When "SOLD OUT!" is bad of your event
Yes, you read the title line correctly.
Today, we'll look at how selling out your event could be potentially undesirable. If you're thinking to yourself, "Eugene, that doesn't make any sense!" Please read on ...
Several clients have sold out their events well in advance. At the time, it was a badge of pride for me. In hindsight, that pride was a mistake on my part and provided for a valuable lesson!
Think about what "SOLD OUT" means. There are no more tickets available for purchase. And thus, no more potential ticket revenue.
If you're thinking, "just put more tickets on sale!" That's not recommended. Here's why. I had a client put more VIP tickets on sale a few years ago, after selling out all their VIP tickets. (Against my recommendation.) They put more tickets on sale and were called out by their own customers.
Paraphrasing what an upset customer said, "why did you tell us the event was sold out?!?! I went out of my way to buy tickets, and now you're making more tickets available."
Back to the "SOLD OUT" is a potentially harmful issue ...
There are two particular lessons gleaned from selling out tickets ... too early.
Here's the scenario: You put tickets on sale, and they sell out in less than an hour, months before your event. With little to no advertising or marketing.
What does that tell you about the tickets being sold?
Two things ... It could be that there are too few tickets available. Or that your ticket price is too low.
If you raise your ticket price and take longer to sell tickets, you'll generate more revenue. All for the same number of tickets sold. In one instance, there was an outdoor specialty event that could have doubled their VIP ticket revenue and still sold out!
Raise the number of tickets being sold (if the venue can handle it), and that means even more revenue for your event.
Raise both price and quantity, the result is multiplied ticket revenue. What the finance geeks call, "Price Volume Mix!"
If you're selling your tickets out very early or very quickly, temper demand with higher prices and more ticket quantity.
Want to "smartly" sell out your next event? Check out the articles below: