When attending a conference, it’s essential to choose the right conference pricing strategy. Be sure to evaluate all the costs involved and ensure that you’re competitive with other pricing strategies. The last thing you want to do is end up losing money.
Whatever your business is about, one thing is for sure, you need to attend trade shows, conferences, or seminars to network and promote your product or services. The benefits of attending these events are numerous, but if you want to get the most out of your money and time, and profit from your attendance, then it is important to choose carefully.
Here Are the Best Conference Pricing Strategies You Can Use To Price Conferences:
Limited Access Pricing
As your site grows in popularity, you may be considering hosting your own conference. There are plenty of benefits to running your own event, but a lot of them boil down to the revenue potential—and securing that revenue requires careful thought. One pricing model to consider is a “limited access” pricing strategy, a model that offers early access to registrants at a discounted rate. But before you apply this model to your event, it’s important to understand how limited access pricing works. A certain amount of attendees or registrants are given access to the registration via different pricing levels. For example, $100, $200, $250, and $300 pricing levels for general admission.
Call For Pricing
If you’ve been attending conferences, trade shows, or other live events, then you’ve probably encountered a call for pricing offers. Conferences can be lucrative for exhibitors, but it can be difficult to estimate in advance how much revenue you’ll bring in. Attendees are able to obtain registration only after you provide the pricing.
Best-Of-Breed Pricing
Conference pricing strategy depends on each conference type. Best-of-Breed pricing is a common pricing strategy for conferences. The conference organizer should set pricing for each speaker at a fixed amount. Since the organizer cares about all speakers, the organizer should set the price as high as possible. Another pricing strategy is to secure a high conference attendance price, then set different pricing for each breakout session. Conference organizers usually use the best-of-breed strategy. Attendees can obtain registration for a lower registration cost if they purchase multiple registration packages.
Tiered Pricing
When planning or launching a new event, it’s important to understand how to price conference registration. Tiered pricing is based on the Price, Tier, and Level system, or PTL. Pricing tiers are differentiated by how many tickets or registrations each tier holds, while levels represent a pricing increment for each tier. Thanks to this system, you can optimize your profit while controlling costs. You can price each tier differently, price the tiers higher or lower, or price each level differently. An admission price that is higher or lower depending on the level of attendee.
Variable Pricing
The variable pricing model for conferences helps organizers get tickets at a better price. In particular, conferences with fixed prices set too low or prices set too high end up preventing more attendees from attending. On the other hand, variable pricing allows for fairer pricing of tickets and allows organizers to be more flexible in setting prices in some cases. Overall, variable pricing is a smarter and fairer way to organize conferences. Registration cost is based on the number of attendees.
Discount Pricing
This is the traditional approach. The conference organizer sells discounted registrations to get as many registrants as possible. This approach often works best when the conference organizer has an existing established brand and loyalty. You can offer registration at a reduced price to attendees that register before a specific date or at the end of a specified time period.
Picking the best conference pricing strategy. You need to offer your conference attendees affordable prices to make a profit. But there’s a right and wrong way to offer promotional pricing. It can be tricky, and while some conferences charge more for speakers than others, it’s important to remember that it’s really only their sticker price that matters. The real-world value of a conference comes from a full audience, and the best way to ensure that happens is by keeping the price as low as possible.
