09 Mar How to sell concert tickets using the emotions of the attendees?
Understanding participants' emotions to optimize ticket sales
This article is translated from English: https: //www.attendstar.com/early-bird-pricing-event-ticket-sales/.
With the advantages of "early bird" ticket sales in mind, let's now look at how to sell concert tickets. You need to give audiences a good reason to buy tickets in advance rather than at the door. The reason is psychological.
Marketing experts have spent several years studying pricing strategies. Research by professors at Boston University and Boston College, published by the Consumer Research Association, revealed three factors that explain the effectiveness of preferential pricing on "early bird" sales. These are evaluation of the offer, anticipated regret and a sense of urgency. To find out how to sell concert tickets, let's take a closer look at each of them:
1 - Evaluation of the offer
It's human nature to compare prices. Everyone would like to choose the best offer, but we don't always choose the best offer. Why don't we? Because of a little thing known as "convenience”. If the best price doesn't match the most convenient shopping experience, we balance the pros and cons in our minds. Then we make purchasing decisions based on those evaluations. In other words, consumers actively participate in conscious and unconscious price comparison. This price comparison can take place between brands, distribution channels or even at the time of purchase (i.e. in advance of the ticket purchase at the entrance).
This is where companies use a pricing strategy called price anchoring. Psychological research has shown that when you place a higher-priced item next to a lower-priced item, sales of the lower-priced item will increase. The full fare ticket price is your price anchor. Your preferred 'early bird' fare is the lowest comparative price. This comparison will inevitably increase your advance ticket sales.
As researchers from Boston University and Boston College explain in their report, time-to-purchase price reductions impact consumers' "rational" response, by affecting their "evaluation of the offer".
2 - Anticipated regret
The researchers also found that the various discounts andthe time limits imposed on purchases have an impact on the emotional reaction of consumers . They create inanticipation, a feeling of regret if they miss the perceived offer.
Studies show that anticipatory regret and a sense of urgency play a more important role in the purchase decision than the evaluation of the offer.
Don't underestimate the power of anticipated regret for missing out on a good deal. Advance pricing works because of this powerful human emotional response.
3 - Emergency
Finally, researchers at Boston University and Boston College have found thatby offering a time-limited discount (such as a discount for a pre-purchased airline ticket), sales increase. But only when the delay is not too long. This creates a greater sense of urgency.
By giving people too much time to take advantage of the special discount, there is no sense of urgency. So your prospects don't act. Buying tickets for a future event falls at the very bottom of their to-do list.
You also don't want your early bird fares to last too short. Consumers might perceive this as an inconvenience. If a promotion is perceived as inconvenient (even a discount), consumers inevitably make a psychological check and evaluate the offer downwards. This means less intention to buy and fewer sales for your event.
4 - Pride
Another psychological element that must be included here is pride. Consumers love to share their stories when they get a good deal. They don't hesitate to tell their friends and post them on Twitter, Facebook and other social media profiles. They take pride in their ability to find that deal. They are excited about what they are buying and want to talk about it.
Guess what this means for you and your event? Free word-of-mouth. It usually leads to even more ticket sales,... Especially if your customers can share the offer with their own contacts. You can make it easier for them by allowing them to share information about your events using the AttendStar Ticket Buyer Buzz etc. function.
All this powerful word-of-mouth marketing means you may not have to spend as much on your own advertising and marketing investments. In other words, not only does advance ticket sales increase your cash flow, but your net income should also increase.
GET YOUR TICKETS IN ADVANCE AND PREFERENTIAL RATES
Preferential pricing for advance purchase works. The trick is to ensure that the discount is large enough to generate early ticket sales while generating comfortable revenue. However, don't let the consumer's evaluation of the offer create negative perceptions (e.g., the discount is inconvenient or not large enough to be worth it). In other words, the discount must be convenient and substantial enough, but not too much either.
Gary Bradshaw, president of AttendStar, recommends a €5 difference between advance tickets and admission tickets for a €20 event. Gary shared that AttendStar's best-selling air show of all time had an advance ticket price of €15 including all expenses, and the event organizers made a fortune on food sales. In other words, they kept ticket prices low and compensated for any loss of revenue on ticket sales through incidental sales (i.e., food). This is yet another pricing strategy based on consumer psychology!
Of course, offering a preferred rate is just one of the many things you could do in the months leading up to your event. You could also reach out to new audiences.
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