A quick pricing strategy tip: Don’t discount your tickets!
I often see underperforming festivals resort to slashing their ticket prices. It makes sense at first…if sales are sluggish, why not try to lower the price just to get people in the gates? Then at least you can collect ancillary revenue when they arrive on site (bar, food, parking, etc).
This is a terrible idea. For one, you lower the perceived value of your festival — your prices should be going up as you approach the fest. Most importantly, though, you are punishing your most loyal fans who have already purchased tickets. Next year, they’ll be sure to wait until prices start dropping!
Instead of discounting, get creative with ADDING VALUE. Can you offer early entry to anyone who purchases before X date? Or maybe they get entry into a VIP upgrade contest? What about first-access to see new artist additions?
If you have to discount, do so strategically. The goal here is incremental sales — converting people who would have never otherwise even heard about the event (and keeping that discount away from your fans’ eyesight).
What new communities can you reach out to that don’t know about the festival? Veterans? Teachers? Sponsors, so they can entertain their biggest clients? How can you leverage new partnerships via your discount? This is where some services offered by Everfest, JusCollege, etc become super handy.
But please make discounting a last resort. Instead, if you can ADD VALUE to your buyers, you end up rewarding your most loyal fans, strengthening your relationship, and showing the rest of your audience the benefits of buying early.