How to Utilize Creative Pricing to Increase Attendance
The prospect of snagging a great deal is exciting and influential and saving money on event registration fees is no different. For years, successful event planners have implemented creative pricing structures to influence their target audience to lock in registrations. What do we mean by creative pricing? Offering strategic discounts throughout the sales cycle in order to increase overall event attendance! We’re showing you how different pricing structures can benefit you when it comes to securing the right audience for your next event.
Start Early and Create FOMO
Never underestimate the power of the Early Bird discount. Many companies have strict budgets specifically for events that are set in Q4 of the previous year – which means when it’s time to register for your event, that money may or may not be available. Offering an Early Bird discount not only makes it possible for companies with budget constraints to attend, it allows you to get an idea of who will be attending early on in your planning process. Another perk to the Early Bird discount? It gives you fodder for your early social media and email content, starts a dialogue about your speakers and agenda, and generates interest about the latest and greatest topics your attendees can discuss. Creating a “fear of missing out” scenario subconsciously instills a sense of urgency that your target audience can’t avoid.
Try the Tiered Approach
Slowly increasing registration prices is another way to not only lock in attendees early, but you can create a better dialogue with your audience as deadlines approach. With tiered pricing, you may elect to increase your registration price bi-weekly or monthly – starting with the Early Bird discount, then creating new deadlines for different price points, up until you reach the full price just days before the event. Offering all of the pricing tiers up front allows for potential attendees to see what waiting on registering could eventually cost – and influences them to act early to save money.
Flash Sales and Social Media Promos
Have some fun with your registration! One-day sales and social media promotions are a surefire way to create urgency to register. After sending out a few emails throughout your event marketing campaign, no doubt you’ve got at least a few people who just haven’t pulled the trigger on sending in their registration info. A surprise 24-hour sale may get them over the hump and in turn, secure that registration for you.
? Tech Tip: Using an online registration system that allows for multiple promo codes is essential for organizing promotions from several sources such as social media and email marketing.
Exclusive social media promotions are another great way to hone in on a specific audience – in general, people tend to buy when they feel like they’re in on something special. Offering a discount for people who share a post, comment, or participate in a survey can help you to measure interest level and generate additional leads for your marketing efforts. Each interaction on social media is another foot in the door for potential registrants!
It’s human nature to seek the best price possible, no matter what we’re purchasing; the same goes for event registration! Tapping into these behaviors not only increases your overall event attendance, but give you the information you need to better market and promote your event – now and in the future.