) he creates results in record sales. (I know it's counter intuitive and probably goes against every instinct you have but it works)
Cell phone companies regularly announce a new product launch with no ability to actually buy the product. (Sometimes for months)
Limiting an offer to a select segment of your customer base. (Special editions or customer appreciation)
I3 is the reason people line up and even camp out before Black Friday. But it’s not limited to a specific industry or a certain time of year.
Hit reply and let me know what you can do in your business to create more Interest (tension) to multiply Awareness and generate more Demand.
If you’re at a loss, I’ll share some ideas in the next edition of the “Insider Growth Newsletter”. Plus I’ll share another behavioral model that explains how you can combine tension with triggers to get your customers to actually buy.
If you want to send Roman some hate email or check out what he does. Head over to https://www.romanyako.com/. When he's not stealing my stuff, he's a trusted advisor and dope finance dude. Luv ya, Yako!
Want to get more event promotion advice on advance ticket sales? Check out the articles below:
- The Truth About Your Advance Ticket Sales
- Event Marketing Idea: Blocking Your Tickets
- Smart Advance Ticket Strategies
- Event Promotion: The Psychology of Ticket Prices
- Leveraging Huge Ticket Discounts to Drive Advance Tickets Sales
- How to Sell Even More Tickets to Your Event
- When to Start Selling Tickets for Your Event
- Charging a Premium Event Ticket Price
- Getting Them to Buy Tickets Early