The Psychology Behind Ticket Prices
It’s time to talk numbers. Don’t worry, we won’t be diving into an overly complicated financial discussion. Specifically, we just want to focus in on the ticket prices that you assign to your fundraising events. This step in the planning process can be crucial to the success of your event. You don’t want to under value your event, and you certainly don’t want to over charge. Both scenarios can cause their share of problems. With this in mind, let’s take a look at the psychology behind ticket prices and how you can land on the right number for your event.
Landing on the right number
Once you work out your costs for the event — such as food, venue and staff costs — you should be able to come up with a ticket price that covers your costs while also providing you with some profit as well. But keep in mind, much of your profit will come from fundraising activities at your event, such as a silent auction on raffle tickets.
Now that you have your ticket price, stick with a round, half or quarter figure. For example, go with $200 instead of $195. Your supporters will feel like they are “nickel and diming” with $195 and not giving a proper donation.
NEVER decrease ticket prices
Dropping the price of your event will give people the impression that your event is now a lesser event when it comes to quality.
People are more likely to remember a drop in price because of the negative connotation that comes along with it. Let’s face it; a sudden decrease in price will make your organization look desperate! You also won’t be doing yourself any favors when it comes to covering costs. Remember, no matter what you do with your ticket prices, your costs won’t be any less!
Early bird registrations set the stage
When it comes to the psyche of ticket prices, early bird registration is usually the best way to go. You set an early bird price and then increase the price after a specific advertised date.
You can even advertise ticket prices to be a little higher at the door on the day of the event. This kind of pricing set-up markets your event in a way that allows tickets to be in demand the closer you get to the event.
When it comes to setting ticket prices and planning other essential details of your next fundraising event, we at AmFund are where to help! Contact us to learn more about how we can work together to make your next fundraising event a success!