Here we are with the fourth installment of the Maximizing Your Community Theater’s Event Value series. Here’s what we’ve covered so far:
Part 1: An Introduction and Overview
Part 2: Increasing Ticket Sales
Part 3: Assigned Seating as an Optimal Ticket Pricing Strategy
Today we will discuss the right way to offer discounted tickets to your event…without completely wiping away your ticket revenue. Let’s get started!CC Image by 401(k) 2012
Should Our Community Theater Offer Discounted Tickets?
There are certainly both pros and cons to offering discounts to your events. Once you’ve set your ticket prices, the next challenge is to actually get what you’re asking for! Ultimately, you have to decide what’s right for your community theater; however, we’d like to give you some points to ponder over regarding ticketing discounts.
Great Reasons to Offer Discounts:
Discounts provide audience members with an immediate, tangible incentive to buy a ticket.
Discounts help your community theater show appreciation to special groups of people (i.e. donors, educational groups, affiliated performing arts organizations).
Discounts help community theaters increase sales when demand is soft.
Common Discounting Mistakes:
Providing your leads and ensemble members with too many complimentary tickets. This is a wonderful gesture for your performers, but it can pose some serious problems for your bottom-line. Try to strike a balance between generous and logical.
Offering too many discounts. Organizations erode their total revenue and undermine the overall perceived value of their event when they offer too many discounts.
CC Image by 401(K) 2012
Discounting Best Practices:
Restrict discounts to certain periods of time. This is essentially time-based pricing, and it will help community theaters entice customers to purchase their tickets during specific time frames. “Early Bird” promotions help your organization secure ticket sale revenue further in advance; while “Last Minute” discounts help your organization to generate additional revenue and fill the empty seats remaining.
Promote discounts through a different purchasing channel. This type of promotion will help your organization to continue capturing sales from audience members that are willing to pay full price. If active on social media, you could try tweeting or instagramming a promotional code that can be applied at checkout.
Restrict the amount of tickets that can be sold at a discounted price. This one is self-explanatory. You should really only offer a certain amount of tickets at discounted prices, once they’re gone, they’re gone! If your discounted tickets are always selling out, this will also help you to increase your event’s perceived value.
TicketPeak helps you reach your intended ticketing prices, but also allows your organization exceptional flexibility when creating discounts. As a TicketPeak client, you have the choice to offer discounts as a percentage or flat fee, as well as manage quantity-based and demographic-based discounts.CC Image by David Joyce
Stay tuned for future installments of Maximizing Your Community Theater’s Event Value. Up next is an examination of ideas and best practices for driving revenue with other event-specific products and services.
Click on the document below to access your free, fully downloadable whitepaper, which covers the complete Maximizing Your Community Theater’s Event Value series, as well as ways in which TicketPeak can help your organization optimize your results.
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