You’ve probably heard of specially-priced discounts like the “early bird special” or the urgent “save now sign up today” – among many others. Events that offer special pricing for individuals that register by a certain date, or who are under/over a certain age are using Tiered Pricing. Tiered Pricing is a promotional tool that event coordinators use to entice participants to register for their event at a rate that is most convenient for them. Tiered pricing doesn’t just have to benefit your event participants, it can benefit you too!
Here are just a few reasons why you should be offering tiered pricing for your next event.
Tiered Pricing Saves Time
When you’re busy mapping the course, marketing your event, and managing your vendors there is hardly any time left in the day to manually enter potentially hundreds of paper registrations. Setting up a tiered pricing plan in a software system like SignMeUp will help you save a lot of time. What’s more, your registrations will be accurate and compiled in one easy-to-access dashboard.
You’ll have instant access to your registration data as you need it. Each registration will reflect the appropriate price the participant paid based on their level in your tiered pricing.
Tiered Pricing Attracts a Larger Audience
As you roll out your event registration, tiered pricing will let you market to several audience segments instead of just one broad one. Pricing based on time of registration, participant age, or participants registering within a group are all ways to segment your registration.
Plus, discounts appeal to just about everyone! Early bird pricing could catch the eye of someone who’s curious about your event but not quite ready to make the full monetary commitment to experiment with it. If you’re ready to build up your audience count, tiered pricing is a great strategy.
Early Registrations Help The Event
Most events require a considerable amount of money upfront; a venue deposit, pre-ordered swag, booth rentals, and other costs can add up fast. Offering tiered pricing that rewards the participant for registering early is a benefit to you, too! You’ll receive registration funds a bit in advance to help you cash flow the operational and marketing costs of your event.
Another bonus of early registrations is that you’ll be able to start tracking registration numbers earlier to see if you’re on track to meet your forecast!
Coupled with an event registration tool like SignMeUp, tiered pricing is a great way to reach more people, save time, and increase cash flow!
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