Early Bird Pricing for Workshops – 6 Things to Consider

Early bird pricing is just one way to encourage customers to sign up for your workshop at the beginning of your promotional cycle, rather than waiting until the last minute.  Early registrations provide an influx of revenue to help cover costs and make planning easier for the actual event.  They are also an indicator of how appealing your event is and whether you will need to promote it more heavily than planned.  But before you decide to offer early bird pricing consider the following.

1 – How will it impact your revenue? Early Bird Pricing

Take time to consider various revenue goals for your event, and how early bird pricing will impact these.  For example, if you want to attract 50 attendees with an early bird price of $49 and a regular price of $79 consider the financial impact.  Assuming you will fill the event, the difference is $900 if 10 attendees sign up as early birds versus 40 attendees.   Don’t get hung up on the amount, but be aware of the general implications and possibilities.  Work through a few different scenarios to understand your numbers.  Review your costs and ensure that your early bird pricing is sufficient to cover them.

2 – Do you have a system that can handle early bird pricing?

If you use an online tool such as a shopping cart to process registrations think through how the system needs to be set up.  Is there an automatic tool that takes care of everything?  Or will you need to create 2 separate types of registrations?

If you will be processing the sales without an automated system you will need to create a chart to track purchases.

3 – What will your cut off date be?

Decide on a cut off date that fits with your event goals and timing.  If you are using other pricing incentives, consider whether they will be offered along with an early bird offer, or on their own.

4 – Think of the to do’s to be done when early bird pricing ends.

For example, will you need to change wording on your website?  In what areas?  If you are using print materials do you have 2 versions, one that promotes the early bird, and one the regular price?  Ideally, once the early bird deadline has passed, you want to remove mentions of it.

5 – Have a promotional plan.

There is no sense in having early bird pricing if no one knows about it.  You should have a promotional plan for the entire event, but be specific about how the early bird offer will be promoted.  For example, through your e-newsletter, Facebook, Twitter, website, handouts and other promotional tools.

6 – Do you feel comfortable promoting an early bird price?

It is important to be comfortable with the difference between your early bird and regular price so you don’t hesitate to promote it.  Make sure your regular price is realistic and not incredibly inflated to make the early bird price offer look even better.  The regular price should be at a level where you will still expect to make sales.

With proper planning and execution early bird pricing can be a great tool for attracting attendees to your workshop.  Having attendees sign up through the early bird offer is a great boost of confidence as you organize the event and assists with planning.  If your early bird offer is not successful, it can be an early warning sign to gear up promotional efforts.

*Looking for more event suggestions?  Another helpful blog post is …..#1 Benefit of Events & 7 Tips.

Comments are closed.