Keep in mind that the age and socio-economic bracket of your leading attendees, the kind of food, beverages, and entertainment your event features, and the mission of your event (major fund-raising, kitty fund, primarily social, etc.) all play a role in determining what your event’s ticket should cost. To help you decide on what you should charge for your next event you can look to the following three models.
1. If you are planning a black-tie gala at an exclusive venue with live entertainment, dinner, open bar, and a celebrity guest or guests, statistics show that within a price range from $15 to $300, most charitable attendees are willing to pay between$100 and $150 per person. Even in the current economy most people feel comfortable paying this money, but charities must remember that these events are some of the biggest fundraisers. Therefore, set your price at the higher end of the range if you are hosting such a nice social event. Event-goers expect a higher ticket price for Class A venues.
2. If you are planning an upscale cocktail party at a popular venue with passed hors d’oeuvres, a DJ, and an open bar, statistics show that most people would prefer a $75 ticket to the event. However, the range begins at $50 and reaches $100. Because of this wide range your charity should lean toward profitability in its pricing. In general, event goers are prepared to pay higher ticket prices for a charity event, because they know that increased profitability correlates with increased donations for your charity’s cause.
3. If you are planning a casual cocktail party for an after work event with a one hour open bar, statistics show that ticket prices range between $15 and $50, with a preferred $25 charge. As in the previous models, however, charities should lean towards setting the higher price to gain profitability.
According to a recent market research report, charities should also consider whether they want to develop a growing base of attendees for their events. If so, an excellent idea would be to offer discounted tickets for Young Professionals, especially through online ticketing services. If you offer discounted tickets to event-goers under the age of 30, you’re covering your costs, filling seats, and indoctrinating a new generation of philanthropists into the excitement of charitable giving. Lots of events have done this quite successfully. But, most of all, keep in mind that the majority of an event’s proceeds should be donated to the selected constituency. If people know they are donating to the cause and not the organization they are more likely to attend your charity’s next event, too!