What Makes EventSprout Unique – Part 2
Imagine automatically increasing your event revenues 20% or more with the push of a button! It may sound too good to be true, but with our built-in Dynamic Pricing tools, we are seeing clients automatically make up to 300% more money!
What is Dynamic Pricing?
Pricing that adjusts based on a date and/or remaining inventory is often called Dynamic Pricing. Airline tickets are a great way to illustrate the concept. Early ticket sales are incentivized with lower prices. As more tickets are sold, the prices continue to rise. In a situation where there are excess tickets, the airlines frequently run a special promotion to quickly sell off the excess inventory.
How Does EventSprout Use Dynamic Pricing for Event Ticketing?
In terms of event ticketing, EventSprout makes it easy for Event Organizers to utilize a date-based dynamic pricing plan, a demand-based dynamic pricing plan, or both. A dynamic pricing plan that uses both methods is a plan where ticket prices change according to date/time AND in response to the number of tickets sold.
How Does Date-Based and Demand-Based Dynamic Pricing Work?
EventSprout’s Dynamic Pricing options allow Event Organizers to execute date-based and demand-based plans easier than ever! For example, an Event Organizer using a date-based and demand-based plan may choose to have their ticket price increase every 10 days AND every time another 50 tickets have been sold to customers.
EventSprout Lets Organizers Share Overall Ticket Stock Without Exceeding Capacity
Shared stock allows for ticket capacities to be shared between two or more ticket types. If you have multiple ticket types but one overall capacity for your event, sharing stock is great for ensuring you maximize your ticket sales without exceeding your attendee limit.
Just Set It and Forget It
With EventSprout, there’s no need to create multiple ticket types with multiple prices like you would on other platforms. Once you determine what you’d like your pricing schedule to be, all you have to do is input it into EventSprout, and our system will take it from there! Our dynamic pricing feature will take the plan you created and automate it so that you don’t have to check in to make sure it’s being properly executed; our algorithm changes ticket prices for you automatically so you can essentially “forget” about it after set-up.
Maintain ‘Full Price’ Tickets at the Box Office
Dynamic pricing is best used for tickets sold online. The box office should be handled separately and should sell full-priced tickets. More often than not, tickets purchased at the box office will be the highest priced tickets.
Dynamic Pricing is a Great Way to Improve Your Bottom Line
Keeping ticket prices lower online is a great incentive for your customers to purchase tickets early! If your customers are purchasing tickets in advance, then that means you’ll save time and expenses at the box office. Not to mention, you’ll collect information that you wouldn’t get at the box office, like their email address for marketing purposes.
For instructions and screen shots on how to set this up, please see our blog post about How to Create a Dynamic Pricing Plan Based on Date and Demand.
In our next post, we will explain how our NO WIFI ticket selling and scanning technology literally opens up a world of venue options and takes away the stress of worrying about the Wi-Fi going down. EventSprout is the best way to sell tickets online and in person. It makes event registration, ticket sales, and ticket scanning a breeze, leaving you free to focus on hosting an amazing event. If you would like more information or a custom demonstration, please contact us today.