The world is constantly moving towards digital solutions and there is a significant increase in the number of online users. With technological advancements, the digital world has been giving some prominent solutions streamlining the ways of working. The event industry is a great example, as it frequently requires solutions that can enhance the attendee experience. Having a suitable event ticketing platform is a great advantage for the organizers. It is the key component that can create an impact on the ROI and plays a major role in making the event successful. Leveraging your event ticketing solution is an important deal in order to achieve your desired objectives.
In this blog, we will discuss some of the best-proven techniques that can help in boosting revenue with the help of your online event registration and ticketing platform.
A Ticket Pricing Strategy Is a Must
The revenue of the event depends on the right ticket pricing. Setting up effective strategies for the platform so that you can leverage it is necessary. Based on your event, its type and size, you need to make a well-thought-out and planned strategy. It is not always necessary to set the prices higher in order to generate revenue, it can lead to reduced sales. Moreover, there are two major types of ticket pricing strategies that can be used:
- Value-based pricing: It is based on the number of tickets that are based on the perceived value of the tickets. It is delivered on how much the potential attendee is willing to pay, and the price is decided on the basis of the target audience.
- Cost-plus pricing: If you are interested in maximizing revenue with the help of your digital ticketing platform, it is a more suitable format. All you need to do is find the cost per ticket and add the percentage to determine the prices.
Enhanced Conversion Rate
The biggest barrier that impacts sales and revenue is not having a good conversion rate. There is a good chunk of attendees who leave the online event ticketing platform without taking any action. Which leads to a low conversion rate, a decline in sales ratio, and poor revenue. With suitable and right strategies, you can easily do a lot more to improve your profitability without spending any more money. You can follow these best practices to boost sales and increase revenue:
- Enhance the user experience by reducing the number of steps included in the registration and ticketing platform.
- Set up a mobile-friendly online platform and landing page.
- Improve the loading speed of the website to increase higher conversion rate.
- Include prominent and actionable CTAs.
- Improve the design of the platform, as the first impressions are important.
- Make sure that you use the best visual graphics on the platform to attract attendees.
Reduce Abandonment of Carts
Having a higher conversion rate does not always mean increased sales. There are a lot of audiences that abandon their carts without completing the process or making a purchase. Cart abandonment is the most serious issue when you are selling tickets online. You may have incorporated the best ticketing platform for events, but there are many people who abandon their cart after adding a product. This can be based on any of the reasons such as high extra cost, complicated process, untrustworthy platform, and more. By following these strategies, you can easily reduce the cart abandonment rate:
- Make sure that you set up the most appropriate and right prices for the tickets. Share all the details upfront such as taxes, event ticketing platform fee, etc. People hate it when there are additional hidden charges applied.
- Offer guest user experience over the platform so that attendees don’t have to make an account in order to make a purchase.
- Make the whole process easy so that attendees don’t face any kind of difficulties during their purchase.
- Make sure you use a user-friendly and trustworthy platform.
- Provide attendees with multiple payment options to enhance their experience, and it will also cater to a wider audience.
Set up Multiple Ticket Types
If you want to successfully leverage the ticketing solution that you have opted for, such as a mobile event app or any online platform. You need to set up multiple ticket types with suitable pricing to cater to multiple demographic audiences. This is necessary to increase the revenue and to attract more audience for the event. Moreover, it will also enhance the attendee’s experience as they will have more options to explore and choose from. Some of the major types of tickets that you can choose from are:
- Free Tickets: These are a great marketing tool that can grab a lot of attention towards the event ticketing solution. Offering free tickets as a part of your marketing strategy is a great way to boost revenue.
- General Admission: These are basic types of tickets that anyone can buy for the event and don’t have any specific requirements.
- Early Bird: It is a pre-sale discount that is offered to the attendees who make a purchase during a specific time period before the event date. These ticket types can significantly increase buzz and boost profitability.
- Single and Multi-Day Passes: These are suitable types of tickets that are used to accommodate events that are held for a longer duration. It is a customized option that can be made available over the event ticketing platform. Attendees can grab their tickets for their preference.
- Reserved Seating: Most of the ticketing solutions can provide this experience where attendees can select their seats and keep them reserved. This is the best way to enhance their experience and increase revenue.
- VIP Tickets: This is probably the best way to increase the revenue. VIP tickets are made available to offer the best experience to the attendees. This includes front-row seating, access to special areas, free accommodations, and more. For this, QR code for event ticketing can be used to improve and provide an exclusive experience.
- Targeted and Code Discount: These are special types of tickets that can be purchased using a special code that can be entered during the purchase. Targeted tickets are offered to a certain group of people such as students, veterans, etc.
Having a suitable event ticketing platform that can facilitate multiple types of event is the best way to maximize revenue and create a positive impact on the ROI. But the hustle doesn’t stop just by incorporating a suitable platform, you need to leverage it by implementing suitable strategies. This is important because event ticketing plays a major role in contributing to the revenue and the platform that you have incorporated needs to be used properly. There are multiple strategies that can be used for the platform, and some of the best ones are mentioned in this blog.