How do you sell a million dollars of advance tickets to an outdoor event (with a horrible weather forecast)?
You start by offering tickets at a massive discount ... smartly!
One of the biggest fears I hear from new outdoor event clients when suggesting a massive ticket discount strategy is, "we'll lose all our money!" If discounting is not done correctly, then you could lose a lot of money. That's why you must use a discount pricing strategy.
A great way to protect your ticket profit, even with deep discounting, is by blocking your discount event tickets. Ticket blocking means you limit your discounted ticket offerings to a certain number of tickets at a given percentage off. As an example, you can decide to sell only 500 tickets at 50% off.
Once that block of ticket sells out, the price automatically goes up.
Each event is going to be a little different in terms of how many tickets you should discount and at what price. Selling tickets in blocks requires insight into your ticket buyer's behavior.
What are the numbers of tickets that people purchase 30, 60, 90, 180 days before your event? How much revenue is that worth to you at those intervals? When are most people buying tickets for your event?
Having carefully looked at ticket revenue data for dozens of outdoor events over the last 20 years, certain outdoor event niches sell 50-60% of their tickets within 10 days of their event.
The deep discount strategy is considered absurd to many. It has also led all my clients to record advance and overall ticket sales. Including a 40% increase in revenue that started with a 50% ticket discount.
Get your marketing math together and take a look at what you can do!
Want to get more event ticket strategies? Check out the links below: