"Bummer. The good tickets are sold out!" That was from an email that was sent to a client today.
The client had done such an excellent job of advance ticket sales, that all their premium event tickets were sold out.
Some premium tickets were sold out weeks in advance, after multiple price increases!
Most event organizers would think the situation above is a great place to be. Yet, being sold out of tickets could potentially be bad for your event. How so?
Because when you're sold out, especially weeks or months in advance, you can't generate additional ticket revenue.
A quick calculation showed that based on marketplace demand the client could have generated an additional 15-25% of ticket revenue, had they expanded their capacity. Unfortunately, because of the site layout, there was no additional space to increase capacity.
Here's today's takeaway. If you have a hot ticket for your event, always look for ways that you can expand capacity. One caveat to expansion is making sure you don't negatively impact customer experience. I've seen events get greedy and scuttle the customer experience.
Have you ever found yourself in the situation above? What was your result?
Want to "smartly" sell out your next event? Check out the links below:
- Event Planning - The Customer Avatar and Your Event
- When to Start Selling Tickets to Your Event
- A Negative Question to Create a Better Event
- Automatically Generate Leads for Your Event Year Round
- How to Get Them To Your Event
- Why Well Planned Events Fail
- Getting Them to Buy Tickets Early