The event industry is making a comeback after several years affected by the pandemic. Today, more and more people are looking for unique and memorable experiences when they attend to an event. For organizers and promoters, the big challenge is to get attendees to be willing to spend more money on their ticket or to repeat at future events.
One of the most important metrics to measure the success of an event is the average ticket. When we increase this figure, we get more revenue and improved customer satisfaction. In this article, we explore some of the strategies to increase the average ticket for any type of event, from concerts and festivals to sporting events, gastronomic or nightlife venues.
What is the average ticket?
The average ticket refers to the average value of consumption made by a person in a business. This concept includes both online sales and sales in physical stores. Analyzing the average ticket of your target audience will lead you to know their tastes and consumption habits, and consequently, to know what strategies to use to increase your revenue.
In the events industry, this term is used to refer to the average price of tickets sold for a particular event. This is a very important metric for event promoters and nightlife establishment entrepreneurs, as it allows them to know how much revenue they are generating per attendee and, therefore, what is the remaining amount they have to invest in the production of the event or in improving its conditions and services.
How to calculate a customer’s average ticket?
To calculate the average ticket per attendee at an event it is necessary to take into account two variables: the number of tickets sold and the total revenue generated by these sales. There are softwares TPV that collect this KPI per day automatically and facilitate this management.
Let’s assume that an event has generated a revenue of €20,000 and 200 tickets have been sold. To calculate the average ticket per person, we divide the total revenue by the number of tickets sold, ie:
Average ticket = total revenue / amount of sales
Average ticket = 20.000€ / 200€.
Average ticket = 100€.
The average ticket of the supposed event is €100. So, how can I increase my revenue knowing this KPI? We can increase the average ticket if we increase one of the two previous indicators: the units of tickets sold or the selling price. Fortunately, there are several strategies that can help you achieve this. Let’s take a look at some of them!
How to increase the average ticket of your event? 6 strategies not to be missed
Once we know that the attendee is interested in attending the event, it is time to build loyalty so that he/she recommends us, repeats with us or even buys more products or services that we offer at our event. The average ticket is, without a doubt, one of the most important KPIs to measure the success of an event. Below, we review some strategies to increase it:
Use upselling techniques
Upselling is a marketing tool used to offer additional products or services to the customer to increase revenue. At events, beverage promotions or on-site activities can be offered.
Offer VIP tickets
VIP packages for events that include admission, drinks, merchandising, as well as access to exclusive areas, are a strategy to increase the average ticket. Thus, users receive an added value for their investment and a more complete experience of the event, unlike other attendees.
Price segmentation is another technique that consists of offering different types of tickets and prices depending on the needs and budget of each attendee. For example, at music festivals that last an entire weekend, in addition to offering general admission tickets, it is common to offer single day tickets.
Gradually increase ticket prices
Another pricing strategy to increase the number of advance tickets sold can be to establish a countdown and, as the date of the event approaches, gradually increase the price.
The social media ticket giveaway is used to reach more people and therefore sell more tickets.
Loyalty programs are an important part of the overall strategy to increase the average ticket for an event, as they allow promoters to maintain a more lasting relationship with attendees, encourage their loyalty and get them to repeat at future events. By offering exclusive incentives, either in the form of exclusive experiences or discounts on tickets, users will recommend us and be willing to spend more at future events.
Increase your event’s average ticket with Gofun
Now that we know what it is and how to increase the average ticket to maximize profits, let’s see how Gofun technology can help us with our event:
- Digitizing event processes to achieve a better user experience and reduce operating costs.
- Adapting contactless and cashless payments to the type of your event.
- Monitoring gauging in real time.
- Avoiding queues at bars and access points.
- Through online recharge and reimbursement options.
- Personalizing the attendee experience before, during and after the event.
- Monitoring staff and product stock performance and increasing productivity.
- Generating sales reports based on objective data, converting them into insights and analyzing specific needs.
Increasing the average ticket in the entertainment and nightlife sector requires a solid strategy. If you want to take the leap towards the digital transformation of your event, Contact us!