Today we're gonna dive into how to price and promote your events when you're selling tickets. What I will say off-the-bat is this, and this is the bad news, we looked at events that were selling tickets for anywhere as low as a dollar and anywhere as high as $20,000, and in each of those types of buckets, we saw sold-out events. We saw people who were able to drive ticket sales.
It was hard to find patterns that were always very useful.
But we were able to find a couple gems that I think you're gonna be able to apply to your programs. So let's dive right in with the first one that we call the 7:1 rule. The 7:1 rule is pretty simple.
Let's run a quick scenario: let's say you were to sell tickets for $10. Then you send out 100 invitations and 10 people bought tickets. That's a 10% conversion rate. Now, if you were to increase that ticket value $7 more — so to $17 — you're going to see a 9% conversion rate. What I mean to say is you're gonna see a 1% drop.
For every $7 you increase ticket prices, you're gonna see a 1% drop in conversion. Now, that doesn't mean don't charge more for your tickets. As I said, we've seen some very expensive events sell out.
What it does mean is you're gonna need to do more promotion if you increase those prices. Every seven dollars, 1% drop in conversion.