Many events are not profitable due to the lack of developing a pricing strategy. As entrepreneurs, we have to get in the habit of realizing that sometimes less is more. You have to shift your mindset from “What’s the lowest most affordable price to charge for my event so that I can get a lot of people to attend?” to “What level of value will I be providing for my event? Low, medium, high, or premium?” and then set your ticket price based on the value being provided. You don’t need to have 100 plus people to attend your event for it to be successful. There have been tons of intimate events with 30 people or less that are more profitable than events with 100 plus people.
Let’s do a breakdown of multi-level events:
PRICING
$197 x 50 = $9,850
$397 x 40 = $15,880
$997 x 15 = $14,955
$1,500 x 10 = $15,000
This example here proves that providing a higher value and extending your event to fewer people can yield better results. So take some time to brainstorm on what your premium and/or signature event will be for your business.
Now keep in mind that if you are going to charge $397 then you have to provide value on that level. Don’t charge $397 for an event and teach them strategies they could have found on Google in a matter of minutes.
VALUE
When hosting premium events you should be offering premium value. I recommend actually over-delivering in content. Have you ever been to a high-value event and left saying “That was an awesome event. So awesome that I would have paid double the price.” That’s a great feeling and that’s how you should want your attendees to feel.
I know you’re wondering how do you over-deliver. You have to drop all your gems or at least some of your top ones. Give your audience all the tips, tools, tricks, processes, resources, action plans, action steps, templates, and strategies they need. Provide 1 on 1 sessions or host a VIP ticket option that will be available the day before the actual event. Walk through all the strategies step by step with them. Allow them the opportunity to ask any questions they may have. Help them develop their blueprint and teach them how you were able to create yours.
DECIDE ON A TOPIC/THEME
Now it’s time to pick the topic and theme of your event. The best way to determine this is by identifying what you are an expert in. Many times entrepreneurs host events based on trends and hot topics, which sometimes can be misleading to your audience. If you are a content marketer, but hosting women empowerment brunches, how is that helping your target audience? Focus on what you are great at and what your audience is currently struggling with.
For example, my expertise is event planning and anything that I teach is typically focused on planning successful events, how to create an event profit plan, event marketing, and how to increase your credibility in your industry through events. You would be totally confused if I started hosting events on how to design a website. So make sure that you stay in your lane and do what you are good at.
A good strategy to determine your next topic or theme for your event is to ask yourself these questions:
What are you an expert in?
What content of yours gets the most engagement?
What current products/services are selling the most on your website?
What are your target audience’s pain points?
What are they currently struggling in?
What do they need to get to the next level?
Answering these questions will allow you to conduct an audit on your business. Next, send a survey to your audience so that you can get answers to some of the questions you may not know like their pain points and struggles. You can also create polls in Facebook groups to get answers to some of your questions. The last thing you want to do is host an event that no one needs.
Share below the first steps you will be making this month to complete the exercises above.
If you need additional face-to-face help, sign up at bit.ly/premiumeventswebinar for my free exclusive webinar on How to Scale Your Business With Premium Events.
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