We took a look at thousands of sold out events on Ticketleap to figure out what they had in common. Using some science, or at least some numbers, here’s what we discovered.
There is no magic number for ticket price. The median ticket price for sold out events is $20. People are totally willing to give up their Andrew Jacksons to come to your event. But guess what? That’s close to the median ticket price for all events and ticket prices vary dramatically. You don’t need to make your event super cheap to sell out, but you DO need to give people a good reason to come. If you’re an established brand, that reason is obvious. If you are trying to build your brand, you just need to stack the value of your event more heavily on the side of food, drink, known guests, novelty, fun…all that good stuff!
The median size of sold out events is only 35 people. Yes, obviously it’s easier to sell out when there are fewer tickets to sell. But the point is: that’s A-OK! A 35 person event can be really effective. For one thing, these are sold out events. They could have had more tickets but they CHOSE to keep it small. They’re onto something; smaller events are simply great for building connections with people, and growing your community. Another thing, selling out feels good! The space you booked will be full, and with a sold out event under your belt, it will be easier to sell tickets next time.
It’s harder to sell out during prime time. There’s probably a natural time for your event to take place. This intel shouldn’t change that, but know this: a higher percent of events sell out during the day, than they do in the early evening. If you’re planning on having an event between 6pm and 8pm you’re going to have to work a little harder to sell out.
The best way to market your event is through word of mouth. This chart shows data from a brand that regularly sells out events through Ticketleap. Yes, that says 47% of all tickets sold were directly influenced by comments on Facebook. If you want to sell out, give people a really easy way to share with their networks, and give them enough time for the word to spread. How much time? Sold out events sold their first ticket 32 days in advance of their event, compared to 20 days for events that didn’t sell out.
Put these tips from sold out events into practice and before you know it you’ll be consistently selling out your event too. And the great thing about events, unlike an ad you don’t have to start from scratch each time. As more people come to your events and your community grows, you have a bigger base of people interested in what you’re up to next.