Pricing Strategy for Conducting Conference Event
After the hard work of months, planning and making different strategies, now your conference is ready for marketing. You know the needs of your market and customize your all plans according to it. Now you have to map what you will charge your guests for conference to get pay back.
It’s very critical decision because if you will set price too high then there is a risk factor of very low attendees. If you won’t set the prices people then there will be loss and whole work will fall down like a big mountain. Now you have to sketch to diagram all possible pricing schemes. Few possible approaches are as below:
The trade Approach
The most fundamental approach is to calculate all charges, add profit into it then divide it by minimum attendance of people. This method is used by retail companies from many years; there is nothing wrong in using it. But you must know the exact numbers and figures. The cost of venue, audio video charges, decoration and catering services will not included in it but food cost will affect the whole scenario. Your all costs will be covered by minimum things.
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How to Organize Public EventsCheck latest Market Pricing
When you will set your conference fee then you have to check the current market as well. This will reveal you what people can afford and what not. It is totally different with trade approach because it focuses on admission fee. Work properly to organize conference within the budget you have. Market price depends upon the supposed values. People will not handover money to you to attend the event. You have to put some extra efforts and shed some sweat to sell ticket.
Less admission Pricing
There is a level pricing mold which offers some extra benefit to the people who wants to pay more. A main ticket will offer people to sit in general area and normal refreshment. Te next level will sit at major place. The VIP people will be having exclusive room and offered with lunch or dinner during the conference. Create different levels to fulfill all demands.
Motivation
You can also create some motivation and encouragement to people to get ticket at some minimum time. The people who get registered early can get many benefits and offers. In this way you will be able to cover your fix cost to make more money at the end. Make bounty for the late registration, if you are also offering food in your conference. Because many catering service ask extra charges if you change anything before the final date. Get additional fees from late registration to cover all your losses.
Worth exploring:
Sign Posting Policies to Manage Conference FlowAfter Event Access
Make an online record of your conference without affecting the marketing of your event. There will be some people who after seeing the recorded version won’t like to attend the conference. You also need the recording equipments and hosting charges. It’s better to do online access for event rather than recorded event. In other case charge some fee to see recorded version for non participants.
The most important elements of pricing models are pricing plans and predictable cost. Do lot of research before implanting pricing scheme of your conference event.
