Event Pricing Strategies That Work
Psychology of Pricing
Pricing isn't just about covering costs - it's about perceived value. The right price signals quality while remaining accessible to your target audience.
Pro Tip
Price endings matter! ₦4,999 feels significantly cheaper than ₦5,000 even though it's only ₦1 difference. Use this psychological trick to your advantage.
Tiered Pricing Strategy
Offering multiple ticket tiers allows attendees to choose based on their budget and desired experience. This strategy maximizes revenue across different segments.
- Early Bird - 30-40% discount, limited quantity, creates urgency
- Regular Price - Standard offering for most attendees
- VIP/Premium - 2-3x regular price with exclusive benefits
- Last Minute - Slight increase to capture late deciders
Dynamic Pricing
Adjust prices based on demand, time remaining, and inventory levels. Popular in the airline and hotel industries, this strategy is increasingly used for events.
Important
Be transparent about price changes. Announce that prices will increase on specific dates to avoid frustrating attendees.
Strategic Discounts
Discounts can drive sales when used strategically, but overuse devalues your event. Use them purposefully.
- Group discounts (4+ tickets) - Increases attendance
- Student/Senior discounts - Expands accessibility
- Partner/Sponsor codes - Leverages existing networks
- Referral bonuses - Turns attendees into promoters