Over the years I’ve seen so many Small Businesses sell out for much less than…
The Price Is Right: How to Price Your Next Small Business Event
Well done on venturing into the rewarding world of running your own business event. When executed correctly, events can help you sell one-to-many instead of traditional one -to-one sales techniques. Imagine a room full of your ideal clients, how powerful could that be for your business?
So when it comes to selecting the price you place on a ticket to your event, is setting the price to cover your costs a mistake?
In one word… yes.
Trust me; I know the dollars add up very quickly. Venue hire, catering, audiovisual and online credit card fees (to name a few) make it very tempting to set your pricing to cover these costs.
But I beg you; please stop there. Take a step back and remove those dollar signs from your thinking process for a minute.
When pricing to cover costs, you have lost sight of the most important factor…the guests at your event.
Why do we hold events? Who are they for? They are for the people in the room of course. Your potential clients, your current clients and future clients. This room of people is vital to your business, so why aren’t you thinking about them when setting a ticket price for an event you want them to attend?
Pricing to cover costs is extremely common and yes with some events, mainly charity based events, there is the necessity to cover your costs. For business seminars, workshops, training and information sessions, it’s all about the value. The value of the content you are going to share and how that information is going to benefit your ideal guest.
Ask yourself, or better yet ask your ideal attendee. What would they pay to attend your event? What value do they place on the information you are going to share with them? What price is too much and as equally important what price would seem too cheap?
It’s also a great idea to research similar events in your industry and also other industries. This can provide ideas on what is out there and ideas on how you can step it up and offer more value, having a point of difference will allow you to increase your ticket price.
For business seminar-style events, it’s not about making a profit from ticket sales. It’s about the end game. Would you like to convert 10% of the people in the room into clients? Are you educating your current clients which result in them remaining a client and staying loyal to your company? With the end game in mind, your focus shifts towards pricing your event to fill the room to reap greater business rewards.
My advice would be to call a few of your clients or industry buddies, send them your event invitation with your intended price on it and ask their opinion. Take the time to do this initial research and I have no doubt it will help increase the number of tickets that are purchased.
Remember, it’s all about your guests. Make your event decisions with them in mind and you are on the right track.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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