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EVENT PRICING STRATEGIES
Digital Content Manager at ACTIVE Network

When it comes to pricing strategy, one size does not fit all! Selecting the correct pricing strategy can have a vast impact on your revenue.

Using our expertise and industry experience working with endurance event organisers, we have come up with the top 5 essential elements of creating event pricing strategies.

Keep your eyes on the prize

Setting targets for your race registrations and revenue is extremely important. If you’ve organised a similar event in the past, you should aim for an average increase of 10% on your registrations. As mentioned previously, all events differ, and as such your pricing strategy should take these differences into account when setting your goals. Read our whitepaper on Event Pricing Strategies to aid with creating your event strategy.

Don’t give them an excuse

Although the World’s not going to end any time soon, it’s vital that you create a sense of urgency when it comes to your event registration. Having limited capacity and offering pricing incentives is a great way of enticing participants to register for your event early on and can eliminate their excuses or reasons not to register right away.

Open for business

Deciding when to open your online race registration shouldn’t be an afterthought. Depending on the type and size of your event, choosing the correct time to open your online registration could be vital to boosting your attendance figures and increasing your ROI. The Event Pricing Strategies whitepaper will help you determine when to open your event registration, whilst our ROI Calculator tool will help you put metrics and value to your financial outlay or investment.

The price is right

It’s not a game show, eliminate guesswork and don’t leave your pricing structure to chance. Like events, participants differ in opinion when it comes to fees and as such it’s virtually impossible to come up with a “right price”. A successful pricing strategy takes these differences into account and provides different pricing options to cater for those who are extremely price sensitive and the participants who don’t complain. Get help setting your price points with the Event Pricing Strategies whitepaper.

Take a break

Offering price breaks and their frequency will really depend on the type of event that you are organising and the targets and goals that you set out at the start. Some events may change prices on a monthly basis whereas others may only offer two or three changes throughout the registration period.

Conclusion

Download the Event Pricing Strategies whitepaper and ROI Calculator to create a pricing strategy that will increase your attendance have a positive impact on your revenue.



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EVENT PRICING STRATEGIES