There are many secrets to setting event ticket prices that can help you maximize ticket sales, but how do you know which ones you should use for your event? The truth is – you won’t know until you do some testing.
Fortunately, it’s easy to run a variety of ticket pricing tests if you’re using the right ticketing software, like AttendStar. Specifically, you should conduct A/B split tests to determine which strategies sell the most tickets for your events while maximizing your profits at the same time.
What is A/B Split Testing?
In simplest terms, A/B split testing is a method to compare two different versions of something to see which version gives you better results based on your goals. Ideally, only one variable is changed between the two versions that are being compared.
For example, a marketer could compare two different ads where the ads are identical except for one element – the variable to be tested. This could be the headline, a color, an image, or any other element of the ad.
When it comes to A/B split testing to determine which sales strategies sell the most tickets, you can test things like pricing, the ticket sales page design, ads, and more. For the purposes of this article, let’s focus on five strategies to sell more event tickets by testing your pricing models.
Strategy 1: Fees Added to the Ticket Price or Listed Separately
A great place to start A/B testing your ticket prices is to test how many tickets you sell when the fees are included in the ticket price compared to when the fees are listed separately. You can easily set this up in your AttendStar dashboard and monitor the results. When you see which pricing model is driving the most sales and profit, you can switch all of your pricing to the winning model.
Through AttendStar’s research over the years, we’ve learned that events typically sell 20% more online tickets when all fees are included in the price. However, every event is different, so it’s important to test this theory for your event using A/B split testing.
Strategy 2: Group Tickets
Group tickets are offered as an incentive to get larger groups of people to purchase a lot of tickets all at once. In exchange for doing so, they usually get a discount off of the per ticket price. A great thing to test is whether or not your “groups” are set up to maximize ticket sales.
For example, you could A/B split test different group sizes and discounts. Start by testing group tickets for 5-10 tickets and 11 or more tickets, and compare those sales to a different set of groups, such as 10-20 tickets and 21 or more tickets. Choose group sizes and corresponding discounts that make sense for your event and audience, and find the best performing combination through a series of A/B split tests.
Strategy 3: Early Bird Promotions
Early bird ticket pricing is extremely effective at increasing early ticket sales – something that is vital to most events. However, don’t just pick an arbitrary discount and apply it to your early bird tickets. Doing so could mean you end up selling fewer tickets than you could have or generating less revenue than you could have.
Instead, conduct A/B split tests to determine which early bird discount is the best to maximize ticket sales and profits for your event. You just may learn that a lower discount delivers better overall results in terms of the return on your investment (ROI). In other words, don’t give a bigger discount if you don’t have to!
Strategy 4: Ticket Add-Ons
Add-ons include things like access to a VIP section at the event, special activities, meet and greets with performers, and more. They can also include food, drinks, and merchandise. You can come up with lots of add-ons, but when you give people too many options, they have a tendency to buy nothing. That’s another reason why A/B split testing ticket add-ons is so important.
The process to conduct this type of test is easy. Create two types of tickets in the AttendStar software with the same add-ons except for one element that is different. Make both tickets live on your ticket sales page, and see which sells more. Evaluate the sales data and the return on your investment for each ticket type, and you’ll learn which option helps you reach your goals more effectively.
Strategy 5: BOGO vs. Discount
Buy-one-get-one-free or buy-one-get-one-discounted offers work very well to sell more event tickets. Many psychological studies have shown that people are motivated to take advantage of offers where they can get something for free, so it’s definitely worth it for you to test BOGO ticket offers compared to buy-on-get-one-discounted offers and compared to straight discount (e.g., 50% off) offers.
Be sure to do your math before you set up this A/B split test, so you fully understand what your profits will be for each type of ticket sold. Otherwise, you won’t get accurate data to determine the winner. For example, a buy-two-get-one-free offer will likely generate more profits than a straight 50% off per ticket offer.
Key Takeaways about Sales Strategies to Sell More Event Tickets
For A/B split testing to be reliable, only one element should change between the two things you’re comparing. If there are multiple variables that differ between versions, then you won’t know which variable is responsible for the increase or decrease in performance. Therefore, it’s better to perform more split tests where just one element is tested at one time than it is to perform fewer tests where multiple elements are tested at the same time.
Need help with A/B split testing so you can sell more event tickets? The team at AttendStar helps clients experiment and run these types of tests all the time! Contact us online or call 615-223-1973 and let’s talk!
