If the event you are planning is ticketed, increasing ticket sales and attendance are likely the focal point of your priorities. These are goals that can be significantly hard to formulate into executable plans. Developing a promotions strategy that generates enough interest early on and sustains the momentum until the last ticket is sold and the last person registered is a hard albeit achievable and satisfying thing.
To achieve an effective working strategy and subsequent long-term growth, you have to be very innovative. This is the mantra we live and breathe here at Peepalike. We are more than enthusiastic about helping event organizers to create the memorable experiences necessary for building and sustaining their business. Our platform has a wide range of resources on improving ticket sales and related marketing strategies. Here are some of the best strategies we have chosen for you from our experience in the past year.
Increasing your Target, then Breaking it Down
the process of doubling revenue starts with establishing a general target, articulating it in absolute numbers. Then, it proceeds to working towards creating smaller milestones for reaching the overall target. This example probably explains this concept better. You have an event that previously brought in $10,000, which you would like to double to $20,000. The monthly goal here is $1,000. If the event is held weekly, the target would be $200 per event. This is an example of setting realistic expectations, a strategy that has proven effective for many event organizers.
Doubling Down on your Most Effective Channels
Examine the analytics for your previous events. This can be done by accessing the Peepalike dashboard and any other software platforms used in the process. The dashboard has a wealth of analytics information, including the number of tickets sold using each of the campaigns used and the marketing efforts that have generated the highest sales. In our experience, social media, email, and partnerships are the most effective tools available to event organizers.
Knowing the most effective channels is the first step to thinking and acting creatively, especially about the strategies for maximizing the effectiveness of the channels. One simple strategy involves using the most effective channels more frequently. However, sometimes this is not necessarily a viable option, especially with channels such as email. In such a case, improving the quality of the most effective channel(s) is the next best option. In the case of email, testing calls to action and subject lines or adding images to messages and sending them at different times can add to the quality. The key here is to experiment with the different ways of adding value to the channels in ways that benefit the message recipients.
This is a particularly unpopular strategy for consumers and businesses in general. Nevertheless, inflation is an ever-present reality. In any case, most loyal customers are likely to understand such a move and continue to support your event. However, this strategy should not be overly relied on since it can have a detrimental impact on demand. For example, a 100 per cent increase in price is likely to be perceived negatively. Conversely, the impact of a 25 percent increment on demand is likely to be minimal. The key here is to be fair and spend some of the added revenue on marketing and the event, focusing on providing a more premium experience worth the added cost.
Higher-value Ticket Tiers
A general price increase is definitely and understandably an uncomfortable decision for most people. However, an additional option isn’t. A survey conducted by Peepalike shows that including a premium ticket option to an event is an excellent and productive pricing approach for increasing revenue. Some options here include early access, VIP, and free drinks tickets. In such cases, most customers tend to opt for the more highly-priced ticket.
Lower-Value Pricing Tiers
This is the opposite of a higher-value ticket tier. Some options here include digital streaming, half-day, and restricted access tickets. Loyal customers will still pay for the entire experience. However, the cheaper option provided will attract the people that are undecided or financially restricted.
Appealing to segments beyond the primary audience is one of the best ways to increase ticket sales and attendance, and thus revenue. The new audience does not even have to be completely different. The main goal of this strategy is to a peal to new albeit related audience segments without necessarily alienating the primary audience. It is a classic way of increasing event offerings without necessarily lowing value.
Increasing Marketing Channels
based on the research we conducted here at Peepalike, most average events use up to four marketing channels to fulfil their promotional goals. This implies that most event promotions strategies do not exploit the advantages offered by many other channels. It is important for promotions strategies to experiment beyond the channels they normally use and constantly choose and invest in the ones with the most viable promise of returns on investment. Some options here can include paid social media advertisements, Spotify, Instagram, and Search Engine Optimization (SEO).
Peepalike has an innovative events marketing platform in the form of Peepalike Boost, which allows users to manage and promote advertisements across all social media platforms and email. This is a particularly excellent option in case one wants to use Peepalike for ticket sale purposes. Peepalike Boost allows event organizers and promoters to initiate campaigns on different channels and analyze their performance by tracking metrics such as page views, advertisement revenue, follows, and likes, among others.
Partnerships and Sponsorships
Finding and collaborating with like-minded partners is one of the most effective ways for cross-promoting and sponsoring an event organically. The sponsors and promoters may be motivated by interests such as exposure or affiliation, among others. Others may be independent ones that can be offered free tickets. Either way, this approach is effective for networking and engagement.
Incentives and Referrals
This strategy involves mobilizing existing customers and maximizing the content they post about your event. However, some fans might need incentives, which can be provided in exchange for referrals. The incentives and rewards ought to be calculated and aligned with the audience, desired price points, and the overall payoff. It is definitely a good way of increasing sales.