The Right Ticket Price for your Gala

Are you charging the right Price for a Ticket to your Gala?

It is a basic rule that every event should pay for itself, with money left over before the first guest shows up for the Party. NEVER should you depend on Auction Items or a “Paddles Up” to cover event expenses. This can be accomplished through table sales, sponsorships and ticket prices, all of which are collected before the event starts. Never discount any portion of your ticket sales and bear in mind your target audience that should be made up of individuals of affluence and influence. Always keep in mind the PRIMARY purpose of the event is not to have a “Great Party” but to raise the needed funds to support your mission. A Great event is part of the strategy, not the end goal.

Let’s examine Ticket prices and Auction items first. Whether the price is $1000 a couple or $100 a couple the Auction prices will be in correlation to the admittance charged. In other words the Sales prices of Auction items are in direct correlation to the ticket prices. A Mercedes Benz will sell for very little to a crowd of $50 ticket purchasers, not because it is not worth $95,000 but because the income level in the room simply does not support that price for any item. BUT to a crowd of 100 folks that each paid $500 per person to come to the event there should be people in the room who can afford the higher bids for such an item. That’s just common sense. So be sure to have items in the room with values that correspond with the income levels of your guests.
Now, let’s examine whether you could increase your price per ticket without negatively affecting the attendance or the bidding.

1.How long has your event been going on? 3-5 years without an increase in Ticket Price?
An incremental increase will normally not be a shock to your guests. Try a small increase per ticket for the next three years.

2.Do you primarily sell tables?
If you primarily sell tables an increase of $100 or $250 per table can be fairly painless to the Banks, Title Companies or Corporations supporting you. They may not even notice but 30 tables at $250 more per table adds up fast! (An additional $7,500)

3.What are the other Galas in your city charging?
Are you delivering the same type of event as your colleagues for less price? Are your operating expenses less than theirs?

4.Is your attendance very good? Are you thinking of changing venues because your overflowing?
If your attendance is high and you need a new venue this is an opportunity. Stay where you are now and raise your ticket price, and if you lose a few attendees they were not high bidders or major donors anyway. The second opportunity is to move to the new and better ballroom and raise your ticket price, because of the new and nicer space.

If you do decide to raise your price spend some of it on a new and better experience. We were at an Auction recently that had a special theme and had some entertainers going around adding spice to the event. Magicians, Movie Star impressionists or even jugglers are not very expensive and adds the new flair you need for anyone who might ask why the price went up.

Finally do not be ashamed to ask for this increase. Your mission is important to the community. You should never have to say you are sorry for asking the community to support you! We’d be happy to discuss this strategy in more detail if you like. Contact us at 512-369-3391 or through our website www.sherri.dev