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Best Event Pricing Strategies to Boost Your Revenue | GEVME Blog

Price is an integral stage of event planning process. Proper pricing allows you to accrue more revenue and to increase sales of event tickets. If your prices are too high, they may scare away your audience. On the other hand, pricing tickets too cheaply can decrease the rate of your event or attract an unwelcome crowd. Hence, your pricing strategy should be in harmony with various factors to achieve the success of your event. The following data will help you answer the question as to how to determine event ticket prices.

General Admission Event Pricing
The meaning of general admission refers to areas, which are not booked or assigned, of a particular event. These can include both standing areas and seats. The most popular general admission events are the open-air festivals or concerts. General admission also includes such types of presence as a pit, lawn, and standing room only. All these types exclude any seats on an event.

How to Calculate
When setting the pricing of a general admission event, a number of factors should be taken into account. But let’s start with the most important formula to estimate the breakeven point of your event. To calculate the price of one ticket you need to divide your event total costs by the number of visitors. At first glance, this equation is as simple as pie. The most difficult part is calculating the total event costs, as well as forecasting the number of attendees.

Arranging an event requires various types of costs to be considered. For example, take the costs for marketing, renting a facility, operational costs, the cost to print tickets, local or state taxes, all unavoidable costs, etc. It’s recommended that you create a road map of all costs related to an event, including transportation, staffing support, equipment rental, catering, etc. The sum of all these expenses is the total cost for an event.

The next step is to forecast the number of attendees for your event. This is probably the most critical point of the calculation because of the lesser a number of attendees, the higher the price of a ticket. Your aim is to get the cheapest price possible because you can always increase the price to earn more profit. Unfortunately, too low a ticket price will cause loss of profit. So, to predict the number of visitors to your event, you need to do market research and polling on social networks. These activities will help you understand the approximate amount of attendees, as well as the desirable price of a ticket.

The most accurate calculation of the ticket price also requires considering additional factors such as target profit, a number of events, number of seats, etc.

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Best Event Pricing Strategies to Boost Your Revenue – GEVME Blog.