Last month, I received an email about the unique methodology used to promote client events. One part of the email referenced ticket discounts for an outdoor event and said:
"It would also allow us to keep 100 percent of the sales and possibly without the early bird discount."
The irony of the email excerpt from above is that it comes from an organization that's continuously holding events. To be fair, I don't think they're experienced with outdoor events.
Discounting is an often misunderstood ticket-selling strategy. Some of the misconceptions include the notion that you're "giving up margin" on every ticket that you discount. And that is a true statement. But as I often ask clients, "would you rather have 50% of something, or 100% of nothing?"
To be effective, any ticket discounting needs to be coupled with a well thought out strategic pricing model. The model protects margins and maximizes your advance ticket sales.
Recently, a client used discounted ticketing and a strategic pricing model to more than doubled their ticket revenue to an outdoor event. All starting with offering tickets at a 50% discount. Furthermore, that same client drove 83% of their ticket sales as advance ticket sales. And they aren't the only ones. Indoor events employ the same strategy to sell out, before a single person walks in the front door.
Every client that has used a ticket discount (smartly!) has gone on to generate record ticket revenue.
I bring the above to your attention, not to brag, but to emphasize that smart discounting can work tremendously well for almost any event.
Want to get more advance ticket strategies for events? Check out the links below: