The Price is Right! Or is it?
A Tip to Help you Set Ticket Prices at your Next Event
Finding the right price for your event tickets is one of the most talked-about challenges amongst non-profit organizations. There are a lot of factors that come into play. First and foremost, you need to cover your costs — such as food and venue costs. While silent auctions, raffles, an open ask, and other components of your event will help you raise money for your cause, the initial ticket price is still a big contributor to helping you reach your fundraising goals. For this reason, setting ticket prices is an essential piece to event planning that should be handled with a specific strategy.
To help you establish a good strategy with your ticketing pricing, let’s take a look at a common scenario that many organizations run into when they go to set their ticket prices.
PROBLEM SCENARIO: Organizations will often discount their ticket prices when the event date gets closer. This is NEVER a good idea. Once you do this, you are essentially “training” your donors to wait until the last minute to get a good deal at your events. Along with that, you will create a lot of stress for your staff when a surge of last-minute ticket sales come flooding in.
SOLUTION: Offer “early bird” tickets. When your organization picks a ticket price that makes sense for the event on hand, charge this price up until a certain date. Let your donors know that after this set date, the tickets will go up to a higher price. Be specific. Here’s an example of how this offer can be clearly stated: Early bird ticket prices are $125 per person until November 1st. After November 1st, all tickets are $150 per person.
Setting up an early bird special will incentivize your donors to buy tickets early. This will also help give you a jump start on your numbers. Early bird tickets also ensure that your event does not come off as “cheap.” When organizations go the opposite way by reducing ticket prices closer to the event, it gives off an air of desperation for attendance. This is never a good look that will likely prevent many of your top donors from attending the event and worse yet, they might even choose to attend another charity event with more allure.
If you are looking for more tips and insights on setting your ticket prices for your next fundraising event, reach out to us at AmFund today. Our friendly and experienced Development Directors help raise funds for hundreds of nonprofits every year. We look forward to learning about your worthy cause!