Pricing event tickets can feel like a guessing game. Charge too much, and you scare people away. Charge too little, and you might not cover costs—it’s like planning a Nigerian wedding on a budget when you have a Nigerian mum. So, how do you find that perfect number?
The truth is, setting ticket prices for events is both an art and a science. (Not the mix of chemical and literature, chill!) You need to balance affordability for attendees while ensuring your event remains profitable. It’s not just about picking a number—it’s about understanding your audience, calculating costs, and using smart pricing strategies.
Let’s break it down. Let me teach you, for FREE, how to set ticket prices for events, make ticket pricing easier, and maximize attendance and revenue without losing your mind, their mind, and our minds. Let’s go!
1. Know Your Costs Inside Out
Before setting any price, you need to know exactly what your event will cost. Think venue, speakers, permits, catering, entertainment, marketing, staff, and any unexpected expenses (because they always show up uninvited). Once you have the total cost, decide how much of it needs to be covered by ticket sales.
2. Understand Your Audience’s Willingness to Pay
How much would your ideal attendee be willing to pay? Who are your target audience—are they 9-5ers jumping buses, big tech gurus, ringlight creators (sorry, content creators), etc.?
Research similar events, conduct surveys, or check previous ticket sales data. The goal is to find a price that people see as valuable but still reasonable.
3. Choose a Pricing Model That Works for You
There are different ways to structure ticket prices:
- Tiered Pricing: Early bird, standard, and last-minute pricing to encourage early purchases.
- Group Discounts: Encourage attendees to bring friends by offering bulk deals.
- VIP & General Admission: Offer premium experiences for higher prices while keeping standard tickets affordable.
- Pay-What-You-Want: Works best for charity or community-driven events.
4. Consider the Perceived Value
People are more likely to pay higher prices if they believe they’re getting value. Highlight what makes your event worth it—exclusive access, networking opportunities, top-tier speakers, freebies, or jollof rice and Coca-Cola? Pricing isn’t just about numbers; it’s about perceived experience.
5. Factor in Hidden Costs
Transaction fees, platform fees, and taxes can eat into your revenue. Decide whether to absorb these costs or pass them to attendees. Some ticketing platforms (like Yeerlo) offer transparent pricing, so you don’t get unpleasant surprises.
6. Test & Adjust Pricing
Experiment with pricing strategies. If tickets are selling out too fast, you might have set the price too low. If sales are sluggish, consider a discount or a flash sale to boost urgency.
7. Use Scarcity and Urgency to Drive Sales
Limited-time discounts and countdown timers can create FOMO (fear of missing out). When people see tickets selling fast, they’re more likely to buy now rather than later.
8. Monitor and Optimize
Keep an eye on ticket sales and adjust pricing strategies accordingly. If early bird sales are slow, extend the deadline or offer a flash discount. Data is your friend—use it!
Lastly..
How to set ticket prices for events isn’t just about choosing a random number—it’s about strategy. Consider costs, audience, perceived value, and smart pricing tactics to strike the right balance. And if you’re looking for an easy way to manage ticketing and pricing, simply outsource it to us, and we’d cover you!
Now, set those ticket prices confidently, sell out your event, and make it a success. See you in my next one!
