Considering carefully how to price your event can have a big influence on its success. Going in too high will put people off but equally the price of the event needs to cover your costs. Know where in the market your event is and understand what people expect for their money.

Do your Market Research

It is important to compare your event to what is going on around you.  This will give you a strong guide on what people are willing to pay and what they expect for their money.

Decide where in the market would you like your event to sit?  To answer this question, you should consider:

  • Why you are running the event? Is it to make a profit or just for the love of the sport, maybe your event is a charity fundraiser (if so follow the link for charity and fundraising section for more ideas).
  • What is your expected entry level?
  • Are you a new or established event?
  • What is included in the ticket price? Medals, goodie bags, t-shirts etc.

How to Price Your Event

What are your costs?

Taking time to plan your financials will put you in a great position in the time leading up to your event.  There are 3 key things to consider:

Income – What are your sources of income, ticket price, sponsors etc…

Costs – List all the costs you can think of and add in an emergency pot for those unexpected costs you didn’t think about.

Cashflow – It is important to consider a timeline for when money will come in and out of your account.

 

Entry/ticket options

Depending on the type of event you are planning it is important to consider if you would like to have different entry options.  This may be appropriate for several different reasons for example:

Refund policy

When considering how to price your event, it is important establish a refund policy and consider what would happen if your event had to be cancelled.  Does your insurance cover you?  How would refunds be handled? Most importantly make your participants aware of your refund policy.

After reviewing the market, making a good financial plan and considering the possibility of refunds you will be in a strong position to decide how to price your event.  Coming up with this realistic ticket price should ensure you cover your costs while not creating a barrier to gaining good entry levels.