A counterintuitive: selling tickets because you need revenue
A few weeks ago, a series of "professionals" deemed the strategy of waiting to sell tickets to one's event as "crazy!"
On the surface, that might be a fair assessment. Yet, as you dig deeper into delayed ticket sale strategies, things become interesting.
(As a side note, if you hear something you think is crazy, impossible, or improbable: always dig deeper with intelligent questions!)
I'll admit, delaying the sale of event tickets is a bit counterintuitive. So I ask you to consider the following:
If you have to sell tickets immediately to start generating money to pay your event bills, you're compromising your total potential revenue.
You might be thinking, "that doesn't sound right!"
Smartly delaying your event ticket sales gets down to leveraging a strategic pricing model. That means, to maximize ticket revenue, you need the right mix of ticket demand and timing.
Developing a strategic pricing model is a very complex and sophisticated process. So for today, we'll take a very high altitude view. If you'd like me to delve further into the subject of strategic pricing, reply to this email.
Here's a short intro on strategic pricing strategy.
Ideally, events should already have seed money from cash in their bank account or sponsors. When you have "money in the bank," you can be more methodical and systematic with your ticket sales.
If you don't have cash on hand, you need to have a proven system that allows you to precisely forecast and generate ticket sales.
Here's an example.
Years ago, an outdoor event client believed that they had to have tickets on sale for an extended period. In the client's case, 10 to 11 months of ticket sales before their event. Most event organizers falsely assume, the longer you have tickets on sale, the more revenue you generate.
That is not the case.
Previously, without a strategic pricing strategy, the client above sold $100,000 USD of tickets to their outdoor event over 73 days.
Last year, with COVID and a meticulous pricing strategy, the same client sold $100,000 USD of tickets in 23 minutes and 18 seconds. All without a dime spent on traditional advertising, as crazy as that sounds.
My advice to you. Never put tickets on sale, "just because." Always have a sound strategy in place, and it will pay you in spades!
If you have your own ticket sales start, please share it in the comment section below.
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